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18-Jan-08
A member of the Bank of England's Monetary Policy Committee (MPC) has hinted that he supports a cut to the base rate of interest sooner rather than later.Deputy governor of the Bank and MPC member Sir John Gieve hinted at his support for a reduction durin...
Market is stronger than it was in the 90s
18-Jan-08
We are not about to see a property price crash on the scale seen in the 1990s, according to one expert.CB Richard Ellis believes that prices will actually rise by around three per cent in 2008, reports the Telegraph.The firm is confident that prices will ...
Jobs stats won't postpone rate cut
18-Jan-08
The latest employment figures reveal that more people got themselves jobs in the three months to November 2007, but future projections point to less healthy times ahead.With this in mind, Dr John Philpott, chief economist at the Chartered Institute of Per...
Landlords receive tax returns reminder
17-Jan-08
People who own investment properties in London and elsewhere in the UK need to get their self-assessment tax returns in before the January 31st deadline.HM Revenue & Customs (HMRC) has warned landlords and other self-employed people not to miss the da...
London airport expansion will boost house prices
17-Jan-08
The value of properties close to London City Airport may increase as the hub expands.In the last 12 months, passenger numbers at the airport have increased by 23 per cent.However, although many people may see this as a negative thing for local homeowners,...
Brits overspend on home improvements
17-Jan-08
A quarter of Britons who carry out home improvement work underestimate how much the projects will cost.That is according to Halifax, which reveals that around one million people undervalue the expenses involved by approximately £4,500.It means that B...
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Print this articleHousing stock value increases
15-Jan-08
New figures reveal that the value of the UK's private housing stock increased sharply in 2007.
According to the Halifax Annual Review of the Value of the Housing Stock 2008, there was a nine per cent increase in the last 12 months.
That took the total value to £4 trillion, an increase of £320 billion, and a new record.
Housing equity (housing assets minus the outstanding amount left to pay on a mortgage) increased by almost £2 trillion in the last ten years.
"UK home owners have collectively accumulated an extra £2 trillion of equity in their homes over the past decade as property prices have risen," confirmed Martin Ellis, Halifax chief economist.
"This has significantly strengthened the household balance sheet. Mortgage debt accounts for only 30 per cent of the value of the UK's £4 trillion worth of housing assets," he continued.
The review also showed that housing assets have increased by 208 per cent since 1997.
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