Average home has added 49257 to its value over the past five years

That’s according to the property website, Zoopla

Homes across Britain have added £49,257 to their value over the past five years on average, according to a property website.

The total value of homes has risen by 20% – or £1.6 trillion – in the past five years, Zoopla said.

More than a third (£550 billion) of the £1.6 trillion increase has been recorded in the past year alone.

And there are high concentrations of property wealth in some areas.

The value of homes in the City of Westminster and Kensington and Chelsea (£306 billion) – covering an area of just 13 square miles – is roughly the same as for the whole of Wales (£308 billion), according to the calculations.

The total housing value in London reached £2.4 trillion this year.

Grainne Gilmore, head of research at Zoopla, said: “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 website put the total value of homes across Britain at £9.2 trillion – made up of £8.2 billion held within privately-owned homes and £1 trillion held within social housing.

Published: 14/10/2021 by Radio NewsHub