The total value of homes in Britain has increased by 20%, or £1.6tn, in the past five years, according to new data from Zoopla.

There has been a sharp acceleration in the total value over the past year in particular, driven by soaring demand for homes and the pandemic-led search for space. Of the £1.6tn, over a third – £550bn – of the increase has been in the last 12 months.

The total value of homes in Britain currently stands at £9.2tn. Some £8.2bn is held within 23.5 million privately-owned homes, whilst a further £1tn is held within five million social homes.

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

To put the huge figures into perspective, the total value of UK homes, £9.2tn, is more than four times the GDP of the UK and over four times the value of the entire FTSE100.

The rise of £1.6tn over the past five years alone is around the same figure as the market cap of Apple – the world’s most valuable company.

When looking at privately owned homes and accounting for outstanding mortgage debt – of which there is currently £1.6tn – £6.6tn of the equity is currently in the hands of owners of privately-owned homes.

Gráinne Gilmore, head of research at Zoopla, commented: “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. To check the value of your home, visit MyHome at Zoopla, or contact your local agent.

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