Soaring house prices yield £3 trillion windfall for wealthy Brits

Soaring house prices over the last two decades has delivered £3 trillion in gains for Brits, according to a new report released today.

Older homeowners have been the main beneficiaries of swelling house prices, earning around £80,000 on average over the last 20 years, research by the economic think tank the Resolution Foundation has found.

Capital gains from climbing property values have been unevenly distributed across the UK population.

While the least wealthy third of households have gained less than £1,000 per adult on average, the wealthiest 10 per cent of the country have registered £174,000 per adult.

Homeowners in London have received the biggest windfall out of all regions in the UK, notching up £76,000 in gains.

Adam Corlett, Principal Economist at the Resolution Foundation, said: “Not everyone has shared in these spoils.”

According to Halifax’s, house prices are rising at their fastest pace for 15 years.