UK private housing stock value up 62pc

Nia Williams

February 4, 2013

Regionally the biggest increase in the value of the private housing stock has been in Scotland where values were up 115% from £134bn in 2002 to £288bn in 2012.

The next largest increases were in London where values were up 83% to £821bn and the North East which recorded a 76% rise to £109bn.

Martin Ellis, housing economist at Halifax, said: “The increase in total housing value over the past decade is equivalent to over £71,000 per privately owned property.

“Aggregate housing equity held by UK households is in a healthy state with total housing assets worth nearly £3tn more than the total value of mortgage debt.”

The research also showed there has been an 88% increase in mortgage debt since 2002 from £675bn to £1.27tn.

However the value of the private housing stock has grown by more than the outstanding mortgage debt to £1.64tn compared with £595bn.

As a result, housing equity has increased by £1tn over the decade from £1.89tn in 2002 to £2.90tn.

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