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MONDAY 7TH FEBUARY 2005  UK HOMES SOAR IN VALUE TO £3.3 TRILLION New research from Halifax shows that the value of the UK private residential housing stock was £3.3 trillion at the end of 2004, more than 50% higher than three years ago and three times the value of the housing stock in 1994. UK private residential housing stock rose by an estimated 15% in 2004. All regions of the UK have seen at least a doubling in the value of their residential housing stock over the past ten years. The value of the housing stock has risen the most in Northern Ireland (262%) and Greater London (246%), while the smallest increases were in Scotland (112%) and the North West (161%). In the past year the North West (£296bn), Northern Ireland (£63bn) and the North (£104bn) saw the largest increases in the value of their housing stocks, with rises of more than 25%. The value of the residential housing stock has grown at a substantially faster rate than overall consumer prices. The core retail price index (RPIX) has risen by only 28% over the past ten years versus a more than 200% increase in the value of the housing stock. More than one third of the value of the UK's private residential housing assets is concentrated in the South East (19%) and Greater London (17%). The northern regions of England account for 18% of the value of the UK's housing stock. The household balance sheet is in good shape with housing asset values rising faster than debt levels. Halifax estimate that the value of housing assets exceeded the total value of outstanding mortgage balances by £2.4 trillion in 2004. Additionally, the total value of private sector housing assets was equivalent to around 3.8 times the value of housing secured debt last year. Five years ago the ratio was 3.5 times and ten years ago the ratio was 2.9 times. The value of housing assets increased by £437m in 2004 versus a £102m increase in mortgage balances. Housing assets have increased more quickly than debt levels in each of the past nine years. In 2004 the value of the private residential housing stock was estimated at 2.4 times the value of private holdings of shares, deposits and bonds. These totalled an estimated £1.4 trillion. In 1999 the value of the private housing stock, at £1.7 trillion, was equal to 1.3 times the value of privately held financial assets, worth £1.3 trillion.

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