Levelling up could boost housing market by £58.7bn in value

14th February 2022

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Levelling up could boost housing market by £58.7bn in value

Research by property developer, StripeHomes, has revealed that the government’s plans to ‘level up’ the UK could boost the value of the nation’s property market by a staggering £58.7bn. 

In total, 96 areas the length and breadth of the UK have been earmarked for ambitious regeneration projects by the government, with a number of smaller areas also due to benefit to a lesser extent. 

StripeHomes analysed the current value of bricks and mortar across each of these 96 areas, the potential increase due to the benefit of this wider regeneration and what this equates to when taking the existing size of the property market into consideration. 

The research shows that the average homeowner in a level up area due to benefit from government regeneration plans could see the value of their home boosted by £8,022. StripeHomes estimates that this total benefit across all 96 areas could be as high as £58.7bn based on the boost to house prices and the total number of homes that could benefit. 

Yorkshire and the Humber is the region set to enjoy the biggest uplift. Eight areas in the region have been earmarked by the government for levelling up and StripeHomes estimates that this regeneration could add over £9bn in value to the regions property market. 

The East Midlands could also see a huge boost of almost £8.5bn, followed by Scotland (£6.8bn), the North West (£6.6bn) and the West Midlands (£6.5bn). 

In terms of the individual areas due to enjoy the biggest benefit, Derbyshire ranks top. StripeHomes estimates the regeneration of the area could bring about a boost of £7,709 to the average homeowner. With some 438,882 properties in the area, that’s an increase of almost £3.4bn in property market value. 

Birmingham is also set to enjoy one of the largest uplifts in housing market value (£3.3bn), along with Gloucestershire (£3.3bn), Edinburgh (£2.8bn) and Leeds (£2.8bn).

Managing Director of StripeHomes, James Forrester, commented:

“Any level of regeneration will always have a positive impact on the surrounding property market and on average, house prices tend to climb by around 3.6%. While this may sound like a modest increase for the individual homeowner, it’s a pretty staggering boost to the market when you consider the overall impact.

Of course, we will need to see just what the government delivers on and where when it comes to their plans to level up the UK, but it’s safe to say that the areas that are due to benefit should see a healthy uplift in property market values. 

It’s also reassuring to see that the intention to spread opportunity and prosperity to all parts of the UK is there, with London taking a bit of a backseat in terms of focus.”

Levelling up information sourced from Gov.uk – Levelling up the United Kingdom

Dwellings stock data souced from Gov.uk – Live tables on dwellings and Gov.scot – Housing statistics by tenure

Current market values sourced from Gov.uk – UK House Price Index

Regeneration uplift based on an average annual increase of 3.6%, sourced from CBRE

Table shows the total estimated boost in value to each areas property market as a result of level up regeneration
AreaEstimated total market boost 
Yorkshire and the Humber£9,039,505,239
East Midlands£8,449,709,322
Scotland£6,827,963,029
North West£6,598,682,977
West Midlands£6,503,443,412
South West£5,230,750,056
South East£4,418,082,679
East of England£3,956,390,217
North East£2,632,600,876
London£2,495,795,197
Northern Ireland£1,995,555,597
Wales£515,595,958
Total£58,664,074,559
Table shows the total estimated boost in value to each areas property market as a result of level up regeneration
Levelling-up fundRegionCurrent average house price (£)Potential regeneration boost (£)Est number of homesEst total value of regeneration boost (£)
DerbyshireEast Midlands£214,138£7,709438,882£3,383,324,950
BirminghamWest Midlands£208,712£7,514445,276£3,345,647,283
GloucestershireSouth West£314,828£11,334294,777£3,340,950,936
EdinburghScotland£316,864£11,407248,000£2,828,963,104
LeedsYorkshire and the Humber£217,725£7,838353,857£2,773,568,734
LincolnshireEast Midlands£217,547£7,832345,339£2,704,590,110
GlasgowScotland£164,382£5,918310,000£1,834,507,580
SheffieldYorkshire and the Humber£198,563£7,148251,887£1,800,555,737
NewhamLondon£406,362£14,629120,347£1,760,560,772
ManchesterNorth West£210,534£7,579231,000£1,750,803,269
Central BedfordshireEast of England£355,137£12,785123,969£1,584,936,834
LiverpoolNorth West£166,576£5,997231,504£1,388,268,788
BradfordYorkshire and the Humber£163,091£5,871217,370£1,276,237,865
County DurhamNorth East£123,123£4,432245,102£1,086,394,775
SolihullWest Midlands£316,635£11,39993,060£1,060,777,467
LeicesterEast Midlands£206,712£7,442138,196£1,028,403,573
WakefieldYorkshire and the Humber£179,333£6,456159,054£1,026,853,128
Southend on SeaEast of England£315,331£11,35281,291£922,808,085
PlymouthSouth West£206,765£7,444120,243£895,033,086
NottinghamEast Midlands£175,682£6,325140,477£888,453,380
SalfordNorth West£199,370£7,177123,256£884,645,569
NewcastleNorth East£180,027£6,481133,057£862,341,555
PortsmouthSouth East£235,572£8,48190,945£771,266,653
BelfastNorthern Ireland£150,267£5,410142,449£770,594,662
LutonEast of England£262,956£9,46680,592£762,917,025
DoncasterYorkshire and the Humber£152,141£5,477138,997£761,298,849
BoltonNorth West£167,666£6,036124,907£753,934,794
WolverhamptonWest Midlands£182,944£6,586111,588£734,916,898
TamesideNorth West£190,588£6,861103,467£709,904,545
AshfordSouth East£350,214£12,60855,101£694,697,555
Isle of WightSouth East£270,510£9,73870,981£691,237,859
RotherhamYorkshire and the Humber£162,914£5,865116,955£685,930,093
PeterboroughEast of England£222,674£8,01685,542£685,728,273
HoveSouth East£488,125£17,57338,292£672,880,313
BuryNorth West£213,494£7,68684,294£647,866,616
AberdeenScotland£149,464£5,381117,000£629,542,982
SunderlandNorth East£134,865£4,855129,353£628,026,304
HullYorkshire and the Humber£126,593£4,557122,142£556,641,731
Stoke-on-TrentWest Midlands£130,519£4,699117,342£551,353,174
BromsgroveWest Midlands£322,474£11,60941,908£486,512,747
GloucesterSouth West£235,015£8,46157,173£483,715,224
EastbourneSouth East£268,300£9,65949,125£474,487,759
RenfrewshireScotland£148,494£5,34687,000£465,082,047
Ards and North DownNorthern Ireland£179,557£6,46467,027£433,263,741
FalkirkScotland£154,156£5,55075,000£416,222,416
Forest of DeanSouth West£284,527£10,24338,786£397,283,836
Lisburn and CastlereaghNorthern Ireland£183,392£6,60260,159£397,174,493
ChesterfieldEast Midlands£192,291£6,92249,998£346,109,559
North AyrshireScotland£122,741£4,41968,000£300,470,355
Nine ElmsLondon£753,950£27,1428,783£238,387,681
MontgomeryshireWales£231,689£8,34126,575£221,653,224
ChathamSouth East£192,000£6,91231,997£221,160,960
West DunbartonshireScotland£131,915£4,74945,000£213,702,964
MargateSouth East£223,250£8,03725,510£205,020,521
LittlehamptonSouth East£458,750£16,51511,581£191,264,344
NortholtLondon£414,000£14,90412,589£187,628,940
DerryNorthern Ireland£143,846£5,17835,423£183,438,173
WhitechapelLondon£534,500£19,2428,789£169,113,128
Bognor RegisSouth East£458,750£16,51510,027£165,590,400
Barrow-in-FurnessNorth West£135,184£4,86733,619£163,610,580
BurnleyNorth West£108,351£3,90141,245£160,881,665
KidderminsterWest Midlands£191,333£6,88823,138£159,370,822
HalifaxYorkshire and the Humber£119,832£4,31436,723£158,419,102
RamsgateSouth East£252,541£9,09116,837£153,070,151
South KilburnLondon£615,750£22,1676,320£140,104,676
InvernessScotland£196,619£7,07819,704£139,471,582
SeafordSouth East£349,100£12,56810,240£128,692,224
BridgwaterSouth West£183,750£6,61517,198£113,766,975
BirkenheadNorth West£82,000£2,95237,008£109,246,140
BedworthWest Midlands£183,400£6,60212,770£84,312,648
CannockWest Midlands£185,063£6,66212,091£80,552,372
PontypriddWales£160,000£5,76013,003£74,894,400
AberystwythWales£199,750£7,1917,539£54,211,151
AntrimNorthern Ireland£153,896£5,5409,740£53,959,785
NewhavenSouth East£265,500£9,5585,097£48,713,940
GlengormleyNorthern Ireland£150,267£5,4108,761£47,395,098
Farndon and BaldertonEast Midlands£258,750£9,3155,068£47,203,763
DundonaldNorthern Ireland£183,392£6,6026,708£44,283,631
OmaghNorthern Ireland£142,846£5,1428,191£42,123,143
CarmarthenWales£173,500£6,2465,910£36,916,463
GainsboroughEast Midlands£109,750£3,9518,751£34,576,189
ColneNorth West£110,225£3,9687,440£29,521,011
EaglescliffeNorth East£180,500£6,4984,408£28,642,643
HaverfordwestWales£154,950£5,5785,018£27,988,619
YarmNorth East£216,250£7,7853,493£27,195,600
BreconWales£189,175£6,8103,438£23,410,406
Coed-ElyWales£157,250£5,6613,882£21,976,474
TwycrossEast Midlands£358,750£12,9151,320£17,047,800
PortrushNorthern Ireland£174,664£6,2882,689£16,909,265
PembrokeWales£142,719£5,1383,147£16,167,208
Llandrindod WellsWales£150,575£5,4212,212£11,991,040
LlangollenWales£203,000£7,3081,524£11,138,610
PorthWales£113,000£4,0682,488£10,119,150
CastledergNorthern Ireland£143,674£5,1721,240£6,413,606
LlandeiloWales£190,500£6,858748£5,129,213

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