U.K. Private Housing Rose 9 Percent in 2007
- Jan 14, 2008
London–The U.K.’s private housing stock value increased by 9 percent last year to £4 trillion, according to London-based mortgage lender Halifax.Private housing value has more than tripled in the past decade, swelling 208 percent from £1.3 trillion in 1997, according to BBC News. However, over the same period, the headline rate of inflation (RPI) has increased by 31 percent.The housing stock is worth more than three times the U.K.’s outstanding mortgage debt, despite concern property prices are declining, according to the bank, who says housing assets have increased more than mortgage debt in every year since 1995.The amount of homeowner equity also has gone up, showing an average annual increase of £185 billion in the last five years. As a result, overall household wealth has more than doubled in the past decade, according to Halifax.