Owners of houses and apartments in the UK have been able to earn good money on the growth in property prices. From 1998 to 2008, the first few years house prices in the ten most economically developed regions of the United Kingdom increased by more than 200%.
In the ten regions of the UK, including London, Belfast, Cambridgeshire, Edinburgh, Cornwall, Liverpool and Glasgow, the average home price increased by 219% - from ? 67 thousand in 1998 to ? 214 thousand in the year 2008, according to the of Halifax. In these areas most analysts have recorded strong growth, reports The Guardian.
List of areas in which housing has risen in price most of all, led a few areas of London (Canary Wharf, Tower Hamlets and Hackney), where prices rose by 236%. For comparison, in regions with the lowest economic activity - Thurrock, Coventry, Stoke on Trent and Blackpool - in ten years real estate has risen by 195%, from ? 56 thousand up to ? 165 thousand by the end of 2008, housing in the top ten economically developed areas of the United Kingdom worth 61% more than a dozen of the most backward regions.
After the economic crisis of 2008 housing prices in the regions with the highest unemployment in the UK (Kingston upon Hull, Belfast and Blackpool) decreased by 24%. And in regions where analysts have recorded the lowest unemployment rate (Oxfordshire, Dorset and Cambridgeshire), from the beginning of a global recession real estate prices dropped only 13%.
To date, the UK housing market is the largest asset in the country. Its price analysts estimate at about ? 4 trillion (? 4,5 trillion).