New research from Halifax shows that the value of the UK's private housing stock has trebled over the past ten years from £1.1 trillion in 1995 to £3.4 trillion in 2005.
With a total value of £40bn, Halifax calculates that Westminster has the most valuable housing stock in Great Britain. Seven of the ten local authorities with the most valuable private housing stocks are in London.
The value of the UK residential housing stock has grown much more quickly than overall consumer prices. The underlying retail price index has risen by only 12% over the past five years versus a 73% increase in the value of the housing stock.
