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UK's homes worth £3 trillion

29 March 2004
The value of the UK's housing stock has almost doubled to £3 trillion, a new report claims.

High Street bank Halifax estimated that, over the past decade, the value of housing stock in each region of the UK has risen by at least 85 per cent.

Housing value in Greater London has more than tripled in value since 1995, Halifax reports, while in the past year alone in the North, Yorkshire & Humber, and Wales the value of housing stock rise by more than a quarter.

The report found that the collective value of private housing rose by 15 per cent during 2003 to £2.97 trillion; nearly triple the £1.1 trillion it was worth 10 years ago.

Halifax found that nearly 40 per cent of the value of the UK's housing was concentrated in London and the south-east, up from around a third 10 years ago. The survey showed that, during the decade to 2003, the number of homes grew by just over 12 per cent.

"Ongoing growth in house prices, along with home construction and renovation activity has seen the value of the residential housing stock increase substantially," said Tim Crawford, group economist at Halifax.

"The rise in the value of housing assets has also had a significant positive impact on the health of household balance sheets. More than half of household wealth is derived from the value of residential property."

Meanwhile, property website Hometrack has doubled its forecast for house price growth during 2004 in England and Wales to eight per cent, after prices rose by 0.7 per cent during March and by 0.9 per cent in February of this year.

All 52 county areas in England and Wales saw price rises during March, according to Hometrack, but growth was strongest in the north.