14 Jan

Britain's housing stock 'worth £4 trillion'

Britain's housing stock 'worth £4 trillion'

Britain's housing stock has been valued at a record £4 trillion, having risen by around nine per cent last year, new figures reveal.

The value of UK private housing stock has more than tripled over the past ten years, from £1.3 trillion in 1997.

According to the latest report from mortgage lender Halifax, the value of housing stock has soared by 208 per cent in a decade, while the headline retail price index has increased by just 31 per cent over the same period.

The latest Halifax annual housing stock review shows that housing equity (value of housing stock minus outstanding mortgage debt) has also rocketed since 1997, from £870 billion to £2.8 trillion.

Martin Ellis, Halifax chief economist, commented: "UK home owners have collectively accumulated an extra £2 trillion of equity in their homes over the past decade as property prices have risen. This has significantly strengthened the household balance sheet."

Britain's housing stock is now worth a whopping 3.4 times the level of outstanding mortgage debt and housing equity has risen by an average of £185 billion over the past five years, with around 55 per cent of UK housing wealth now located in the south of England.

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