The total value of the property market across England is estimated to have climbed by £1.6tn as a result of the pandemic property market boom, according to research from Yopa.
Yopa analysed the total value of the bricks and mortar market based on the total number of dwellings and the average value of a home, looking at how both have changed since the market went into overdrive during the pandemic.
In December 2019, prior to the pandemic, the average home across England was worth £248,097.
With some 24.4 million dwellings found across England in 2019, this put the total estimated value of the property market just shy of £6.1tn.
Since then, the average house price climbed by 25%, to £390,602.
There was also an increase in the number of homes, albeit marginal at 1.9%, an increase of 459,191.
As a result, Yopa estimated that the total value of the property market was £7.7tn, an increase of £1.6tn (27%) since the start of the pandemic.
The South East saw the largest jump, with the total value of the region’s property market increasing by £311bn as a result of the pandemic property market boom.
Despite the capital underperforming compared to the rest when it came to pandemic house price growth, the London market was worth some £251.3bn more compared with the pre-pandemic market in 2019.
While the North East saw the smallest increase in total market value, the region’s bricks and mortar market was still worth £45bn more today versus 2019.
Cornwall ranked top at local authority level, with £24.3bn added s a result of the pandemic, no doubt driven by those looking to escape city life during lockdown restrictions.
Buckinghamshire (+£23.4bn), Birmingham (+£22.2bn), Leeds (+£21.4bn) and North Yorkshire (+£20.1bn) also saw some of the largest monetary increases in the value of their respective property markets since the start of the pandemic.
Verona Frankish, CEO of Yopa, said: “With all the current doom and gloom surrounding the property market it’s quite easy to forget that we’ve just witnessed one of the most sustained periods of house price growth in living memory.
“So, while higher mortgage rates and buyer uncertainty may have dampened the current rate of house price growth, this reduction is just a drop in the ocean compared to the meteoric increases seen since the start of the pandemic property market boom.
“To think that the bricks and mortar market across England is estimated to be worth £1.6tn more compared to just a few years ago is quite incredible and it really does demonstrate the strength of the property market when viewed on a long-term basis.”
