New research by property consultants Savills shows the private rented sector rising across the UK rising in value by a record £76 billion in 2013.
The total value of the PRS is now £989 billion - very close to a trillion pounds, in other words. Savills says the sector now accounts for almost 19 per cent of the total value of all UK homes, up from 12 per cent a decade ago. Over the same period, owner occupied homes with mortgages have slipped from holding 44 per cent of the total value of the UK’s housing stock to 35 per cent of total value today.
The rest of the Savills research, called Valuing Britain, shows the unequal distribution of housing wealth across the country.
It shows that homes in the 10 wealthiest London boroughs are now worth a total £609 billion, equivalent to nine per cent higher than the value of all the homes in Scotland, Wales and Northern Ireland combined. The two most valuable boroughs – Westminster and Kensington & Chelsea – have a combined value of just over £200 billion, 15 per cent more than the total housing stock of all of Wales.