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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