According to Halifax, London properties are worth a combined £1.338 trillion — more than all the houses in Scotland, Wales, and the North of England combined.
Overall, Britain’s housing stock has increased in value by almost £2 trillion in the last 10 years since the beginning of the financial crisis, passing the £6 trillion mark for the first time, the data reveals. The average UK home is now worth £256,912, up from £187,310 in 2007, representing an increase of close to £70,000 (37 per cent).
The so-called millennial generation, those under 35, own just 3.3 per cent of the UK’s property wealth, whereas over 55s hold almost two thirds thereof.
“The value of housing stock has grown by close to £2tn in the past decade, and with the equity rich regions of London and the south-east largely responsible, it highlights a considerable regional imbalance in the distribution of housing wealth,” Russell Galley, a managing director for Halifax said in a statement.
“Within the capital there is also a mix of fortunes. While more than a fifth of total property wealth is in London, lower levels of owner-occupation reflect a major barrier to the property ladder with a far greater number of people renting where house prices are at their highest.”
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