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  1. ITV Report

Housing in London worth over £1.5 trillion

The total value of London's homes are worth over a third of the UK total. Photo: PA

London's residential property is worth 35% of the value of all the homes in Britain, according to estate agents Stirling Ackroyd. They calculate that London homes are worth over £1.5 trillion and they expect that figure to reach £2.1 trillion over the next three years. To show the disparity between London and other parts of the UK, they worked out that the homes in Hackney, Tower Hamlets and Southwark are worth more than all the homes in Wales.

London's house prices have shot up sharply over the last three decades - in 1987, the total value of homes in the capital was just £273 billion. And while national prices have stalled since the start of the financial crisis in 2008, the value of homes in the capital has doubled.

London is enormously valuable, but it is also a prime field of opportunity for developers. We expect a growing wave of new homes in the capital in coming years and under the right conditions, development could help to ease supply. This progress will add hugely to London’s value and in turn its dominance in the British property market.

– Andrew Bridges, Stirling Ackroyd