The property market in England is estimated to have risen in value by as much as 27% following the pandemic. It has been suggested that the total value of property now sits at £7.7tn, up from £6.1tn in 2019.
The research has been undertaken by estate agency Yopa who analysed the value of the property market based on the total number of dwellings and the average value of a home. The average value of a home in December 2019 was £248,097, and with 24.4m dwellings found across England in 2019, the total estimated value of the property market is just under £6.1tn.
With property prices driven up by 25% during the pandemic, the average property price in 2023 now sits at £390,602. S small increase in the number of properties (1.9%/ 460,000 homes) has seen the value of the property market increase by an estimated £1.6tn.
The impact of this is regionalised with the South East seeing the largest jump, increasing by around £311bn, and the London market is worth some £251.3bn more today against 2019.
Cornwall saw £24.3bn added to the value of the Cornish property market as a result of the pandemic, no doubt driven by those looking to escape city life during lockdown restrictions, and Buckinghamshire (+£23.4bn), Birmingham (+£22.2bn), Leeds (+£21.4bn) and North Yorkshire (+£20.1bn) have also seen some of the largest monetary increases in the value of their respective property markets since the start of the pandemic.
The North East has seen the smallest increase in total market value, but is still worth £45bn more today than in 2019.
Commenting on the figures Yopa CEO Verona Frankish 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.”
