If you are wondering why the UK property market remains an attractive destination for investors, then here is the answer - The total value of privately owned UK housing stock has surpassed £6 trillion for the first time, according to new research by Halifax.
This research shows the appreciation in value of residential property in the UK over the years. Since 2007, the total value of private residential property has grown by £1.94 trillion (or 48 per cent) to an estimated £6.02 trillion. In the past year alone, the value has grown by £376 billion, mainly reflecting average house price growth of 5 per cent in the year to August.
The average value per household in the UK now stands at £256,912, up from £187,310 in 2007, representing an increase of close to £70,000 (37 per cent).
This increase has been driven by a 45 per cent rise in the average house price and the stock of privately owned homes expanding by 1.9 million (from 21.5 million to 23.4 million). In London, the average value per household is almost half a million (£498,000) – three and a half times higher than in Northern Ireland with the lowest value of £141,681.
More than half (55%) of the £1.94 trillion rise in the last decade is accounted for by London and the South East - Halifax