The value of property in the UK has almost doubled during the past five years to reach £3 trillion, according to Britain's biggest mortgage lender.

Halifax said the collective value of private housing rose by 15 per cent to £2.97 trillion during 2003, almost triple the £1.1 trillion it was worth ten years ago.

The group said the value of property in all regions had risen by at least 85 per cent during the past decade.

The biggest increase was in Greater London - 247 per cent during the past ten years, with property worth £545 billion at the end of 2003.

Northern Ireland saw the second biggest gain, with the value of its housing stock soaring by 219 per cent while in the South-West it rose by 204 per cent.

Scotland was the only region not to record triple digit growth, with the value of its property rising by just 87 per cent during the ten years to the end of 2003.

In the North-West it rose by 101 per cent.

Despite the strong gain the value of property was lowest in Northern Ireland at £50 billion, followed by the North at £84 billion.

During the past year the value of housing stock in the North, Yorkshire and the Humber and Wales rose by more than 25 per cent, compared with increases of eight per cent in the South-East, nine per cent in the South-West and 11 per cent in Greater London.

Halifax said almost 40 per cent of the value of the UK's housing was concentrated in London and the South-East, up from around a third ten years ago, despite only 26 per cent of the UK's properties being in the regions.

The value of property grew at a much faster rate than retail prices, with the retail price index rising by only 28 per cent during the past ten years, compared with a 170 per cent jump in the value of the UK's housing stock.

Tuesday March 30, 2004