Increase in British property stock value
An increase in value of £57 billion in 2012 saw the total value of all British homes of ï¿¡5.963 trillion at the end of December.
According to the data from property website Zoopla.co.uk this represents an increase of 0.97% from ï¿¡5.906 trillion at the end of 2011.
The figures are calculated by combining the estimated current market value of every individual home across Britain.
As ever there was significant regional variation in the figures with property values in England faring much better than Scotland and Wales.
English property value was up 1.2% to £64.8bn whilst falling by 0.3% in Scotland and 3.1% in Wales.
London continued to dominate price increases, with a £42.4billion increase in value in 2012.
Lawrence Hall of Zoopla.co.uk, 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.”
The market has been largely flat for the past three years however the total value of all homes in Britain has still risen £1.9 trillion over the last decade.
Mr Hall added: “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.”