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14 Jan 08 - Values In Northern Ireland Rocket
The value of homes in Northern Ireland has risen by more than 400% during the last 10 years, new figures show.
The province heads a Halifax league table of UK housing stock, with Wales second after experiencing a 223% rise, followed by the South West with a 222% increase.
The data emerged as Britain\'s biggest mortgage lender said the value of homes across the UK has broken through the £4 trillion mark for the first time.
It comes after housing stock rose by 9% during 2007, and 208% over the past decade. Housing equity, which measures values minus outstanding mortgage debt, has also increased since 1997, from £870bn to £2.8 trillion.
Martin Ellis, Halifax chief economist, said: \"UK home owners have collectively accumulated an extra £2 trillion of equity in their homes over the past decade as property prices have risen.
\"This has significantly strengthened the household balance sheet. Mortgage debt accounts for only 30% of the value of the UK\'s £4 trillion worth of housing assets.\"
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