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UK homes now worth £3 trillion

Last updated March 29 2003

No wonder we're all going property crazy

The value of property in the UK has nearly doubled during the past five years to reach £3 trillion, a new report has found.

Halifax said the collective value of private housing rose by 15% during 2003 to £2.97 trillion, nearly triple the £1.1 trillion it was worth 10 years ago.

And it looks as if there will be no slowdown in this growth: property website Hometrack has revealed that it has doubled its forecast for house price growth during 2004, following renewed demand from potential buyers.

Hometrack said it now expected property prices in England and Wales to rise by 8% during the year, up from the 4% it predicted in December.

House price growth by region

Halifax’s survey also showed which areas of the UK has enjoyed the most rapid growth in property values.

Greater London had the biggest increase in the value of its housing, rising by 247% during the past 10 years. At the end of 2003 its property was reckoned to be worth £545 billion.

Northern Ireland had the second biggest gain, with the value of its housing stock soaring by 219%, whereas in the south west of England it rose by 204%.

Scotland was the only region not to record triple digit growth, with the value of its property rising by just 87% during the 10 years to the end of 2003, while in the north west of England it rose by 101%.

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Please note that articles on this site do not constitute regulated financial advice, which recommends a course of action based upon the specifics of your personal circumstances. The articles are intended to provide general personal financial information. We urge you to consult an Independent Financial Adviser (IFA) before making any important decisions about your finances. Call 0800 085 3250 for details of IFAs in your local area. Any statement regarding financial services products and tax liability is based on legislation and tax practices as at 1 January 2004, which is, of course, subject to change.The value of any tax benefits or reliefs depends upon the individual circumstances of the investor.When investment performance is mentioned you should remember that past performance is no guarantee of future performance. Where products have an underlying investment content, in many cases the value of the investment can fall as well as rise. For with-profit based investments, there is no guarantee as to the level of bonuses that will be declared, if any. Where mortgages or secured loans are explained do remember that your home is at risk if you do not keep up repayments on a mortgage or other loan secured on it. All mortgages are subject to underwriting, status and are not available to people under the age of 18.

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Schedule of Articles

insurance
finance
credit
loans
mortgages
property investing
property refurbishment
construction
development
building
buying overseas property
moving house
home letting
buy to let
home improvements
furnishings

rent-a-room
top 10 celebrity areas
6 up & comming areas
5 signs that an area is up & comming
city types yearn for the country in town
your place in the sun
equity release
planning permissions & extensions
estate agents
rent or buy
buy to let
mortgage overpayment
mortgage endowments
mortgage protection
stamp duty
self build your home
electrical surveys
the cost of moving in
the perfect neighbourhood
council tax
house price league
good neighbours
stamp duty land tax
top 20 towns 2003
cut the cost of moving
interest rates
buying in scotland
dream homes
first time buyers
the worth of uk homes
bad estate agents
keeping up appearances
home improvements

Disclaimer

Please note that articles on this site & any other 'planning-approval' related web site does not constitute professional advice. All articles are intended to provide a general view of many subjects. We suggest you to consult a solicitor before making any important decisions.  The author is not an expert in any given field.

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