Property wealth held by homeowners ticks past £7trillion

Property wealth held by homeowners ticks past £7tn, with around £425bn added to total value of Britain’s residencies last year alone

Property wealth held by homeowners has ticked past £7trillion.

The value of residential homes in Britain last year was £8.7trillion, offset by mortgage debts of £1.7trillion, according to data from estate agent Savills.

Safe as houses: The value of residential homes in Britain last year was £8.7trillion, offset by mortgage debts of £1.7trillion

It means property wealth has nearly doubled in a decade, almost half of which is owned by mortgage-free homeowners who hold a £3.3trillion stake.

Around £425billion was added to the total value of Britain’s properties last year – a 5 per cent rise.

‘I’m not surprised housing wealth has exceeded £7trillion,’ said buying agent Henry Pryor. 

‘The market has been growing over the last 30 years and is now bigger than the stock market.’

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