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Housing stock in the UK is now valued at over £3.7 trillion

A report by the Halifax has today confirmed that the value of housing stock in the UK has increased by 118% over last 10 years from £1.7 trillion to just over £3.7 trillion. This comes at a time over which the retail price index increased by just 29% showing the immense dependence upon the UK property market for the UK population. The figure actually equates to an increase of around £33,000 per person in the UK over the last 10 years!

There's no doubt that under the Labour government there has been immense investment into the UK housing market although many believe that the rise in property prices was one of the main reasons for the credit crunch and worldwide recession. The massive difference between the increase in the property market over last decade and the increase in the retail price index perfectly illustrates the difficulties which first-time buyers are now experiencing when attempting to climb onto the house ladder.

However, property buyers up north will welcome the announcement that over the same period the value of housing stock in the north of England increased by 132% against 109% in the South. Whether this situation will be replicated over the next decade is very much open to debate because the vast majority of wealth in the UK is situated in the south of England.

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