Property wealth held by homeowners ticks past £7trillion
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Homeowners’ wealth ticks past £7 trillion, with around £425 billion added to the total value of UK residences last year alone
Homeowners’ net worth has passed £7 trillion.
Homes in Britain were valued at £8.7 trillion last year, offset by mortgage debt of £1.7 trillion, according to data from estate agent Savills.
Safe as houses: The value of UK homes reached £8.7 trillion last year, offset by mortgage debt of £1.7 trillion
It means property assets have nearly doubled in a decade, with nearly half of them held by mortgage-free homeowners who have a £3.3 trillion stake.
About £425 billion was added to the total value of UK properties last year – a 5 per cent increase.
“I’m not surprised that home equity has surpassed £7 trillion,” said buying agent Henry Pryor.
“The market has grown over the past 30 years and is now bigger than the stock market.”
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