Over the last ten years the value of UK housing has rocketed by an eye-watering £1.41trillion to stand at £5.75trillion, according to analysis.

But the huge leap in growth has not been spread even, shows the data put together by estate agency Savills.

London has reaped more than half of the added value, rising by an incredible £741billion since 2005, and now accounts for a quarter of the UK's total housing value.

At £1.5trillion, property in London is worth more than all the housing stock in Scotland, Wales, Northern Ireland and the North of England combined.

A further £270billion of the growth comes from the South East where housing stock is now worth over £1trillion.

The growth of the total value of housing in London and the South East has been 12 times that of the Midlands and the North – £1,010billion compared to £83billion

The total value of housing across the North West, North East and Yorkshire & the Humber has only risen by £42billion over the same period. And prices are up to 21% lower than they were a decade ago in some local authorities within these areas. 

“Housing wealth has become increasingly concentrated in London and the South, the flipside being that affordability issues for those hoping to get on the housing ladder are most acute in these areas," said Lucian Cook, Savills UK head of residential research. 

"By contrast, an absence of price growth in certain other parts of the country means that homeowners have struggled to build up the same amount of housing wealth.  This has meant, for example, that house price growth has been much less of a driver of consumer spending."

The agency has mapped price growth across the UK over the past decade (click here for an interactive version of the map).

[Savills]

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