Whilst decade of growth is highest in London and the south, occupancy rates in the capital remain low
Over the last decade, the value of the UK’s private residential stock has grown by trillion, with over half of it concentrated in London and the South East.
This brings the total value to over tn for the first time, an increase of 48%, according to recent research by Halifax.
2017 alone saw an increase of billion, putting the average value per household at compared to the 2007 average of 290k
Unsurprisingly, the southern regions owned the majority of the private property wealth; 68% ( 5tn) in 2017, up from 62% in 2007.
Of the 3tn raised in the last decade, 55% was concentrated in London and the South East.
However, homeownership is becoming increasingly difficult in the capital; with average house prices soaring 71% since 2007 to owner-occupancy rates are as low as 48% in London.
The UK owner-occupancy average, by comparison, is 63%.
Russell Galley, managing director at Halifax, said: “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 great number of people renting where house prices are at their highest.”
With high prices impacting occupancy and affordability, Savills reported last week that the southern regions are likely to see modest house price growth compared to areas like the North West.