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Average home ‘has added £49,257 to its value over the past five years’

·2-min read

Homes across Britain have added £49,257 to their value over the past five years on average, according to a property website.

The total value of homes has risen by 20% – or £1.6 trillion – in the past five years, Zoopla said.

More than a third (£550 billion) of the £1.6 trillion increase has been recorded in the past year alone.

And there are high concentrations of property wealth in some areas.

The value of homes in the City of Westminster and Kensington and Chelsea (£306 billion) – covering an area of just 13 square miles – is roughly the same as for the whole of Wales (£308 billion), according to the calculations.

A Downing Street sign
The value of homes in the City of Westminster and Kensington and Chelsea is roughly the same as the value of homes across the whole of Wales, according to Zoopla (John Stillwell/PA)

The total housing value in London reached £2.4 trillion this year.

Grainne Gilmore, head of research at Zoopla, said: “The value of Britain’s residential property has continued to climb over the last five years, speeding up over the last 12 months as house price growth has escalated.”

The website put the total value of homes across Britain at £9.2 trillion – made up of £8.2 billion held within privately-owned homes and £1 trillion held within social housing.

Low mortgage rates, keeping monthly repayments relatively affordable, have underpinned sustained house price growth, Zoopla said.

The coronavirus pandemic has also prompted many people to move home as part of making lifestyle changes, and a recent stamp duty also encouraged a flurry of property purchases.

Zoopla, which has a “my home” tool enabling people to see how much their home is worth, made the findings using data from its own website.

Here is the total value of housing in July 2021, according to Zoopla (figures have been rounded):

London, £2.4 trillion

South East, 1.7 trillion

Eastern England, £1.0 trillion

South West, £877 billion

North West, £713.2 billion

West Midlands, £610.7 billion

Yorkshire and the Humber, £505.7 billion

East Midlands, £500.8 billion

Scotland, £462.6 billion

Wales, £308.3 billion

North East, £197.2 billion

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