Thursday 17th January 2008
Figures from Halifax show that the UKs privately-owned housing stock has tripled in value over the past decade.
Homes in the UK are now worth a combined total of £4 trillion, following a nine per cent growth over the course of 2007.
But the picture is not the same in all regions, with some performing better than others, Halifax observes.
In the least profitable areas of the country, prices have increased by 180 per cent since 1998.
Regions which have seen the greatest rise in interest include Wales at 223 per cent growth and Northern Ireland, where prices have rocketed by 404 per cent.
Martin Ellis, chief economist at Halifax, comments: "UK homeowners have collectively accumulated an extra £2 trillion of equity in their homes over the past decade as property prices have risen.
"This has significantly strengthened the household balance sheet - mortgage debt accounts for only 30 per cent of the value of the UKs £4 trillion worth of housing assets."
In 2007 alone, the combined value of property rose by £320 billion to reach the record-breaking £4 trillion level.
And to put the 208 per cent rise in perspective, inflation on the retail price index has averaged 31 per cent over the same period.
The growth in property prices is not inevitable, however, with previous reports from Halifax noting that a quarter of homeowners have lived on the same street as an empty house.
More than a fifth (22 per cent) of those added that their own homes value had deteriorated as a result.
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