Anderson Bain News & Updates

Welcome to the Anderson Bain News Section. Here we will post news, updates and commentary on the latest developments in conveyancing & property law.
1 minute reading time (271 words)

Value of Privately Owned Housing Stock Reaches New High

New research by Halifax has revealed that the total value of privately owned UK housing stock has surpassed £6 trillion for the first time. 

Since 2007, the total value of private residential property in the UK has grown by £1.94 trillion (or 48%) to an estimated £6.02 trillion. In the past year alone, the value has apparently grown by £376 billion, mainly reflecting average house price growth of 5%2 in the year to August. 
 
The average value per household in the UK now stands at £256,912, up from £187,310 in 2007, representing an increase of close to £70,000 (37%). 
 
This increase has been driven by a 45% rise in the average house price and the stock of privately owned homes expanding by 1.9 million (from 21.5 million to 23.4 million). In London, the average value per household is almost half a million (£498,000) – three and a half times higher than in Northern Ireland with the lowest value of £141,681.
 
Perhaps unsurprisingly, net housing wealth peaks as homeowners reach retirement age, with 40% of wealth in households aged over 65.  Three in five (61%) of homeowners in this age bracket are mortgage free. Almost a quarter (24.4%) of total housing wealth is held by households in the age group from 55 to 64. Almost half (47%) of those aged 25 to 44 have a mortgage and account for 15.4% of total housing wealth. Just 0.1% net housing wealth is held by those aged 16 to 24.
 

Contact Us

For expert legal advice on buying and selling property then contact our specialist property and conveyancing lawyers today.

 

Increase in Scottish Property Sales Predicted
Reports Give Insight into Property Market

By accepting you will be accessing a service provided by a third-party external to https://www.andersonbain.co.uk/

Make an enquiry

Complete our contact form and we will get back to you as soon as possible

Your Name* Please let us know your name.
Email Address* Please let us know your email address.
Phone number* Please write a subject for your message.
Which service do you require? Invalid Input
Invalid Input
Message* Please let us know your message.
Please tick to confirm
Invalid Input

Easter Opening Hours

Our office will be closed for the Easter bank holiday on Friday 29th March & Monday April 1st. The office will re-open on Tuesday 2nd April 2024.

 Thank you for your understanding. 

andersonbain LLP