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UK housing assets double in value to £3,755bn

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by Gill Montia

The total value of privately-owned homes in the UK has more than doubled over the past decade, new research from Halifax shows.

The country saw a 118% surge, from £1,719 billion in 1999 to an estimated £3,755 billion in 2009, although the Retail Prices Index measure of inflation rose by only 29% during the same period.

The decade also saw a narrowing of the traditional north – south gap in property prices, with the value of privately-owned housing in the north increasing by 132% compared to 109% in the south.

As a result, the north’s share of UK housing assets rose from 41% to 44%.

On a regional basis, Northern Ireland saw the biggest increase with the value of housing assets soaring 198%, from £31 billion to £92 billion.

Other notable rises were as follows: the North East (147%), Scotland (145%), Yorkshire and the Humber (139%) and East Midlands (133%).

House price inflation was at its lowest in the South East (100%) and the East of England and West Midlands (both 107%).

According to the research, all regions have recorded a decline in the value of their housing stocks since 2007, with the most dramatic drop in Northern Ireland (19%), following the spectacular rise of the preceding few years.

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News posted: August 8, 2010

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