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The 300 billion property slump
New figures from Zoopla.co.uk, the property valuation website, show the total combined value of all residential properties in Britain currently stands at over £5.8 trillion. This figure is down, however, by almost £300 billion since the housing market peak in September last year, when the combined value of all homes topped £6.1 trillion, equating to a value loss of over £1 billion per day over the last 9 months.
Zoopla.co.uk, calculated Britain's Gross Housing Product (GHP) by aggregating the individual values of every residential property in the land. Set against current population figures, the nation's property trillions represent a value of over £96,296 for every man, woman and child.
Worries about the sudden decline in property values in recent months have, however, overshadowed the significant gains of the past few years. The latest Zoopla.co.uk figures show that the GHP has grown by over £750 billion (14.95%) over the past 3 years and by £1.7 trillion (42.16%) over a 5 year period, equating to a sustained daily increase of almost £1 billion since early 2003.
Unsurprisingly, London is Britain's 'highest valued' city, with a total residential property value of £776 billion, accounting for 13.3% of Britain's GHP. Only four other cities can claim to account for over 1% of the combined residential property value in Britain - Bristol (£76.2 billion), Glasgow (£75.2 billion), Birmingham (£67.9 billion) and Manchester (£64.2 billion).
Putting these figures into perspective, Britain's richest man, steel king Lakshmi Mittal (worth approximately £27.7 billion) could afford to choose between buying every property in Oxford (£24.7 billion) or Brighton (£23.8 billion) whilst retail stalwart Sir Philip Green (worth over £4.3 billion) would have to settle for either Dover (£4.3 billion) or Hastings (£4.29 billion).
