UK home values reach £342bn, matching pre-pandemic levels

Posted on June 21, 2024   |  

The UK housing market has returned to its pre-pandemic value of £342bn, though its composition has changed over the past 4 years.

There were 15% fewer completed transactions in the year ending March 2024 compared to the same period ending March 2020, just before the first lockdown.

In March 2024, the total value of the UK housing market was £342.4bn, nearly matching the £342.8bn value from March 2020.

However, the market's total value dropped by 21% in the year to March 2024 from its peak of £521bn during the mini-housing boom.

Homebuyers used £20.7bn in mortgage debt to buy properties in the year to March 2024, which is 13% less than four years ago.

The reduction in mortgage debt usage was balanced by an 11% increase in the use of equity.