Halifax property survey values housing stock at £3bn

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Halifax property survey values housing stock at £3bn

The total value of all property in Britain totalled £3.3 trillion in 2004, a new report from the Halifax suggests.

It means that the country's residential housing stock has tripled in value over the last decade.

In 2001, the value of residential housing stock was around £2.1 trillion, while ten years ago private housing assets were worth £1.1 trillion.

The country's biggest mortgage lender explained that more than one third of the value of the UK's private residential housing assets is concentrated in the South East (19 per cent) and Greater London (17 per cent).

Overall, all regions saw the value of property double over the past decade, with Northern Ireland leading the way with a 262 per cent rise.

"The value of the private housing stock continues to grow and the family home remains, by a large margin, the most valuable asset of the majority of households in the UK," Tim Crawford, group economist at the Halifax, stated.

Monthly figures released by the Halifax last week highlighted a 0.8 per cent rise in property prices in January taking the average cost of a house to £163,748.

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