Welsh private housing stock valued at £171bn

Research from Halifax estimates that the value of the Welsh private housing stock rose by 7% or £11bn in 2007 to a record £171 billion.

Over the past five years, the value of the Welsh housing stock has almost doubled, rising by 92% from £89bn in 2002, Halifax said. During the past ten years, Welsh housing stock has increased in value by 223% from £53 billion in 1997. By comparison, the headline retail price index (RPI) has risen by 31% over the past ten years.

Rise in Welsh housing values outpaces the UK average over the past five and ten years
The value of the Welsh housing stock rose at a faster pace over the past five years, 92%, than the UK’s private housing stock, which increased in value by 56% to £4.0 trillion (£4,000 billion). On a ten year view, the value of the UK housing stock rose by 208%, below the 223% rise in the value of Welsh housing.

The value of the Welsh private residential housing stock was £171bn in 2007, up an estimated 7% for the year from £160bn in 2006. Over the past decade, the value of Welsh private housing assets has risen by 223% from £53bn in 1997.

Martin Ellis, Chief Economist at Halifax, commented: “Welsh home owners have seen a significant increase in housing equity over the past decade because of the sustained and substantial rise in house prices in Wales. These gains have led to a significant strengthening in the overall household balance sheet.”