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Homes see £1.8tn increase in last ten years

Saturday, 11 February 2012 12:01 AM

The combined value of UK homes rose by £1.8tn or 84 per cent in the ten years to 2011, according to new research from the Halifax.

The bank says owner-occupied and privately rented homes are now worth £3.9tn, up from £2.1tn in 2001.

The increase is the equivalent of £68,500 per household and happened at twice the rate of consumer price inflation.

Home values also grew faster than mortgage debt, meaning that total mortgage-free equity rose by £900bn to £2.6tn.

However, the picture looks very different over the five years since 2007 with combined prices falling five per cent or £187bn.

And in contrast to other surveys, the Halifax says the North-South divide narrowed over the ten years. Homes in the North increased in value by 90 per cent and homes in the South by 79 per cent. That meant the South’s total share of housing assets fell from 60 per cent to 58 per cent.

The biggest increase over the ten years came in Scotland, where homes increased by 131 per cent, and the smallest in the South East (68 per cent).

Martin Ellis, Halifax housing economist, said: “For most homeowners housing is still very much the main store of private wealth.”

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