Value of Privately Owned Housing Stock Reaches New High

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

This entry was posted in In The News by Alison Gourley. Bookmark the permalink.

About Alison Gourley

Alison graduated from Edinburgh University School of Law in 1991. She joined Mitchells Roberton in 1996 and became an Associate thereafter. Alison specialises in both commercial and residential conveyancing, advising individuals, large and small businesses, banks, charities and further education institutions on all property transactions. Having 20 years experience in property law Alison has developed excellent relationships with surveyors, independent financial advisers and banks so is ready to act swiftly and effectively to meet her clients’ needs in an ever changing property market. She enjoys getting to know her clients and is committed to giving them an efficient service and is always friendly and approachable. She is also involved with the marketing aspects of the firm and is the solicitor in the office who trains the conveyancing paralegals. Alison is married to a photographer and has one child. In her free moments she likes to keep fit. She is a talented amateur artist and loves nature and the great outdoors.

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