Housing Stock in UK surpasses £6 trillion.
Here in the UK, our homes are our chateaus – they are also an enormous store of wealth, as their overall value lately surpassed the £6 trillion mark for the very first time.
There are almost 28,000,000 houses across the UK with a total value of £6,170,000,000. Out of this total sum, £4.8 trillion was accounted for by equity and towards the end of 2015, every home in the UK had an average of £218,474 in value.
The UK’s overall home value rose by £385 billion just last year and has increased by £1,156 billion within the previous three years. However, this post-credit crunch continues to be in the advantage of private landlords and un-mortgaged house owners over homeowners with debt.
The 3.5 million homes in London totals over £1.6 trillion, almost more than a fourth of the total homes in the UK. The capital also accounts for nearly half the overall value increases found over the past few years, upwards by £589 billion in five years.
Nevertheless, for the very first time since 2010, the South of England recorded higher profits (almost £179 billion) than London (£126 billion), indicating that cost increase is currently concentrated on the commuter zone and beyond.
Outside London, Bristol emerged as the standout performer in 2015, using the overall value of its own housing stock up £4.5 billion to £44 billion. Other relatively close by settlements such as St Albans, Wokingham, Reading and Milton Keynes also noted some strong growth, while farther afield, the worth of housing stock in the North and Midlands, the media focus and policy attention, rose by more than it did in 2014.