UK housing stock value 'soars to £3,755bn'

Tuesday, 10 August 2010 9:30 AM

The overall value of the UK's housing stock has more than doubled over the last decade, according to new research.

Privately-owned property in the UK increased in value from £1,719 billion in 1999 to an estimated £3,755 billion in 2009, new data from Halifax shows.

This is equivalent to around £33,000 per head of the UK population and equates to an increase of more than £2,000 billion.

The largest increases were in the north-east and Scotland, where the value of housing increased by 147 per cent and 145 per cent respectively.

By comparison, the smallest increases were in the south-east (100 per cent) and the West Midlands (107 per cent).

Perhaps worryingly, the value of housing stock across the whole of the UK has declined in value since 2007.

Commenting on the findings, Halifax housing economist Martin Ellis said: "The past decade has seen a substantial increase in the value of housing assets in the UK, with all regions recording average annual increases of 7 per cent - 12 per cent.

"Notably, there are real signs of a narrowing north-south divide as the northern regions recorded bigger increases."

Nisha Patel, housing economist at the Bank of Scotland, added that the average increase of property values in Scotland has been nine per cent.

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