13:42 PM, 29th November 2017, About 6 years ago
Over £6 trillion is the figure from the Halifax that the the total value of UK private residential housing stock has exceeded in its latest report.
Since 2007 the UK’s housing stock was estimated by the Halifax to be worth a total of £4,077bn and has now over the next ten years risen to £6,015bn or over £6 trillion. That is an overall increase of 47.5% in the last decade that included a financial crises and one of the worst recessions in recent history.
To put that into perspective the total national debt is £1.8tn.
These figures just emphasis the imbalance over the last decade of Supply and Demand with supply failing dismally to keep up with demand. The stock of private residences over the same period has increased by 1.9 million from 21.5m to 23.4m.
The greatest increases in the value of housing stock has unsurprisingly been in the South with London, houses rising in value by £620bn or 86.4% from £718bn in 2007 to £1,338bn today.
In the North East the rise was only £22bn or 19.3% from £114bn to £136bn.
Over the same period the value of total stock for private residences in Northern Ireland actually fell.
The average UK household value is now £256,912, up 37 per cent from £187,310 in 2007.
Managing director of Halifax, Russell Galley, said: “The value of housing stock has grown by close to £2tn 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.”