UK housing market value surpasses £9 trillion, driven by easing affordability

The total value of all UK homes has eclipsed the £9 trillion mark for the first time, as revealed by new insights from property experts at Savills.

Following a slight downturn in 2023, the UK housing market rebounded with a formidable £346bn increase last year – now standing at over 3.5 times the nation's annual GDP, as reported by City AM.

"Affordability pressures eased and prices returned to growth in many areas [in 2024], pushing the total value of the UK's housing stock to another record high," commented Lucian Cook, Savills' head of residential research.

The property market faced significant challenges in 2023 am