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
Halifaxs 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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