Emailed in by MBK, from The Telegraph:
London's soaring property market generated more wealth than the entire New Zealand economy last year as the value of homes in the capital surged by more than £100 billion, according to new research.
The astonishing scale of property wealth in the capital means the 10 most upmarket boroughs alone are valued at £609 billion – more than all the houses in Scotland, Wales and Northern Ireland added together.
Booming demand for flats and houses last year added £106 billion to the total worth of London’s increasingly precious property, now estimated to be worth a record £1.24 trillion, a study by estate agents Savills reveals…
And so on and so forth.
Here's a flavour of what they got in the comments:
Plantersnuts • Amazing, a zero sum game is now seen as wealth creation, the balance sheet has two sides which these "financial experts" and estate agents seem to be ignoring, nothing has been created, god help us, I weep for our children I really do.
Bill Jackson @ Plantersnuts • It helps the government and estate agents though as they take a cut based on the value.
Plantersnuts @ Bill Jackson • A bit like a casino running a poker game and raking the pot.
Pastaface • Sub-editors note: For"wealth" please read "debt"
Plantersnuts @ Pastaface • No doubt these financial "experts" will spin a line by claiming that the only difference between the two is semantics and you should should get with the new paradigm you dinosaur.
rudolphreindeer • If this is wealth creation, dont bother to work anymore. Multiply all properties by 100 in value and retire in luxury.
Plantersnuts @ rudolphreindeer • And import cheap labour, no one need work in the UK, job done.
Jonathan Burkitt • What goes up, must come down? It is just insane, we need to stop this growth it's out of control.
yoyoegg • Who said Thatcher wrecked manufacturing in England - we're manufacturing oodles of cash.
itsafunnyoldworldsaint • Confusing house price inflation with creating goods and services people want. The houses in question do not provide space for any more people than they did one, two, three or ten years ago, That is their worth is the same merely the price (not the value) has risen. Just another example of the UK's crazy economics that is touted as recovery.
SteveInVienna • "London's soaring property market generated more wealth than the entire New Zealand economy last year as the value of homes in the capital surged by more than £100 billion, according to new research"
I've just valued my house at £210 billion and therefore it has generated more wealth than the entire London property market last year. Beat that!