New research by Halifax has revealed that the total value of privately owned UK housing stock has surpassed £6 trillion for the first time.
Since 2007 the total value of private residential property in the UK has grown by £1.94 trillion (or 48%) to an estimated £6.02 trillion. The average value per household in the UK now stands at £256,912, up from £187,310 in 2007, representing an increase of close to £70,000 (37%)
This increase has been driven by a 45% rise in the average house price and the stock of privately owned homes expanding by 1.9 million from 21.5 million to 23.4 million.
Net housing wealth peaks as homeowners reach retirement age, with 40% of wealth in households with owners aged over 65. Three in five (61%) of homeowners in this age bracket are mortgage free. Almost a quarter of total household wealth is held by householders in the age group from 55-64. 47% of those aged 25-45 have a mortgage and account for 15.4% of total housing wealth. Just 0.1% net housing wealth is held by those aged 16-24.
I have been a residential conveyancing practitioner for over 24 years and I would be delighted to advise you on buying and selling property. If I can help please contact me, Alison Gourley, on 0141 552 3422 or by email ajg@mitchells-roberton.co.uk