The value of UK property has hit £9.2tn, four times the country’s GDP.
This sum – which is more than four times the value of all companies listed in the FTSE 100 – has risen £1.6tn over the past five years.
More than a third of that growth has been in the past year alone, according to research from real estate company Zoopla.
The largest increase in housing value has been in the South East, with a jump of £294bn over the past five years, while the value in London increased by £214bn.
The value of homes in the City of Westminster and Kensington and Chelsea (£306bn) – which combined cover an area of just 13 square miles – is higher than all the homes in the North West (£197bn) and roughly the same as Wales (£308bn).
Gráinne Gilmore, head of research at Zoopla, said the value of property had sped up over the past year “as house price growth has escalated.”
“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 price and density of homes dictate where the largest concentrations of housing value are located, however, in some local authorities, more than two-thirds of homes have risen by more than the average.”
Zoopla said understanding the value of a home, and the equity you hold within the property, can help when it comes to making future plans.”
Some £8.2bn – the majority of the country’s property value – is held within 23.5m privately-owned homes, whilst a further £1tn is held within five million social homes.
While accounting for 13 per cent of all housing stock in Great Britain, London is home to a quarter of the total housing value.