The total value of the UK’s housing stock has reached £9.18tn, according to new analysis from Savills, underscoring the scale of residential property within the national balance sheet.
The total value of the UK’s housing stock has reached £9.18tn, according to new analysis from Savills, underscoring the scale of residential property within the national balance sheet.
To put the figure in context, it stands at more than 3.8 times the market capitalisation of the FTSE 100 at year end. The calculation aggregates the value of homes owned outright, those with mortgages, social housing and properties in the private rented sector.
The overall value of the housing stock rose by £136bn in 2025. That represents continued expansion, although at a markedly slower pace than the £268bn recorded the previous year. Since the end of 2022, total housing wealth has increased by £336bn, the weakest three-year gain since 2013.
The slowdown reflects several overlapping pressures. Mortgage costs rose sharply through 2023 following a series of base rate increases by the Bank of England, tempering buyer demand. More recently, cuts to the bank base rate have yet to feed fully through into transaction volumes or pricing momentum. At the same time, subdued performance in London and the South East, where absolute values are highest, has constrained aggregate growth.
Regional markets tell a different story. While the North of England and the devolved nations account for roughly 27 per cent of total UK housing value, they have contributed around 60 per cent of growth since 2022. The North West has led performance, with the value of its housing stock rising by £63bn over that period. That compares with £26bn in London and £39bn in the South East.
The figures suggest that the centre of gravity within the housing cycle has shifted. More affordable markets in the North, Scotland and Wales appear to have retained capacity for price growth, while higher-value southern markets have faced greater resistance.
Even so, the distribution of housing wealth remains heavily skewed. London and the South East command a disproportionately large share of total housing value relative to their share of the housing stock. That imbalance continues to define the structure of the UK market.
Central London illustrates both adjustment and concentration. The combined value of homes in Westminster and Kensington and Chelsea has fallen by 12 per cent over the past three years, reflecting tax and regulatory changes that have weighed on prime markets. Yet the two boroughs together still account for £209bn of housing value, exceeding the £196bn total value of the entire housing stock in the North East of England, where values have risen by 11 per cent over the same period.
The contrast highlights a broader reality. While growth dynamics have shifted northwards in recent years, the absolute weight of housing wealth remains anchored in London. For policymakers and investors alike, the question is whether regional outperformance marks a cyclical rebalancing or a more durable redistribution of housing capital.
We'd love to hear from you! Please get in touch using our online contact form below and we'll reply as soon as possible.
.png)
