Value of housing stock ‘leaps £519bn’

In cash terms, typical property values increased by about �4,000 in 2015
In cash terms, typical property values increased by about �4,000 in 2015

The combined value of Britain’s homes has leapt by about £519 billion, or 7.2%, over 2015 as the property market recovery has continued, according to calculations by a property website.

The increase means that the country’s 28.6 million homes are now worth £7.76 trillion in total, Zoopla said.

The upswing in the value of Britain’s housing stock means that the combined value of Britain’s homes has increased by about £1.4 billion a day during 2015.

Across Britain, the average home is now worth £290,827, having increased by £19,784 over the last year, the website said.

Home owners in London have seen the value of their property increase by 11.8%, or more than £70,000, across 2015 on average - marking a bigger jump than any other region.

In the East of England, the average price of a home has increased by 11.6%, or £34,000, over 2015.

In the South East, the typical price of a property has increased by 8.8%, or £31,000, this year; in the South West it has lifted by 8.1%, or £21,000; and in the East Midlands and North West it has jumped by 5.6%, or about £10,000.

Meanwhile, property owners in Wales, Scotland and the North East of England have seen the smallest annual increases in the value of their home on average.

Property values in Wales have increased by 2.2% over the last year, while in both Scotland and the North East they have increased by 2.7%.

In cash terms, this means that typical property values in Wales, Scotland and the North East of England have increased by about £4,000 over the last year.

Zoopla said that London, Edinburgh and Bristol were the most searched for locations by Britons on its website this year, while there were also growing numbers of searches for homes in Glasgow and Leeds.