The UK’s total mortgage debt has increased by 88 per cent since 2002 to reach £1.27 trillion, up from £675 billion.
According to new research conducted by Halifax, during the same time period, the value of the nation’s housing stock rose by 62 per cent, from £2.57 trillion to £4.2 trillion at the end of 2012.
Meanwhile, housing equity also climbed by £1 trillion over the ten-year time span, increasing from £1.89 trillion in 2002 to £2.9 trillion in 2012.
Halifax housing economist Martin Ellis said the combined value of all privately-owned homes in Britain exceeded £4 trillion at the close of last year, while the boost in total housing value is equal to more than £71,000 per privately-owned property.
“Aggregate housing equity held by UK households is in a healthy state, with total housing assets worth nearly £3 trillion more than the total value of mortgage debt,” he added.
This comes as data published by Moneyfacts reveals that mortgage customers able to offer a deposit worth 25 per cent of a house’s value have the biggest choice when it comes to loans.
