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UK housing stock hits £3.8 trillion

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As house prices continue to rise, it appears that the worth of the country's housing stock is going through the roof.

New figures from Halifax indicate that the UK's private housing stock was worth £3.8 trillion last year and with little sign of a slow down could hit £4 trillion before too long.

The value of private housing stock rose by £400 billion during the past year, the company asserts, working out at a 12 per cent improvement.

The past year sealed an incredible upturn in fortunes for the UK's housing market in recent years following a sharp decline in the early 1990s.

Indeed, the value of the UK's private housing stock has increased by 78 per cent from £2.1 trillion since 2001.

Investors who bought homes in the late 1990s will now be sitting pretty and hoping that the £4.0 trillion figure is reached before long.

While debate rages at the start of each passing year regarding how long the price hikes can last, the increases show no sign of abating, meaning investors just entering the market now may well view the sector as one where gains are still to be had in the long run, despite the increasingly prohibitive asking prices.

The UK's major cities have been the site of much of the action in the housing market in recent times.

According to the study, £1.3 trillion or 35 per cent of the UK's housing value is contained within cities with Birmingham at £41 billion and Leeds with £35 billion, second and third respectively behind London's incredible £649 holding billion.

While London is home to 50 per cent of all housing stock worth in Britain, this figure is actually a drop from the 55 per cent mark recorded in 2001.

Tim Crawford, the group economist at Halifax, said: "The combined value of all privately owned houses in the UK was a record £3.8 trillion by the end of last year.

"The UK's household balance sheet is in good shape. 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."

Northern Ireland and the north of England have seen the largest gains in the past years, it has emerged, with stock prices having increased by 165 per cent and 130 per cent respectively.

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