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14 Jan 08 - Values In Northern Ireland
Rocket
The value of homes in Northern Ireland has risen by more than 400% during the
last 10 years, new figures show.
The province heads a Halifax league table of UK housing
stock, with Wales second after experiencing a 223% rise,
followed by the South West with a 222% increase.
The data emerged as Britain's biggest mortgage lender said
the value of homes across the UK has broken through the
£4 trillion mark for the first time.
It comes after housing stock rose by 9% during 2007, and
208% over the past decade. Housing equity, which measures
values minus outstanding mortgage debt, has also increased
since 1997, from £870bn to £2.8 trillion.
Martin Ellis, Halifax chief economist, said: "UK home
owners have collectively accumulated an extra £2 trillion
of equity in their homes over the past decade as property
prices have risen.
"This has significantly strengthened the household balance
sheet. Mortgage debt accounts for only 30% of the value
of the UK's £4 trillion worth of housing assets."
News items supplied by SelectNews, produced by PA Business,
part of the group that owns The Press Association, the UK's
national news agency. Copyright (c) PA Business 2007.
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