UK property Increased by 2,000 billion Pounds

A new research shows that, in ten years the UK property value has increased by over 2000 billion pounds and the traditional north-south divide of United Kingdom is narrowing.

Halifax, released a report which clearly shows that the total value of the privately owned property in United Kingdom has doubled over the past ten years.

In 1999, there was an increase of 118 percent that is 1,719 billion pounds to an estimated 3,755 billon pounds in the year 2009. At that same period, the retail price rate was increased by 29 percent.

The report shows that the significant growth of the 2000 billion pounds over the decade is equal to 33,000 pounds per head of the United Kingdom population. But, since 2007, value of the UK property prices decreased by eight percent mainly due to the worldwide financial crises. This shows the decrease in the property vales between the middle of the year 2007 and early 2009. The increase in the property prices in the year 2009 saw property value increased by two percent during that year.


The new study also point out that the north and south gap in the private property value of the county decreased during the noughties. Between 1999 and 2009, the value of the property in the north increased by 132 percent, whereas in the south it was increased by 109 percent. As a result the north property share was increased to 41 percent in 1999 to 44 percent in 2009

In 1999, there was a huge increase in the property value in Northern Ireland with a 198 percent from 31 billion pounds to 92 billion pound in 2009. The next big increase was in North East, 147 percent, Yorkshire and the Humber, 139 percent, East Midlands, 133 percent and Scotland at 145 percent. The smallest increase were in West Midlands and East of England at 107 percent and south east at 100 percent.