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UK housing wealth hits £6 trillion mark

Words: Huw Morris
New housing / Shutterstock_509223637

The value of UK homes has topped £6 trillion, with property wealth concentrated in London and the South East, according to research by Halifax.

The value of homes in the capital is more than all houses in Scotland, Wales and the north of England combined. The vast bulk of property wealth is held by people aged over 55.

Halifax also estimated the over-55s hold 63.3 per cent of the UK’s property wealth, while the under 35s own 3.3 per cent.

In 2007, Halifax estimated the UK’s housing was worth £4,077 billion but has now risen to £6,015 billion. 

In London, houses’ value has leapt from £718 billion to £1,338 billion. In comparison, the value of homes in the North East was £114 billion and now stands at £136 billion. 

More than two-thirds of property wealth – £3.8 trillion – is concentrated in the south, 6 per cent up from 2007.

Halifax said the biggest gainers in the south have been private landlords and second home owners. The average rate of owner occupation in the UK was 63 per cent but falls to 48 per cent in London.

Image credit / Shutterstock