Zoopla prices UK property as worth a collective £8.17 trillion

Zoopla prices UK property as worth a collective £8.17 trillion [Photo: adempercem via iStock]

Property portal Zoopla has estimated the total value of homes across the UK property market, and said that the valuation shows that over the past 12 months, the total value of the sector has risen, showing how strong 2016 has been. 

Zoopla's estimates puts the total value of homes across the UK as a whole at some £8.17 trillion. It said that this is 7.35 per cent higher than the total value at the end of 2015, showing that even at a time when the UK has suffered much economic and political uncertainty, the property market has continued in the strong vein it has been in for some time. 

Zoopla believes this is partly to do with the fact there is a continued shortage of available homes nationwide, a problem that has seen prices inflated when a number of buyers are essentially forced to compete for those properties which are available. 

Lawrence Hall, spokesman for the property portal, said: "It has certainly been a historic year, with the events of the past six months giving rise to potential political uncertainty. However, the property market – it seems – remains resilient and property values across Britain have continued to grow."

Zoopla's data also shows that in the past 12 months, if UK property value represented GDP, the UK has become the third largest property economy in the world. It comes behind only China and the US in terms of overall value at the moment, but ahead of other large economies like Japan and Germany. 

Over the past year, the data shows, the majority of the increases in property value have come from the East of England, where commuter towns have been getting more and more popular. 

"As city centre living becomes increasingly less affordable, our data shows significant increases in property values in popular commuter towns," Mr Hall said. "Towns such as Leatherhead in Surrey and Diss in Norfolk, which offer commuting times to London of under one hour and 90 minutes respectively, have proved particularly desirable."