The value of privately-owned homes in the UK has exceeded the £4 trillion mark, new research has found.

Halifax commissioned the report into the property market, finding that the value of dwellings has trebled over the last decade, rising nine per cent in 2007 year alone.

Meanwhile, retail price inflation - the government's broadest measure of average price rises throughout the economy - has been pegged in at just 31 per cent, illustrating the dramatic appreciation in real terms of property.

The highest house price inflation levels were recorded in Northern Ireland with a staggering 404 per cent hike, while Wales came in second with 223 per cent and London trailed behind in fifth with 212 per cent.

Recent figures from the Department of Communities and Local Government had suggested the trend could be reversing, but many analysts insist the housing stock shortage will sustain the market.

Property investment expert Assetz has predicted that house prices will grow by an average of five per cent over the coming year.


© Adfero Ltd

Author:  Joanne McCabe

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