Value of UK’s housing stock at record high
The total value of the UK’s housing stock reached a record £7.29 trillion in 2018, analysis has found.
Despite a slowdown in the housing market amid Brexit concerns, the total value of UK housing stock increased by £190.3 billion, real estate adviser Savills found.
The gains came from outside London, as the total value of its residential housing stock recorded a £26.2bn fall – the first decrease since 2009.
London’s housing stock is still worth £1.77tn – more than four times the combined value of homes in Birmingham, Manchester, Edinburgh, Glasgow, Cardiff, Bristol, Liverpool, and Sheffield.
London still accounts for nearly a quarter (24.3%) of UK housing value, compared with a fifth a decade ago, according to Savills.
Some £137.7bn of the increase in the value of housing stock last year was due to house prices going up – equating to a £4,800 price increase per home.
While 72% of the increase in the value of housing stock last year came from house price increases, the remaining 28% – or £52.6bn – was due to new homes being built.