Value of private homes across UK's biggest cities tops £3 trillion

The total value of private homes across the UK's 20 biggest cities now stands at more than £3 trillion, according to analysis.

Two-thirds (66%) of that figure is due to London alone, property analysts Hometrack said.

Birmingham and Manchester are the second and third most valuable cities in the study, accounting for £152 billion and £133 billion respectively.

At the end of 2016, outstanding mortgage debt across 20 UK cities stood at £610 billion - leaving £2.4 trillion of equity available to home owners.

Oxford (87%), Cambridge (85%) and London (83%) are the cities with the highest percentage of equity as a share of total private housing value.

Aberdeen, Glasgow and Belfast have more mortgage debt as a share of total market value, all with 69% equity.

Surges in house prices in London, Oxford and Cambridge in recent years have helped boost the equity position of many home owners, although in recent months these cities have seen a slowdown in price growth.

In August, the cities with the fastest annual growth in house prices were Manchester and Birmingham, at 7.3% and 6.7% respectively, according to Hometrack's index.

Richard Donnell, research and insight director at Hometrack, said: "House prices continue to rise on the back of sustained price inflation in large regional cities as unemployment falls and mortgage rates remain low."

Here is the total value of private homes, mortgage debt and housing equity (all figures in billions), followed by the percentage of housing equity in each city, according to Hometrack's calculations:

:: Oxford, £25, £3, £22, 87%

:: Cambridge, £23, £4, £20, 85%

:: London, £1,990, £356, £1,634, 83%

:: Bristol, £81, £17, £64, 80%

:: Bournemouth, £53, £11, £41, 80%

:: Portsmouth, £51, £11, £40, 79%

:: Edinburgh, £59, £13, £45, 78%

:: Birmingham, £152, £36, £116, 78%

:: Leeds, £56, £13, £42, 78%

:: Sheffield, £47, £11, £36, 77%

:: Manchester, £133, £32, £100, 77%

:: Cardiff, £30, £7, £22, 77%

:: Nottingham, £40, £11, £30, 75%

:: Newcastle, £46, £12, £33, 75%

:: Southampton, £34, £9, £25, 74%

:: Liverpool, £38, £11, £27, 73%

:: Leicester, £31, £9, £21, 72%

:: Glasgow, £61, £20, £41, 69%

:: Belfast, £45, £15, £30, 69%

:: Aberdeen, £18, £6, £12, 69%