Total UK housing value climbs to a record £7.56 trillion high
The total value of the UK’s housing stock has escalated to £7.56 trillion, rising by £380 million in 2020 despite the pandemic and global economic uncertainty.
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Capital View: The global housing downturn will deepen – but this isn’t 2008
The US, UK, Canada, Australia, New Zealand, and Sweden are now all in the third stage of a property market downturn, suggests Neil Shearing, Group Chief Economist at Capital Economics.
Ranked: Which areas have seen the biggest rise in the total value of housing stock over the course of the pandemic?
Only three local authority areas in England and Wales saw the total value of their housing stock fall during the pandemic period, and they're all in the capital: Westminster (-10.1%), Lambeth (-2.
Bank of England bumps interest rates up 0.5% to 1.75%; warns of a recession by the end of the year
Today's rate rise is the biggest increase in 27 years, and comes as the BoE warns that the UK will be in a long recession by the end of this year.
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