Britain’s House Values Topple £5.6 Trillion 14th December 2016
The increase in popularity of million-pound houses has helped the country’s property stock exceed £5.6 trillion in value.
As more and more people look for homes with luxury pools and other mod-con features, and the number of privately-owned properties rises, this has helped the total value of houses in the UK topple £5.5 trillion for the first time in history.
According to recent research by Halifax, this means the figure has increased by £1.9 trillion over the last decade, an increase of 51 per cent.
Housing economist at the financial services provider Martin Ellis said this is the highest figure on record.
He added: “Housing equity has grown by £1.6 trillion since 2006. For almost one in three homeowners – who own their home with no outstanding mortgage debt – their financial position is even stronger.”
Property price growth has been the greatest in London and the south-east. In the capital, for instance, values have risen by 106 per cent over the last ten years, increasing from £655 billion to £1.3 trillion. In the south-east, they have grown by 61 per cent during the same period.
The north-west also has high equity levels, with each household owning £117,952 of their property on average, amounting to £307 billion for the entire region.
This comes after Lloyds Bank recently released a report, which revealed there has been a 12 per cent increase in the number of people buying properties worth over £1 million between the first half of 2015 and the same period this year.