A study conducted by Yopa, the nationally recognized estate agency, has disclosed a staggering £1.6 trillion increase in the total value of England’s property market, attributed to the pandemic-induced property market boom. This surge is primarily due to a 25% rise in the average value of homes across the country.

Yopa’s research, which assessed the cumulative worth of the bricks and mortar market, based its analysis on the total number of dwellings and the average home value, tracking the changes since the onset of the pandemic.

National Overview: The findings indicate that in December 2019, before the pandemic, the average value of a home in England was £248,097. With approximately 24.4 million dwellings, the total market value was just under £6.1 trillion. Fast forward to the present, and the average house price has soared by 25% to £390,602. Additionally, the number of homes has risen by 1.9% (459,191 homes), taking the property market’s total value to an estimated £7.7 trillion, marking a 27% increase since the pandemic began.

Regional Growth: The South East experienced the most substantial growth in market value, increasing by £311 billion. Despite slower pandemic house price growth, the London market’s worth has risen by £251.3 billion compared to its pre-pandemic status in 2019. The North East, though recording the smallest increase, has seen its property market grow in value by £45 billion.

Local Authority Insights: At the local authority level, Cornwall leads with a £24.3 billion increase in its property market value, likely driven by the pandemic-induced shift towards rural living. Buckinghamshire, Birmingham, Leeds, and North Yorkshire follow closely, each adding over £20 billion to their local property markets since the pandemic’s onset.

CEO’s Perspective: Verona Frankish, CEO of Yopa, commented on the findings: “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.”

She added, “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.”

This research highlights the robustness and growth potential of England’s property market, even amid challenging economic times.