London’s PRS is worth more than ALL of Scotland’s housing stock

London’s PRS is worth more than ALL of Scotland’s housing stock

0:02 AM, 18th February 2025, About a month ago

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The UK’s total housing value reached £9.1 trillion, a record high, last year after a minor dip in 2023, according to Savills.

Unmortgaged homeownership shows the largest growth since 2014, a 66% surge, to £1.36 trillion.

It says that owner-occupier housing stock dominates in most regions, but in the capital, it’s the PRS which holds the most value.

And with a total of £617 billion, London’s PRS in London is worth more than all the housing stock in Scotland, combined.

Value of Britain’s housing stock

Savill’s head of residential research, Lucian Cook, said: “The value of Britain’s housing stock returned to growth in 2024 as affordability pressures eased and prices returned to growth in many areas, pushing the total value of the UK’s housing stock to another record high.

“With the Bank of England expected to cut interest rates further over the coming months, we anticipate an increase in transactional activity, particularly among second steppers who have held off moving until rates fall.

“While first-time buyer activity is expected to be boosted by planned reforms to mortgage rules.”

He added: “This in turn should lead to further upward pressure on values, mitigating any impact that increased taxation and regulation will have on the PRS sector, as well as lower levels of housebuilding.”

UK housing market value

Savills’ data reveals that mortgaged housing stock has increased in value by £1.07 trillion (55%) since 2014.

Following a period of stagnation, the overall UK housing market value rebounded in 2024, rising by £346 billion (3.9%).

The nation’s total housing worth now surpasses 3.5 times the UK’s annual GDP.

Savills also reports a more balanced regional growth distribution in the past two years, with northern regions outperforming southern ones (£137 billion versus £125 billion).

The North West, Scotland, and Yorkshire and The Humber each saw housing values climb by over £37 billion since 2022, surpassing London’s £31 billion increase.

While London and the South East experienced slower percentage growth over the past decade, they still led in absolute value gains, adding over £1.2 trillion since 2014.


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