Research also reveals total market values in regions and local authorities
The property market across England and Wales has seen its total value increase by £2.7 trillion, a 67% added value since 2011.
This was revealed in research by property developer Stripe Property Group, which analysed various data to find the current value of the market and how this has changed since the last census in 2011.
The figures show that in 2011, the total value of the market sat at just over £4 trillion, with some 23.4 million households worth an average of £172,625.
Fast forward to 2021, there were 1.4 million more households across England and Wales worth an average of £271,501. The total estimated value of the real estate market jumped to a staggering £6.7 trillion, for an increase of 67% in the last 10 years.
London ranked top where current market value is concerned, with the capital’s housing stock worth £1.7 trillion in the current market. It also had the largest value increase in the last decade, adding £775 billion.
The East of England has seen the largest percentage increase in total market values, climbing 82% over the same period to £837.1 billion.
At local authority level, Buckinghamshire was at the top of the property market table where total value is concerned, with the housing market worth £94.6 billion today. It has also seen the largest monetary increase in total market values in the last decade, increasing by £39.7 billion since 2011.
Westminster ranks second (£91.1 billion), followed by Kensington and Chelsea (£88.7 billion), Birmingham (£87.5 billion), and Wandsworth (£84 billion).
In terms of the largest percentage increase, Waltham Forest ranked first as the total value of the market has increased by 130% there over the 10-year period.
Meanwhile, the total value of the market has also doubled or more in Newham (113%), Dartford (107%), Barking and Dagenham (105%), Lewisham (103%), Hackney (102%), and Central Bedfordshire (100%).
James Forrester, managing director of Stripe Property Group, commented that the current value of the housing market today is “mind boggling”.
“This growth is testament to the strength of the housing market and the safety of investing in bricks and mortar at all levels. It will be fascinating to see where we stand in another 10 years’ time,” Forrester said.
