The total value of private property in the UK topped £6trillion for the first time on record last year, fresh data reveals.
Mortgage-holders also made an unprecedented £5.1billion worth of overpayments in the final quarter of 2020, but regular repayments remain below pre-pandemic levels, the Equity Release Council said.
In the final quarter of last year, on average, mortgage overpayments topped around £192million a day, suggesting some households channelled savings made from enforced home-working to getting the debt on their home paid off quicker.
Discounting mortgage debt, the amount of UK property equity which is privately owned reached a record £4.6trillion. Including the debt, it s over £6trillion
Value of private property in Britain tops £6TRILLION for first time
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