According to Zoopla, the value of homes in a small area of central London is roughly the same as the combined value of all homes in Wales.
The London Bridge-based real estate portal said the combined value of homes in the City of Westminster, an area of approximately 13 square miles, and the combined boroughs of Kensington and Chelsea, was roughly £306 billion in July this year.
Zoopla has valued the entire housing stock in Wales at £308 billion.
London ‘most valuable district’
Zoopla said the total housing value in London was £2.4 trillion in 2021, making it the UK’s most valuable region.
The capital is followed by the South East of England (£1.7 trillion) and the East of England (£1 trillion).
Zoopla added that homes in Westminster are worth £164.6 billion, making it the most valuable housing local authority in the UK.
This was followed by Kensington and Chelsea (£141bn), Wandsworth (£117bn) and Barnet (£114bn). Birmingham, the first non-London-based authority, ranked fifth with £102bn worth of properties.
The fastest rising values in the Southeast
In terms of rising values over the past five years, Zoopla said the South East of England has outstripped all other regions.
He added that the combined value of Britain’s 28.6 million residential homes increased by £550 billion last year, calculating that the UK’s homes are worth a total of £9.2 trillion on the open market this summer.
The company says this is “as well as rising buyer demand in the real estate market as a result of the pandemic-led ‘search for space’. stamp tax holiday”.
Zoopla added that the total value of Britain’s 23.5 million private properties is £8.2 trillion.
According to the company, it was about £6.6 trillion in equity and £1.6 trillion in outstanding debt.
Britain has another five million affordable homes worth around £1 trillion.
The value of the average British property has increased by £49,257 over the past five years, according to Zoopla’s figures.
Gráinne Gilmore of Zoopla said: “The value of UK residential property has continued to rise over the past five years, accelerating in the last 12 months as house prices have increased. Understanding the value of your home and the equity you have in the property can be helpful when it comes to making future plans.