The total value of the UK’s housing stock hit £7.39 trillion in 2019, a new record high.
The claim, in an analysis by Savills, says the overall property value is broadly equivalent to four times the value of all the companies in the FTSE 100 index.
Total gains last year stood at £101.8 billion and £2.74 trillion - or 46 per cent - over the past decade, but while London and the South continue to dominate the UK map in value terms, the weighting of house price growth has shifted northwards.
Growth in the value of existing homes totalled £2.39 trillion over the decade and accounted for 87 per cent of the value uplift, Savills says.
New housing development added just £0.35 trillion.
As development has accelerated and house price inflation slowed in recent years, that balance has shifted: new homes accounted for 40 per cent, or £41 billion of the value uplift in 2019.
“Established homeowners have been the among the greatest beneficiaries of house price growth over the last decade, many of whom have paid down their borrowing. The value of unmortgaged owner occupied homes has risen 67 per cent over the last 10 years,” reports Lawrence Bowles, senior research analyst at Savills.
“This leaves an unprecedented 46 per cent of homeowner wealth in the hands of the over 65s.”
Bowles adds that over the past decade, the homes across London and the South of England accounted for almost three-quarters of all value gains, a total of £2.0 trillion and an average of almost £550 million a day.
But that ratio has flipped more recently.
In 2019, 90 per cent of the total housing value gains came from outside London and the South.
The Midlands and North of England accounted for almost two-thirds of the value uplift , with a further 26 per cent from Scotland, Wales, and Northern Ireland combined.