30 Jan

Housing stock in UK rises past £5 trillion mark

Housing stock in UK rises past £5 trillion mark

London helped drive the UK’s property stock past the £5 trillion mark in 2013, with the capital responsible for £100 billion worth of gain.

Last year, estate agents across the country saw stock rise by £186 billion. In total this means there has been an increase in stock of £3.6 trillion in the last ten years.

The research also found that the top ten wealthiest boroughs in London are worth nine per cent more than Wales, Scotland and Northern Ireland combined.

What’s more, Westminster and Kensington and Chelsea are together worth £200 billion, which is 15 per cent  more than the whole of  Wales. 

Lucian Cook, head of UK residential research at Savills, said: "The housing market remains deeply divided and recent gains have been unevenly spread.

"The substantial wealth tied up in housing is becoming increasingly concentrated in fewer hands in a market where housing equity - heavily concentrated in London and the South - has become the key driver."

London and the South East account for just over a quarter of all the UK’s housing stock, emphasising the dominance of the south of England in terms of the property market.ADNFCR-1222-ID-801688080-ADNFCR

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