Hopes over recovery for home prices
BRTIAIN'S homes gained £57 billion in value over 2012, bringing their total market worth back to levels seen in 2009.
The value of homes across the country has now reached £5.96 trillion, according to property website Zoopla.co.uk, which worked out the figure by combining the estimated current market worth of every home in Britain.
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Two-thirds of Britain's 250 biggest towns and cities saw property values increase over the last year.
The increase in property values across Britain takes the total market value of homes back to the same level seen at the end of 2009.
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Homes gained £67 billion in value over 2010 but saw a £124 billion fall in 2011.
Despite the relatively flat performance of the market in recent years, the total value of all homes in Britain combined has risen by £1.9 trillion — 46 per cent — over the past decade, according to Zoopla.
England has seen an increase of 43 per cent (£1.6 trillion) over the last 10 years, while Scotland has seen 84 per cent growth (£183 billion) and Wales recorded a 57 per cent increase, amounting to £74 billion.
Zoopla spokesman Lawrence Hall said: "Even with the worst economic downturn in living memory over the past few years, the value of Britain's housing stock has grown a staggering amount over the last 10 years.
"It's hard to see if we will experience the same levels of year-on-year growth witnessed in the early noughties, but with overall values beginning to creep back up, homeowners should be feeling a little more confident."
There have been mixed predictions for house prices across the country this year, with some studies predicting small increases amid recent improvements in mortgage deals for borrowers. Others have forecast there will be small declines or that prices will be flat.
Comments
by Julesbreadbox
Thursday, January 17 2013, 9:03PM
“""Even with the worst economic downturn in living memory over the past few years, the value of Britain's housing stock has grown a staggering amount over the last 10 years.""
No, it hasn't. It's been sexed up and hyped up by greedy estate agents and developers. Not to mention idiotic TV shows like "Homes under the Hammer" et al.
Recovery of the real estate market can only mean:
Another at least 50% off the so called "value".”