The total value of all homes across the UK now stands at £9.10trn, according to new research by property firm Savills.
In 2023, the total value of the UK’s housing stock fell for the first time since 2011 (by -£22bn). But last year (2024) it returned to growth, adding £346bn in value (+3.9%).
The total value of the UK’s housing stock is now more than 3.5 times the annual GDP of the UK.
“The value of Britain’s housing stock returned to growth in 2024 as affordability pressures eased and prices returned to growth in many areas, pushing the total value of the UK’s housing stock to another record high,” comments Lucian Cook, head of residential research at Savills.
“With the Bank of England expected to cut interest rates further over the coming months, we anticipate an increase in transactional activity, particularly among second-steppers who have held off moving until rates fall. While first-time buyer activity is expected to be boosted by planned reforms to mortgage rules.
“This in turn should lead to further upward pressure on values, mitigating any impact that increased taxation and regulation will have on the PRS sector, as well as lower levels of housebuilding.”
The total value of UK housing
Source: Savills Research
According to Savills, growth has been much more evenly distributed across UK regions over the past two years, with the value of housing in the North increasing by more than in the South (£137 billion vs £125 billion).
The North West, Scotland, and Yorkshire and The Humber have each added more than £37bn to the value of their housing stock since 2022, exceeding the £31bn growth seen in London. Over the last decade (since 2014), London and the South East have grown relatively slowly in percentage terms, but have still added the most value in raw terms, at more than +£1.2tn.
Dan Hill, research analyst at Savills, commented, “A shift in the distribution of growth over the past two years is largely reflective of where we are in the UK housing market cycle. Regional markets that are less reliant on debt have more capacity for growth and have therefore remained the most robust.”
“Despite this, vast housing wealth remains concentrated in pockets in London and the South East. These two locations alone still account for more than 40% of the total UK housing value, even though they are home to just 26% of housing stock.”
Regional values and changes £bn
| Total value in 2024 | 2 year change | 10 year change | |
| London | £1,992 | £31 | £606 |
| South East | £1,698 | £60 | £630 |
| East of England | £996 | £12 | £393 |
| South West | £847 | £22 | £328 |
| North West | £720 | £37 | £311 |
| West Midlands | £632 | £22 | £265 |
| Scotland | £546 | £46 | £220 |
| East Midlands | £520 | £22 | £224 |
| Yorkshire & the Humber | £508 | £42 | £210 |
| Wales | £302 | £6 | £122 |
| North East | £191 | £12 | £66 |
| Northern Ireland | £153 | £12 | £71 |
| United Kingdom | £9,104 | £324 | £3,446 |
Source: Savills Research
Housing owned by unmortgaged occupiers continues to be the fastest growing housing tenure, according to Savills, with value in this segment increasing by £1.3trn since 2014 (or 66%). This compares to growth of £1.07trn for mortgaged housing stock (55% since 2014).
Owner-occupier stock dominates in most regions, but in London, the PRS holds the most value. Totalling £617bn, the PRS in London is worth more than all the housing stock in Scotland, combined.
Lucian Cook continued: “In recent years we have seen a growing divide between the value of homes owned outright and by those owned with a mortgage due to growing numbers joining the ranks of the mortgage-free. While growth in mortgage debt has remained more subdued due to increased affordability pressures and more caution from lenders.”
Methodology
Savills values stock in regard to the makeup of property types and tenures at a local authority level. We use a combination of data sources that include the 2021 Census, English Housing Survey and MHCLG as well as the ONS and Nationwide price indices.