Homeowners have almost two trillion pounds of wealth tied up in their properties
Britons have property equity worth 1.95 trillion pounds, once outstanding mortgage debt is taken into account, according to GE Money Home Lending.
Just over a quarter of British homes are owned outright — delivering 1.37 trillion pounds of property wealth — while people with mortgaged properties have build up 582 billion pounds-worth of equity in their homes.
The average homeowner has 127,455 pounds of mortgage-free wealth tied up in the home, giving a considerable buffer against short-term house price falls.
House price growth has slowed considerably and two of Britain’s largest mortgage lenders, Halifax and Nationwide, expect prices to be flat for 2008 as a whole.
Others are expecting falls, particularly in some areas where prices have overshot the wider market.
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