The total value of all homes across the UK now stands at £9.18 trillion, according to new research by Savills.
This puts the value at more than 3.8 times the market capitalisation of the FTSE100 at the year end.
Savills’ analysis combines the total value of property owned outright, with a mortgage, social housing, and the private rented sector.
It reveals that the total value of the UK’s housing stock grew by an additional £136 billion in 2025. However, the pace of growth has fallen compared with the year prior, according to the research.
Lucian Cook, head of residential research at Savills, said: “Although the total value of UK housing has continued to edge up over the past year, the capital appreciation of £336 billion since the end of 2022 is the lowest we have seen for a three-year period since 2013.
“That partly reflects the initial pressure put on prices as mortgage costs rose over the course of 2023. But equally the housing market has been slow to respond to recent cuts in bank base rate. This combined with an absence of price growth across London and the South East, where values are highest, and falling levels of house building has kept a lid on the aggregate number.”
North of England housing market outperforms the South
Despite the North of England and the devolved nations accounting for only 27% of the value of all UK homes, they have contributed 60% of total growth since 2022.
The top performing region has been the North West, which has seen the total value of its housing stock increase by £63bn since 2022, some 2.4 times the growth of £26 billion seen in London, and £24bn more than the £39bn in the South East.
“Regional performance continues to reflect the fact, from a geographical perspective, we are well into the second half of the housing market cycle.” said Dan Hill, senior research analyst at Savills.
“There remains more capacity for growth in more affordable markets of the North, Scotland, and Wales, while in London and the South that continues to be more limited.
“However, housing wealth remains heavily concentrated in London and the South East. These regions command a disproportionately large share of total UK housing value relative to their share of the housing stock, an imbalance that continues to define the UK housing market.”
Central London loses value but still holds more than the North East of England
The value of homes in the two most valuable boroughs of London – Westminster, and Kensington & Chelsea – have fallen by 12% over the past three years, given ongoing changes to the tax and regulatory environment, says Savills,
Yet the total value of stock of two local authorities (£209 billion) continues to surpass the total value of the entire housing stock of the North East (£196 billion), despite having risen by 11% over the same period, Savills said.
| Total value in 2025 | 3 year change | 10 year change | |
| London | £2,041,323,344,609 | £26,399,575,336 | £489,944,566,941 |
| South East | £1,701,948,553,427 | £39,345,580,105 | £513,263,418,214 |
| East of England | £989,752,809,271 | £6,260,713,429 | £310,217,703,752 |
| South West | £843,601,628,261 | £15,134,257,776 | £286,965,065,273 |
| North West | £732,531,875,912 | £63,329,745,195 | £312,928,314,565 |
| West Midlands | £625,631,685,508 | £24,572,459,494 | £242,557,935,704 |
| Scotland | £539,709,081,138 | £37,331,506,837 | £202,667,554,313 |
| East Midlands | £521,963,174,530 | £23,620,467,159 | £206,598,210,757 |
| Yorkshire & the Humber | £503,473,342,502 | £37,722,815,656 | £195,978,838,476 |
| Wales | £309,449,531,936 | £13,605,620,576 | £126,438,977,633 |
| North East | £195,604,143,789 | £18,957,290,589 | £69,369,867,945 |
| Northern Ireland | £172,468,500,727 | £29,643,483,920 | £81,930,006,513 |
| United Kingdom | £9,177,457,671,611 | £335,923,516,073 | £3,038,860,460,087 |