The total value of Britain’s homes has reached £9.2tn or four times UK GDP, according to estimates by Zoopla.

The figure is also four times the value of all the companies listed on the FTSE 100, the property website claims.

In the past year alone £550bn has been added to the value of British property.

Over the past five years, the total value of British homes has increased by 20% or £1.6tn, which is around the same amount as the market capitalisation of the world’s largest company, Apple.

Average property has risen in value by almost £50,000 over the past five years. 

The value of homes in the City of Westminster and Kensington and Chelsea (£306bn) – which combined cover an area of just 13 square miles – is higher than all the homes in the North West (£197bn) and roughly the same as Wales (£308bn).  

Sustained price growth in the housing market since 2016 has been underpinned by ultra-low mortgage rates. 

Zoopla says that over the last 18 months, increased demand and limited supply has put further upward pressure on prices while the pandemic has led to many reevaluating what they want from a home.

Total home values in the South East have risen more than anywhere else in the past five years – including London. 

The value of homes in the South East has increased by £294bn compared to £214bn in the capital. 

However, whilst London only accounts for 13% of British housing stock, it is responsible for a quarter of its total value.  

Zoopla head of research Gráinne Gilmore says: “The value of Britain’s residential property has continued to climb over the last five years, speeding up over the last 12 months as house price growth has escalated.

“The price and density of homes dictate where the largest concentrations of housing value are located, however, in some local authorities, more than two-thirds of homes have risen by more than the average. 

“Understanding the value of your home, and the equity you hold within the property, can help when it comes to making future plans.”