£147bn – this is the current total value of Northern Ireland’s housing stock – Irish News

Northern Ireland’s total housing stock will reach £147bn in 2023, according to new analysis.

According to data from estate agency Savills, prices in the region are £4.6bn higher than in 2022.

Overall, £27bn was wiped from the UK’s total housing stock last year amid rising mortgage costs and affordability pressures on household budgets.

However, despite this, the total value of housing in the UK is now £8.678 trillion, still £1.585 trillion higher than in 2019, before the coronavirus pandemic.

Lucian Cooke of Savills said: “The resilience of the market means that UK housing remains an important and relatively safe store of wealth.”

“Even after subtracting out the £1.652 trillion of outstanding mortgages, our figures show that net housing equity remains above £7 trillion.”

He added: “2023 totals were underpinned by an £80bn increase in new housing starts. More fundamentally, tighter mortgage regulation, increased use of fixed rate mortgages and The combination of lender support for people in difficulty protected the market from interest rate pressure.”

Researchers said the decline in property values ​​last year was concentrated in the south of England, while overall property values ​​rose in Scotland, Northern Ireland, the north of England and the Midlands.

:: According to Savills, the value of the housing stock in 2023 and the increase/decrease compared to 2022 are as follows:

• London – £1.825 trillion (down £39.3 billion)
• South East – £1.63 trillion (down £6.1 billion)
• East of England – £975bn (down £6.4bn)
• South West – £845bn (down £4bn)
• North West – £680bn (increase by £3bn)
• West Midlands – £607bn (increase by £5.2bn)
• East Midlands – £514bn (increase by £6.5bn)
• Yorkshire/Humber – £489bn (increase by £3.8bn)
• Scotland – £481bn (increase by £6.2bn)
• Wales – £299bn (down £2.8bn)
• North East – £186bn (up £2.5bn)
• Northern Ireland – £147bn (increase by £4.6bn)