The document analyzes the total value of UK housing stock as of January 2014 according to Savills Residential Research. Some key points: - The total value of UK housing stock is £5.205 trillion as of 2013, an increase of £186 billion from 2012. London and the Southeast account for 42% of the total value. - The private rented sector saw the largest growth in value in 2013 at £76 billion and has increased its share of the total housing stock value from 12% in 2003 to 19% in 2013. - London property values rose dramatically, with the 10 most expensive boroughs increasing £55 billion in value over the past year alone and now worth over £600 billion total.

1. Valuing Britain
Part I
The Value of Housing Across the UK
January 2014
1

2. Dull but important stuff
 Stock valued in November of each year having regard to:
 changes in the Land Registry Index at a local level;
 changes in the level of housing stock ; and
 shifts in tenure (having regard to recent trends)
 Owner occupied housing valued on a vacant possession basis.
 Private rented housing and social housing valued subject to tenants rights of
occupation.
 All stock valued at a local authority level with base data on the make up of stock
and the nature occupation taken from the 2001 and 2011 census.
2
Source: Savills Residential Research, Valuing Britain January 2014

3. Total value of UK housing
 The total value of UK housing stock is £5.205
trillion.
 The value of housing stock in the UK increased by
£186 billion in 2013.
 It is still £344 billion below the 2007 level but
higher than at any point since that date.
3
Source: Savills Residential Research, Valuing Britain January 2014

4. Total value of UK housing
2,000
5,205
5,019
4,927
5,025
4,782
5,549
4,976
4,497
4,317
3,622
3,000
3,059
4,000
2,390
Value (£billion)
5,000
4,952
6,000
1,000
0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
4
Source: Savills Residential Research, Valuing Britain January 2014

5. Value by region
 London and the South East account for
 26% of the housing stock of the UK
 42% of the value of all housing stock in the UK
5
Source: Savills Residential Research, Valuing Britain January 2014

6. Division by region
Value
£billion
LONDON
SOUTH EAST
Units
thousand
% Value
% Units
1,236
3,438
23.7%
12.3%
950
3,726
18.3%
13.4%
Value £bn
Wales
NE
N Ireland
E Mids
London
EAST
528
2,550
10.1%
9.1%
Y&H
SOUTH WEST
485
2,426
9.3%
8.7%
NORTH WEST
402
3,164
7.7%
11.3%
WEST MIDLANDS
342
2,394
6.6%
8.6%
SCOTLAND
306
2,531
5.9%
9.1%
YORKS & THE HUMBER
298
2,340
5.7%
8.4%
EAST MIDLANDS
276
1,988
5.3%
7.1%
WALES
178
1,392
3.4%
5.0%
NORTH EAST
127
1,186
2.4%
4.3%
NORTHERN IRELAND
76
754
1.5%
2.7%
Scotland
W Mids
SE
NW
SW
East
6
Source: Savills Residential Research, Valuing Britain January 2014

7. Changes in value
 The value of housing stock in London rose by over £100bn in 2013,
accounting for more than half of the total growth of the value of housing
stock across the UK.
 Every region of the UK except Wales, the North East and North West saw
an increase in the value of its housing stock in 2013.
 Over 5 years the value of housing stock in London has risen by over
£300bn (i.e. a figure equivalent to the current day value of all housing in
Scotland).
 Over that same period, housing in the rest of the south of England has
risen by £131bn.
 Across the remainder of the UK the value of housing is over £200bn
below the level at the end of 2008.
7
Source: Savills Residential Research, Valuing Britain January 2014

8. Change in value
5 year change in total value
£billion
1 year
5 year
LONDON
105.8
304.5
SOUTH EAST
33.3
79.9
EAST
17.5
32.0
SOUTH WEST
11.8
18.9
WEST MIDLANDS
6.7
- 16.6
NORTHERN IRELAND
4.9
- 33.1
0%
SCOTLAND
4.6
- 22.8
-10%
EAST MIDLANDS
3.8
- 8.6
40%
30%
20%
10%
-20%
YORKS & THE HUMBER
1.8
- 32.5
WALES
- 0.1
- 12.9
NORTH EAST
- 1.6
- 21.9
NORTH WEST
-2.1
- 57.8
-30%
-40%
8
Source: Savills Residential Research, Valuing Britain January 2014

9. By sector
 Owner occupied housing accounts for 70% of the total value of all
housing in the UK, with a broadly even split between that mortgage free
and subject to a mortgage.
 Housing in the private rented sector now accounts for 19% of value,
within touching distance of £1 trillion.
9
Source: Savills Residential Research, Valuing Britain January 2014

10. By Sector
Value £ billion
Value
£billion
Owner Occupied
Un-mortgaged
1,783
Units
thousand
8,339
% Value
34%
Social
Rented
Sector
7%
% Units
30%
Owner Occupied
Mortgaged
1,845
8,643
35%
Private Rented
Sector
989
5,109
19%
18%
Social Rented
Sector
337
4,758
6%
17%
Other
250
1,039
5%
Owner
Occupied
Unmortgaged
34%
Private
Rented
Sector
19%
31%
4%
Other
5%
Owner
Occupied
Mortgaged
35%
10
Source: Savills Residential Research, Valuing Britain January 2014

11. Shifts in value by sector
 The value of housing in the private rented sector rose by more than any
other sector in 2013 (£76 billion).
 Housing in the private rented sector has risen by over £275 billion over
the past five years, whilst the value of owner occupied property subject to
a mortgage has fallen by more than £170 billion.
 Over 10 years private rented housing has gone form accounting for 12%
of the value of UK housing stock to 19%.
 Over the same period owner occupied property subject to a mortgage has
gone from 44% of value to 35% of value.
11
Source: Savills Residential Research, Valuing Britain January 2014

12. Shift in value by sector
Distribution of Value
Change in Value
Owner Occupied
Un-mortgaged
1 year
£billion
5 year
£billion
+64
Owner Occupied Unmortgaged
Private Rented Sector
Other
+86
100%
90%
80%
Owner Occupied Mortgaged
+20
Owner Occupied Mortgaged
Social Rented Sector
-172
6%
7%
12%
14%
6%
19%
70%
60%
Private Rented Sector
+76
Social Rented Sector
+13
44%
+12
41%
34%
34%
34%
2003
+277
2008
2013
50%
35%
40%
30%
Other
+13
20%
+27
10%
0%
12
Source: Savills Residential Research, Valuing Britain January 2014

13. The dominance of London
 Together the housing in the 10 most valuable London boroughs stands at
£609 billion.
 That is now 9% more than the combined figures for Scotland, Wales and
Northern Ireland, having risen by £55 billion over the past year (£46 billion
more than the value growth in the three regions).
 The value of housing in Kensington and Chelsea and Westminster stands
at over £200 billion, 15% more than the total value of the housing stock of
Wales.
 Value growth in the borough of Wandsworth of £8bn in 2013 is on a par
with that seen in Kensington and Chelsea.
13
Savills Residential Research, Valuing Britain January 2014

14. 10 most valuable boroughs in London
Change in Value £m
Local Authority
Value £m
% change in Value
1 year
5 year
1 year
5 year
Westminster
103,166
8,957
39,649
9.5%
48.3%
Kensington and Chelsea
100,316
8,089
35,773
8.8%
42.9%
Wandsworth
66,818
8,068
21,660
13.7%
30.1%
Barnet
58,943
4,513
12,165
8.3%
16.4%
Camden
58,081
4,831
20,411
9.1%
41.4%
Richmond upon Thames
46,714
3,381
11,909
7.8%
24.5%
Ealing
45,130
3,706
10,583
8.9%
19.9%
Bromley
44,518
3,273
6,360
7.9%
8.1%
Lambeth
42,829
5,423
14,297
14.5%
31.1%
Hammersmith and Fulham
42,798
5,045
14,294
13.4%
32.5%
55,286
187,101
10.0%
44.3%
Total
609,312
14
Source: Savills Residential Research, Valuing Britain January 2014

15. Beyond London
 Beyond London the biggest value growth was seen in Aberdeen where
growth of £1.7 billion was £232 million higher than that seen in Elmbridge
(Surrey).
 The 10 local authorities showing the biggest value growth outside of
London in the past 5 years have seen the value of housing rise by £33
billion.
 The 10 most valuable London boroughs saw the value of their housing
stock rise by over five and a half times that figure.
15
Source: Savills Residential Research, Valuing Britain January 2014

16. Biggest increase in £m beyond London
Local Authority
Value £m
1 year change £m
Local Authority
Value £m
5 year change £m
Aberdeen City
18,347
1,720
Brighton and Hove
31,399
5,040
Elmbridge
32,372
1,488
Elmbridge
32,372
4,460
Aberdeenshire
19,683
1,423
Bristol, City of
35,179
4,107
Bath & NE Somerset
20,198
1,256
Wokingham
21,149
3,003
Bristol, City of
35,179
1,245
Waverley
20,949
2,900
Birmingham
54,103
1,222
Guildford
21,566
2,837
Brighton and Hove
31,399
1,147
Reigate and Banstead
19,293
2,760
St Albans
23,515
961
St Albans
23,515
2,734
Wiltshire
44,138
957
Windsor and Maidenhead
23,463
2,640
Wokingham
21,149
957
Wiltshire
44,138
2,570
12,375
Total
Total
300,082
16
273,023
33,050
Source: Savills Residential Research, Valuing Britain January 2014