Value of UK housing stock exceeds £6 trillion mark

Posted on Friday, December 8 by Joy Tibbs

The total value of privately owned UK housing stock has exceeded £6 trillion for the first time, according to new research from mortgage and remortgage specialist Halifax.

Since 2007, the total value of private residential property in the UK has grown by £1.94 trillion (48%) to an estimated £6.02 trillion. In the past year alone, the value has grown by £376 billion, mainly reflecting average house price growth of 5% in the year to August.

The average value per household in the UK now stands at £256,912, up from £187,310 in 2007, representing an increase of approximately £70,000 (37%).

This increase has been driven by a 45% rise in the average house price and the stock of privately owned homes expanding by 1.9 million (from 21.5 million to 23.4 million). In London, the average value per household is £498,000; three-and-a-half times higher than in Northern Ireland, the region with the lowest value at £141,681.

Russell Galley, managing director at Halifax, said: “The value of housing stock has grown by close to £2 trillion in the past decade and with the equity rich regions of London and the South East largely responsible, it highlights a considerable regional imbalance in the distribution of housing wealth.

“Within the capital there is also a mix of fortunes. While more than a fifth of total property wealth is in London, lower levels of owner occupation reflect a major barrier to the property ladder with a far greater number of people renting where house prices are at their highest.”

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