Analysis by Yopa, the award-winning nationwide property company, has revealed that the full worth of the property market throughout England is estimated to have climbed by £1.6tn because of the pandemic property market growth, pushed by a 25% improve within the common worth of a house.
Yopa analysed the full worth of the bricks and mortar market based mostly on the full variety of dwellings and the typical worth of a house, how each have modified because the market went into overdrive throughout the pandemic.
The analysis exhibits that in December 2019, previous to the pandemic, the typical residence throughout England was price £248,097. With some 24.4m dwellings discovered throughout England in 2019, this put the full estimated worth of the property market simply shy of £6.1tn.
Quick ahead to as we speak, and the typical home value has climbed by 25%, now sitting at £390,602. There has additionally been a rise within the variety of houses, albeit extra marginal at 1.9%, though this nonetheless equates to a rise of 459,191.
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Consequently, Yopa estimates that the full worth of the property market at present stands at £7.7tn, a rise of £1.6tn (27%) because the begin of the pandemic.
Regional will increase
The South East has seen the biggest leap within the complete worth of the area’s property market, rising by £311bn because of the pandemic property market growth.
Regardless of the capital underperforming in comparison with the remaining in relation to pandemic home value progress, the London market is price some £251.3bn extra as we speak versus the pre-pandemic market in 2019.
Whereas the North East has seen the smallest improve in complete market worth, the area’s bricks and mortar market remains to be price £45bn extra as we speak versus the 2019.
Native authority look
Cornwall ranks prime at native authority degree, with £24.3bn added to the worth of the Cornish property market because of the pandemic, little question pushed by these trying to escape metropolis life throughout lockdown restrictions.
Buckinghamshire (+£23.4bn), Birmingham (+£22.2bn), Leeds (+£21.4bn) and North Yorkshire (+£20.1bn) have additionally seen a number of the largest financial will increase within the worth of their respective property markets because the begin of the pandemic.
CEO of Yopa, Verona Frankish, stated, “With all the present doom and gloom surrounding the property promote it’s fairly straightforward to neglect that we’ve simply witnessed one of the vital sustained durations of home value progress in dwelling reminiscence.
“So whereas increased mortgage charges and purchaser uncertainty could have dampened the present fee of home value progress, this discount is only a drop within the ocean in comparison with the meteoric will increase seen because the begin of the pandemic property market growth.
“To suppose that the bricks and mortar market throughout England is estimated to be price £1.6tn extra in comparison with only a few years in the past is sort of unimaginable and it actually does exhibit the power of the property market when seen on a long-term foundation.”