The rapidly accelerating growth in the value of British homes continues unabated, with the total value of homes in the UK now worth a staggering £9.2 trillion.

Their value has increased by 20 per cent in just five years, according to research by home sales website Zoopla, with almost 12 million homes having jumped in value by the national average of £49,000 or more since 2016.

To put that into perspective that amounts to £1.6 trillion during those years. That’s around the same  value as tech giant Apple – the world’s most valuable company, says Zoopla.

And it’s more than four times the value of all the companies listed on the FTSE 100.

The huge £9.2 trillion total value, equates to four times the value of the UK’s Gross Domestic Product (GDP), the value of all goods and services in the economy.

The growth has been fuelled by low mortgage rates and stamp duty holidays while the pandemic saw working from home becoming the norm for many.

That in turn has fuelled demand as people look for something different to get away from the grind of commuting. The extra demand for a limited supply of homes for sale has further fuelled an increase.

London is the most valuable region, with homes in the city collectively worth £2.4 trillion. It means that although the capital accounts for just 13 per cent of British properties, it is home to a quarter of Britain’s housing wealth.

The south east has the second-highest value of homes at £1.7 trillion, followed by the east of England at £1 trillion.

At the other end of the scale, homes in the north east are collectively worth £197 billion, while those in Wales are valued at £308 billion.

Further research by Zoopla shows the housing stock shortage problem has been exacerbated by a rise in the number of first-time buyers coming to the market, who, of course, have no property to sell.

Getting more space remains a big draw for many prospective buyers, with the demand for houses twice as high as the 2017-19 average, while the popularity of flats has waned.

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