Britain’s houses could be worth £ 9.2 trillion on the open market, report shows.
The Zoopla website values total UK housing at four times the value of the country’s economy.
Britain’s houses could be worth up to £ 9.2 trillion on the open market, four times the value of the UK economy and £ 550 billion more than at this time last year; it has been claimed.
House prices have skyrocketed since restrictions on home buying began to ease in the spring of 2020, fueled by stamp tax exemption and the rush for larger homes. The lower mortgage rates on record have also translated into higher prices.
The real estate website Zoopla said the recent boom meant Britain’s housing stock had risen in value by 20%, or £ 1.6 trillion, since 2016, and that the average home was now worth nearly £ 50,000 more than five years ago.
The estimate is based on the website’s “automated valuation model”, which considers the sales recorded in the Land Registry each month and combines these prices with other factors, including details provided by the owners and information about schools and crime rates. It includes all of Britain’s 28.6 million homes, not just those that have recently been sold.
“Britain’s houses could be a very profitable business in the future.”
The figures highlight the price gap in different parts of Britain. Zoopla estimates that in Westminster and Kensington and Chelsea, two London boroughs spanning 13 square miles, the combined value of homes is roughly the same as for all of Wales.
Houses in Westminster were estimated to have a total value of £ 165 billion, making it the most expensive district in Britain, while those in Kensington and Chelsea were estimated at £ 141 billion.
Official Land Registry figures show that the median property price in Westminster was £ 898,000 in July, 3.1% less than the previous year.
However, the township still claims some of the most dazzling prices in London – current listings include a 12-bedroom Mayfair townhouse on the market for £ 54.5 million and a six-bedroom mansion with a starting price of £ 40 million.
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