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British homes gain £57 billion in value during 2012

11th January 2013

The total value of all homes in Britain grew £57 billion during 2012, bringing the combined value of Britain’s residential property stock to £5.963 trillion at the end of December, up 0.97% from £5.906 trillion at the end of 2011 according to the latest data from property website

The 2012 increase in property values brings the total British market value back to the same level as at the end of 2009, following a gain of £67 billion in 2010 but a fall of £124 billion in 2011. The total market values were calculated by by combining the estimated current market value of every individual home in Britain.

Property values in England fared much better than Scotland and Wales during 2012, with the overall value of the residential property market in England growing by £64.8bn (1.2%), whilst falling by £1.2bn (-0.3%) in Scotland and by £6.6bn (-3.1%) in Wales.

Two thirds of the biggest 250 urban areas in Britain (164 of the 250) experienced increases in total property values in 2012. And amongst the 20 largest cities across Britain, the biggest gainers in 2012 by total increase in value were London (up £42.4 billion), Bristol (up £2.3 billion) and Edinburgh (up £922 million) whilst the biggest value losers over 2012 were Sheffield (down £286 million), Doncaster (down £160 million) and Stoke-on-Trent (down £149 million).

The 20 largest cities across Britain

City Total value of all homes (Dec 2012) 2012 Value change (%) 2012 Value change (£)
London £977.5 billion 4.54% £42.4 billion
Bristol £75.9 billion 3.11% £2.3 billion
Edinburgh £55.4 billion 1.69% £922 million
Derby £21.3 billion 4.08% £834 million
Manchester £59.6 billion 1.39% £818 million
Reading £41.3 billion 1.97% £799 million
Leicester £38.6 billion 2.11% £797 million
Glasgow £74.6 billion 1.07% £789 million
Southampton £40.2 billion 1.62% £640 million
Norwich £33.5 billion 1.87% £614 million
Coventry £22.1 billion 1.19% £260 million
Birmingham £59.7 billion 0.36% £216 million
Newcastle upon Tyne £26.9 billion 0.51% £137 million
Hull £15.1 billion 0.61% £91 million
Cardiff £25.9 billion -0.35% -£91 million
Leeds £45.3 billion -0.24% -£108 million
Liverpool £40.5 billion -0.36% -£144 million
Stoke-on-Trent £20.3 billion -0.73% -£149 million
Doncaster £17.5 billion -0.91% -£160 million
Sheffield £39.7 billion -0.71% -£286 million

Lawrence Hall of, said:“These figures highlight the varying performance of the property market in different regions around the UK last year. While some areas saw decent growth in property values, others are still facing an uphill struggle.”

Growth over the last decade

Despite the relatively flat performance of the market over the past 3 years, the total value of all homes in Britain combined has risen by £1.9 trillion (46%) over the past ten years. And despite property values not rising in Scotland and Wales during 2012, they have actually outperformed property in England over the last decade with England having seen a rise of 43% (£1.6 trillion) while Scotland has enjoyed 84% growth (£183bn) and Wales 57% growth (£74bn).

Total value of all British homes over last 10 years

Over the past ten years the largest increase seen was in 2003 when the total value of homes in Britain grew 16.5% (£676bn). The biggest annual decrease over the last decade occurred in 2008 when 12% (£792bn) was wiped off the value of Britain’s housing market. Prior to the collapse in 2008, the British property market peaked at a total value of £6.617 trillion at the end of 2007.

% change in value of British homes over last 10 years

Lawrence Hall of, said: “Even with the worst economic downturn in living memory over the past few years, the value of Britain’s housing stock has grown a staggering amount over the last ten years. It’s hard to see if we will experience the same levels of year-on-year growth witnessed in the early noughties, but with overall values beginning to creep back up, homeowners should be feeling a little more confident.”

- Ends -

For further information, please contact PR Team on [email protected] or +44 (0)20 3873 8770.

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