Property asking prices rose to hit another record high this month, as buyer demand continues to outstrip the supply of homes being put up for sale.

New research from Zoopla suggests that the total value of UK homes has now surged to over £10trn this year as strong demand and a lack of supply continues to drive house prices higher.

With the average UK household income hitting £34,100, some properties are making more than their owners salaries as the total value of homes has increased by £1.3trn, netting the average homeowner £48 per day in capital gains since the start of the pandemic, the study shows.

The Value of Housing Report takes into account the change in value of every home in the UK. Using Zoopla’s valuation estimate, it monitors the rise and fall of prices with data estimating that 9.4m homes – 32% of all homes – have grown in value by more than £50,000.

In a bid to boost listings on its website, Zoopla says that now is a good time for agents to start encouraging homeowners to sell their properties.

Andy Marshall, Chief Operating Officer at Zoopla said: “The impact of the pandemic on the value of housing across the UK cannot be underestimated, with one in three homeowners making over £50,000 on their property during the pandemic. This provides a clear opportunity for agents when it comes to nudging those high value homeowners to sell their properties – highlighting how their property has significantly increased in value over the course of the pandemic could be the final push they need to take the plunge and list their property for sale.”

Throughout the UK, Wales has seen the greatest increase in value (+22%) followed by the North West and South West (both 20%). In London however, the increase is just 7%, less than half the national average as affordability factors and the impact of the pandemic and working from home dented the demand for homes, especially in high value inner areas of London and the market for apartments..

The greatest value of homes are located in London and the South east which account for 23.5% the of all the value, of all homes but weaker growth means the share of housing wealth has fallen from 26% pre-pandemic.

Value of housing by country and region April 2022 and February 2020

Source: Zoopla

Higher average prices explain why over a third of these homes are located in London and the South East. However, the South West region contains 1.9m homes that grew by more than £50,000, the most for any area.  A further 9.4m homes grew by between £25,000 and £50,000.

Number of homes by price increase from pre pandemic (Feb-2020) to April 2022

Source: Zoopla

Not everyone has seen gains during this period with the value of 1.6m homes (5.7%) currently the same or lower than pre-pandemic. Half of these homes (0.8m) have seen a value decline of 5 per cent or more with most concentrated in inner London where the impact of the pandemic has hit travel, working patterns and demand for homes.

Zoopla’s analysis reveals 28% of the homes declining by more than 5% were in London – of which half were in the central London boroughs of Westminster, Kensington & Chelsea, Islington, Hammersmith & Fulham, Tower Hamlets and Southwark. Aberdeen and Aberdeenshire, where the economy suffers from  the historic decline in oil prices accounted for a further 6% of homes declining in value.