Housing value up 12% in 2006 says Halifax

Posted: 15 Jan 2007 10:47:31 GMT

The total value of privately owned housing in the UK rose to £3.8 trillion during 2006 Halifax has found, up by 12 per cent or more than £400 billion in just 12 months

The total value of privately owned housing in the UK rose to £3.8 trillion during 2006 Halifax has found, up by 12 per cent or more than £400 billion in just 12 months.

The value of housing has outstripped mortgage increases, which grew £100 billion in 2006. The value of UK housing has increased 78 per cent since 2002, said Halifax.

Total housing assets are now worth 3.5 per cent more than the total mortgage debt – up from 2.9 per cent in 2007 – revealing the amount of wealth homeowners have accrued.

Northern Ireland and northern England have experienced the steepest average increases in value, at 165 per cent and 130 per cent respectively.

The regional wealth gap has narrowed with the value of housing stock in the north of England rising to 45 per cent of the national total from 38 per cent in 2001.

All regions of the UK have seen average house price inflation of at least 50 per cent since 2001.

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