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 property valuation website, 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 are valued at just over half of this, accounting for 3.7 per cent of housing stock with a value of £219 billion.
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%) in 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.
