PROPERTY wealth in the United Kingdom is overwhelmingly concentrated in London and the south-east of England, according to research by Halifax.

The total value of homes in London is now more than all of those in Scotland, Wales and the North of England combined.

In 2007, the value of housing in the north-east of England was estimated at £114bn and this increased to £136bn by 2017.

During the same period, the value of houses in London increased from a whopping £718bn to £1,338bn.

Incidentally, housing value in Northern Ireland actually fell during this period.    

“The value of housing stock has grown by close to £2tn in the past decade, and with the equity rich regions of London and the south-east largely responsible, it highlights a considerable regional imbalance in the distribution of housing wealth,” Russell Galley, managing director at Halifax told the press.