UK Housing Market: Total Value Is Still £1.585 Trillion Higher Than Pre-Pandemic (2019)

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The UK housing market has been remarkably resilient amidst economic uncertainty. According to the latest research from Savills, the total value of all UK homes is now estimated to be £8.678 trillion. This figure, although slightly lower than 2022's peak, is a substantial £1.585 trillion increase from 2019 pre-pandemic levels.

Lucian Cook, Savills' head of residential research, notes the strength of the UK housing market, even in the face of higher mortgage costs. The total net housing wealth, after accounting for outstanding mortgage debt, surpasses £7 trillion, illustrating that the housing sector remains a stable and significant asset class.

Savills' analysis also highlights regional disparities within the UK housing market. While southern regions experienced minor declines in housing value, regions further from London, particularly Northern Ireland, the North East, Scotland, and the East Midlands, witnessed value increases.

The report also sheds light on the shift in homeownership patterns over the past decade. Outright homeowners have seen the greatest increase in property value, with their homes now comprising almost 40% of the total UK housing value.

The UK's housing market remains a cornerstone of economic stability and personal wealth, despite recent challenges. The resilience and growth evidenced in the face of adversity underline the market's capacity to adapt. As the UK navigates the complexities of post-pandemic recovery and economic fluctuations, the housing sector continues to perform.