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Value of property more than doubles in ten years

Value of property more than doubles in ten years

Category: Mortgages

Updated: 05/08/2010
First Published: 05/08/2010

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

The value of privately owned property in the UK has more than doubled over the last decade, figures show.

The combined value of property increased to an estimated £3,755 billion in 2009, up by 118% from £1,719 billion in 1999, according to Halifax.

This significant increase of more than £2,000 billion over a ten year period is the equivalent of £33,000 per head of the UK population.

By contrast, the retail prices index – used to calculate the cost of living – increased by 29% from 1999 to 2009.

Such a large rise could have been even greater if the market hadn't have crashed towards the end of the decade. Between mid 2007 and early 2009, house prices in the UK fell by an average of 8%.

"The past decade has seen a substantial increase in the value of housing assets in the UK, with all regions recording average annual increases of 7%-12%," said Martin Ellis, housing economist at Halifax.

One of the more notable findings from the research was the narrowing in the gap between prices in the North and South of the UK.

In the ten years to 2009, the value of private housing stock in the North increased by 132%, from £712 billion to £1,648 billion.

Values in the South rose by 109% from £1,007 billion to £2,106 billion.

The region with the biggest price growth over the decade was Northern Ireland, where the value of housing stock grew by 198%.

The region with the lowest growth was the South West, although values still increased by 100% in that time.

If you don't feel like waiting another ten years and thousands more pounds until you buy the property of your dreams, the Moneyfacts Best Buy tables will direct you to the mortgage that's right for you.

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