UK Money News
14th January 2008
Housing stock values 'climb in 2007'
The total private housing stock in the UK rose in value by as much as nine per cent in 2007, according to the latest figures from one personal finance institution.
Halifax has released data indicating that the stock is now worth in excess of £4 trillion - more than three times the sum it was worth ten years ago.
Additionally, the organisation's review of the market suggests that the north-south divide in property remained consistent through 2007, with the southern share holding steady at 55 per cent.
Martin Ellis, chief economist at Halifax, commented: "UK homeowners have collectively accumulated an extra £2 trillion of equity in their homes over the past decade as property prices have risen."
He suggested that the average household's position was "significantly strengthened" by the rise in equity - with mortgage debt accounting for just 30 per cent of the UK's housing assets.
According to the latest figures from the Land Registry, the average value of homes in England and Wales currently stands at £186,009.
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