{"id":2394,"date":"2017-12-27T01:34:00","date_gmt":"2017-12-27T01:34:00","guid":{"rendered":"http:\/\/asadkarim.co.uk\/?p=2394"},"modified":"2017-11-30T11:38:18","modified_gmt":"2017-11-30T11:38:18","slug":"uk-housing-the-total-value-of-uk-residential-properties","status":"publish","type":"post","link":"https:\/\/www.asadkarim.co.uk\/?p=2394","title":{"rendered":"UK Housing: The Total Value of UK Residential Properties"},"content":{"rendered":"

The Halifax (www.halifax.co.uk<\/a>) produced a very interesting report on the total value of UK residential housing: \u00a36,015 Billion<\/strong><\/p>\n

https:\/\/static.halifax.co.uk\/assets\/pdf\/media-centre\/press-releases\/2017-11-29-total-value-of-housing-stock-6trillion-press-release.pdf<\/a><\/p>\n

The total value of all the houses in the UK has passed the \u00a36tn mark for the first time, according to\u00a0The Halifax which also highlights the vast concentration of property wealth in London and the south-east. The value of homes in London is now more than all the houses in Scotland, Wales and the north of England combined. The research also reveals how property values in the south have escalated since the financial crash of 2007-08, despite incomes remaining relatively flat. In 2007 Halifax estimated that the UK\u2019s housing stock was worth a total of \u00a34,077bn, but over the past 10 years the figure has risen to \u00a36.015 Trillion<\/strong><\/p>\n

To put the \u00a36tn figure into context, it is nearly four times the size of the UK\u2019s national debt, which is currently just over \u00a31.8tn, and three times our total national output in 2016 (around \u00a32tn). But even if every house in Britain was sold, the money raised would pay off less than half of the US\u2019s national debt.<\/p>\n

The big rises in the value of the UK\u2019s housing stock have mostly taken place in the south. In 2007, the value of housing in the north-east was estimated at \u00a3114bn, but today it stands at \u00a3136bn \u2013 an increase of \u00a322bn.<\/p>\n

But in London, houses have jumped in value from \u00a3718bn in 2007 to \u00a31,338bn today, a gain of \u00a3620bn. Over the same period the value of properties in Northern Ireland actually fell.<\/p>\n

In total, 68% of private property wealth, amounting to \u00a33.8tn, is concentrated in the south, up from 62% in 2007. The stock of privately owned homes in Britain also increased in number from 21.5m to 23.4m. Among the biggest gainers of property wealth in the south have been landlords and second home owners. Halifax said that while the average rate of owner-occupation in the UK was 63%, it stands at just 48% in London.<\/p>\n

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The vast majority of housing wealth is owned by the over-55s<\/strong><\/span>. Halifax estimated that under 35-year-olds own just 3.3% of the UK\u2019s net property wealth, while the over-55s hold 63.3%.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Halifax (www.halifax.co.uk) produced a very interesting report on the total value of UK residential housing: \u00a36,015 Billion https:\/\/static.halifax.co.uk\/assets\/pdf\/media-centre\/press-releases\/2017-11-29-total-value-of-housing-stock-6trillion-press-release.pdf The total value of all the houses in the UK has passed the \u00a36tn mark for the first time, according to\u00a0The Halifax which also highlights the vast concentration of property wealth in London and the south-east. […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-2394","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/www.asadkarim.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/2394","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.asadkarim.co.uk\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.asadkarim.co.uk\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.asadkarim.co.uk\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.asadkarim.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2394"}],"version-history":[{"count":1,"href":"https:\/\/www.asadkarim.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/2394\/revisions"}],"predecessor-version":[{"id":2395,"href":"https:\/\/www.asadkarim.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/2394\/revisions\/2395"}],"wp:attachment":[{"href":"https:\/\/www.asadkarim.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2394"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.asadkarim.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2394"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.asadkarim.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2394"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}