23 Jan

Housing stock worth over £5 trillion

Housing stock worth over £5 trillion

The value of UK homes now stands at £6.79 trillion during 2016, according to new analysis.

Data from real estate adviser Savills shows the country’s housing values rose by a combined £491 billion over the past 12 months.

In particular there has been strong growth in the South East, with the region outperforming London. Homes in the capital rose by £112 billion, compared to £121 in the South East.

Some areas did experience a fall in value, with the London boroughs of Kensington and Chelsea, Westminster, Hammersmith and Fulham, Richmond and Camden seeing a £9.6 billion fall - perhaps due to the introduction of the new stamp duty legislations.

However, Barnet, Croydon, Tower Hamlets, Brent and Havering proved popular with buyers and added £35 billion to their value.

"Over the past three years, low interest rates and strong consumer sentiment have combined to deliver very strong value gains. But we are unlikely to see this pattern repeated," said Lucian Cook, head of residential research at Savills.

"Economic uncertainty in the short term and more rigorous stress testing of mortgage lending in the longer term, will hold back house price growth and limit the ability of future generations to accumulate housing wealth," he added.ADNFCR-1222-ID-801831294-ADNFCR

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