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Housing stock valued at £5 trillion


The value of private homes has soared in the past year, a new report says

The value of private homes has soared in the past year, a new report says

The value of private homes has soared in the past year, a new report says

The total value of the UK's private housing stock has broken through £5 trillion this year as the property market recovery has taken off, a report has found.

The collective worth of privately-owned homes across the country has increased by £1.83 trillion over the past decade - and around one third of this extra value has been added in the past year alone, Halifax found.

Almost half of the value of the country's £5.06 trillion worth of homes comes from London and the South East.

In London, the value of owner-occupied and privately rented homes has more than doubled over the last 10 years, from £545 billion in 2004 to £1.14 trillion in 2014.

Halifax estimates that on average, Londoners are sitting on £313,466-worth of equity in their home.

Homes in the South East are now worth £950 billion collectively, marking a 55% increase over the last decade.

Over the past year, the value of UK housing stock has surged by £630 billion or 14%. This percentage increase marks the fastest annual growth since a 22% year-on-year rise was recorded in 2002.

After London, Scotland has seen the fastest growth in the value of private housing stock over the last decade, with a 96% increase taking its total worth to £333 billion.

The West Midlands and the North East have seen the smallest growth in collective values over the last decade, at 32% and 33% respectively.

Martin Ellis, a housing economist at Halifax, said: "An increase in average property values combined with a rise in the number of private new builds has contributed to the increase in the value of housing stock across all UK regions, although the growth is stronger in London and the South East."

Halifax used a combination of government and commercial figures to make its calculations.

Here is the value of privately-owned housing stock in each region according to Halifax:

:: North East, £120 billion

:: North West, £390 billion

:: Yorkshire and the Humber, £289 billion

:: East Midlands, £273 billion

:: West Midlands, £333 billion

:: East, £530 billion

:: London, £1.14 trillion

:: South East, £950 billion

:: South West, £456 billion

:: Scotland, £333 billion

:: Wales, £167 billion

:: Northern Ireland, £77 billion