London has maintained its leadership position in the UK property market with its housing stock valued at £1.77 trillion last year.

According to the latest analysis from real estate adviser Savills, London accounted for almost a quarter of the UK housing value, compared to a fifth a decade ago. In fact, London’s housing stock value is growing year-on-year and is bigger than the combined value of other top residential property hubs in the UK.

The UK capital’s housing stock is over four times the combined value of Birmingham, Manchester, Edinburgh, Glasgow, Cardiff, Bristol, Liverpool, and Sheffield - all cities which saw higher rates of price growth than the capital in 2018.

The increasingly cash-dominated private rented sector saw its value rise faster than all other tenures, up 4.1 per cent to pass the £1.5 trillion mark for the first time.

The total value of UK’s housing stock reached a record £7.29 trillion in 2018 despite speculation of the impact of Brexit on the property market. The total value of UK housing stock increased by £190 billion last year. Incidentally, this is ahead of the housing gains of £187 billion collected by HMRC in income tax in the twelve months to November 2018.

Across the UK as a whole, price appreciation added a total £138 billion (72 per cent of total gains), equivalent to growth of £4,800 per home.