UK housing hits £7.3trn
THE value of the UK’s housing stock reached a record £7.29trillion in 2018, a study revealed. Despite a slowdown in the market amid Brexit concerns, the total value rose by £190.3billion, real estate adviser Savills found.
Gains came from outside London as the value of residential housing stock recorded a £26.2billion fall – the first since 2009. Some £137.7billion of the total UK increase was due to house prices rising by £4,800 per home.
The remaining £52.6billion was due to new homes being built. In percentage terms, Wales had the biggest gains, with a 6.3 per cent rise adding £13.4billion. The East Midlands (6.2 per cent) and West Midlands (6.1 per cent) followed closely behind. In cash terms, the South East saw the biggest rise, with £29.9billion added on the back of 2.2 per cent growth.