British housing hits £3.8 trillion
Published On 15 January 2007
British housing stock hit £3.8 trillion in value during 2006, according to new figures.Mortgage provider Halifax has said the UK's total housing stock increased significantly in 2006 with increasing house prices and a rising number of properties available to purchasers.
Tim Crawford, Halifax spokesman, commented that the UK's housing equity saw a £410 billion increase in 2006 and the household balance was in "good shape".
He said: "Total housing assets are now worth 3.5 times the overall level of housing debt. Ten years ago, 2.9 times was the equivalent figure."
The north of the country fared particularly well and emerged as a strong region for expansion in the last five years. It currently holds 45 per cent of the UK's total property assets compared to only 38 per cent back in 2001.
In Northern Ireland there were gains of 165 per cent in the province as a whole compared to 130 per cent in the north of England and 78 per cent across all the country.
