The total market values were calculated by Zoopla.co.uk by combining the estimated current market value of every individual home in Britain.
Property values in England fared much better than Scotland and Wales during 2012, with the overall value of the residential property market in England growing by £64.8bn (1.2%), whilst falling by £1.2bn (-0.3%) in Scotland and by £6.6bn (-3.1%) in Wales.
Two thirds of the biggest 250 urban areas in Britain (164 of the 250) experienced increases in total property values in 2012. And amongst the 20 largest cities across Britain, the biggest gainers in 2012 by total increase in value were London (up £42.4 billion), Bristol (up £2.3 billion) and Edinburgh (up £922 million) whilst the biggest value losers over 2012 were Sheffield (down £286 million), Doncaster (down £160 million) and Stoke-on-Trent (down £149 million)
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.”
GROWTH OVER THE LAST DECADE
Despite the relatively flat performance of the market over the past 3 years, the total value of all homes in Britain combined has risen by £1.9 trillion (46%) over the past ten years. And despite property values not rising in Scotland and Wales during 2012, they have actually outperformed property in England over the last decade with England having seen a rise of 43% (£1.6 trillion) while Scotland has enjoyed 84% growth (£183bn) and Wales 57% growth (£74bn).
Britain grew 16.5% (£676bn). The biggest annual decrease over the last decade occurred in 2008 when 12% (£792bn) was wiped off the value of Britain’s housing market. Prior to the collapse in 2008, the British property market peaked at a total value of £6.617 trillion at the end of 2007.
Lawrence Hall, said: “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.”
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