Total value of UK housing stock passes £5tn mark
The total value of the UK's private housing stock has passed the £5 trillion mark as the nation's housing market has continued to grow.Over the past decade alone, the value of privately-owned homes across the country increased by £1.83 trillion.During the last year, UK housing stock has surged by 14 per cent or £630 billion, according to the Halifax. This represents the fastest growth since 2002, when a 22 per cent year-on-year rise was recorded.Nearly half of the value of the country's £5.06 trillion of homes are located in London and the south-east. The value of owner-occupied and privately rented homes has more than doubled over the last ten years, from £545 billion in 2004 to £1.14 trillion in 2014.According to the bank's estimates, Londoners are sitting on £313,466 worth of equity in their home. Collectively, the value of homes in the south-east are now worth £950 billion, having risen by 55 per cent over the last decade.Prices have grown at more than five per cent annually in all 20 of the UK's largest cities, for the first time in ten years. In London, they have increased by 17 per cent in the past 12 months. Bristol enjoyed the second-largest rise, followed by Cambridge.Scotland has witnessed the fastest growth in the value of private housing stock over the last decade, with a 96 per cent increase taking its total worth to £333 billion.The smallest growth in collective values was seen in the West Midlands and the north-east, where they climbed by 32 per cent and three per cent 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."
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