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Mortgage debt grows by 88%

Mortgage debt grows by 88%

Category: Mortgages

Updated: 05/02/2013
First Published: 05/02/2013

MONEYFACTS ARCHIVE
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The value of the UK's mortgage debt grew by 88% between 2002 and 2012, according to latest research by Halifax.

Total mortgage debt rose from £675 billion to £1.27 trillion, with the value of the UK's housing stock increasing by 62% over the same ten-year period.

The value of owner-occupied and private rented properties reached £4.2 trillion at the end of last year compared with £2.57 trillion in 2002.

Martin Ellis, housing economist at Halifax, said: "The combined value of all privately owned houses in the UK is estimated to have exceeded £4 trillion at the end of last year.

"The increase in total housing value over the past decade is equivalent to over £71,000 per privately owned property. Aggregate housing equity held by UK households is in a healthy state with total housing assets worth nearly £3 trillion more than the total value of mortgage debt."

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