The £6 Trillion Island
New figures out today reveal that, despite the recent housing market slump, the total combined value of all residential properties in Great Britain currently stands at over £5.8 trillion (£5,835,563,534,903). This figure is down, however, by almost £300 billion (£288,419,620,195) since the housing market peak in September last year, when the combined value of all homes topped £6.1 trillion, equating to a value loss of over £1 billion per day over the last 9 months.
Zoopla.co.uk, the UK's leading property valuation website, which provides free, instant value estimates on any UK home, calculated Britain's Gross Housing Product (GHP) by aggregating the individual values of every residential property in the land. Set against current population figures*, Britain's property trillions represent a value of over £96,296 for every man, woman and child in Britain.
England accounts for the lion's share of the British GHP with a residential property value of £5.2 trillion, (89.4 per cent). The total value of all homes in Scotland stands at £401 billion (6.9 per cent) whilst properties in Wales hold a value of £219 billion (3.7 per cent).
Worries about the sudden decline in property values in recent months have, however, somewhat overshadowed the significant gains of the past few years. The latest Zoopla.co.uk figures show that the British GHP has grown by over £750 billion (14.95%) over the past 3 years and by an even more impressive £1.7 trillion (42.16%) over a 5 year period, equating to a sustained daily increase of almost £1 billion since early 2003.
Unsurprisingly London is Britain's 'highest valued' city, with a total residential property value of £776 billion, accounting for 13.3% of Britain's GHP. Only four other cities can claim to account for over 1% of the combined residential property value in Britain - Bristol (£76.2 billion), Glasgow (£75.2 billion), Birmingham (£67.9 billion) and Manchester (£64.2 billion).
Putting these figures into perspective, Britain's richest man, steel king Lakshmi Mittal (worth approximately £27.7 billion) could afford to choose between buying every property in Oxford (£24.7 billion) or Brighton (£23.8 billion) whilst retail stalwart Sir Philip Green (worth over £4.3 billion) would have to settle for either Dover (£4.3 billion) or Hastings (£4.29 billion).
Alex Chesterman, Founder & CEO of Zoopla.co.uk commented:
"Despite the recent market downturn, it is clear that the British property market remains one of the most valuable in the world on a per capita basis, The past few months have been challenging but the long term trend is extremely positive. Zoopla.co.uk provides the ultimate resource for anyone interested in the property market by allowing free access to track current home values, sold prices and local trends."
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Notes to editor
Mid 2006 60.6m population figure from Office for National Statistics
GHP 01/06/08 | % of GB | |
|---|---|---|
£5,214,403,114,061 | 89.36% | |
£401,521,208,713 | 6.88% | |
£219,639,212,129 | 3.76% | |
Great Britain | £5,835,563,534,903 | 100.00% |
Source Zoopla.co.uk, June 08
Regional statistics: Britain's 'highest value' cities:
Top 25 Cities | GHP 01/06/08 | % of GB | |
|---|---|---|---|
1 | £776,262,498,138 | 13.3% | |
2 | £76,227,534,765 | 1.31% | |
3 | £75,159,352,476 | 1.30% | |
4 | £67,958,496,160 | 1.16% | |
5 | £64,192,118,491 | 1.10% | |
6 | £58,032,963,416 | 0.99% | |
7 | £52,737,019,072 | 0.90% | |
8 | £48,411,961,006 | 0.83% | |
9 | £45,527,695,922 | 0.78% | |
10 | £41,747,332,427 | 0.72% | |
11 | £40,174,879,738 | 0.69% | |
12 | £39,338,496,136 | 0.67% | |
13 | £39,029,268,904 | 0.67% | |
14 | £34,595,396,107 | 0.59% | |
15 | £30,370,544,200 | 0.52% | |
16 | £29,212,411,289 | 0.50% | |
17 | £29,027,020,471 | 0.50% | |
18 | £28,520,041,709 | 0.49% | |
19 | £24,668,606,448 | 0.42% | |
20 | £23,836,247,621 | 0.41% | |
21 | £23,355,986,850 | 0.40% | |
22 | £23,171,851,043 | 0.40% | |
23 | £22,511,143,597 | 0.39% | |
24 | £22,181,615,052 | 0.38% | |
25 | £21,716,472,492 | 0.37% |
Source: Zoopla.co.uk, June 08
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