UK housing prices have risen by 84% in last decade

UK housing prices up by 84% since 2001UK housing has risen 84% in value over the last decade since 2001, a new survey by lender Halifax has shown. According to data from Halifax, the overall value of the UK property stock has reached £ 3.9 trillion in 2011, up from £ 2.1 trillion in 2001, which represents an increase of £ 1.8 trillion.

The increase of UK housing value over the last decade for residential housing stock held by owner occupiers and buy-to-let investors represents a £ 68,500 increase per household. Homeowners have seen the value of their property rise on average by 84%, which is more than double the increase of in overall consumer prices. The increase would have been even greater had the global credit crunch not led to a significant decrease in value since late 2007.

The peak of housing stock value was reached in 2007 at £ 4.1 trillion and has steadily declined until 2009. In 2010 the total value reached £ 4.0 trillion mark once more but housing value have since then been declining again. The increases until the 2007 peak have however more than compensated for the recent decline.

Although prices have been declining of late, the Halifax survey showed that most people believe that house prices will continue to grow in 2012 despite the uncertainty concerning the economy and the euro crisis. Experts at Halifax, have a different opinion however, they expect a broad stabilisation of prices for the year ahead.

Image : Flickr / Maxwell Hamilton

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