Britain's home values top $8 trillion

London -- Financial analysts say the value of Britain's 22 million homes rose to a record $8 trillion in 2007.

That amount is nearly three times more than the gross domestic product of Britain and more than half of the United States GDP, The Times of London reported Saturday.

Despite a sharp rise in household borrowing in recent years, housing equity continues to outweigh mortgage debt by a three to one margin, said Martin Ellis, chief economist at Halifax, Britain's largest mortgage lender.

The increase in housing value should more than offset any significant drops in housing prices this year, the Times said.

Citigroup predicts house prices in Britain could fall by 10 percent during the next three years while Halifax predicts prices should remain steady, except in the Midlands and northern England, where Halifax expects home prices to decrease, the Times reported.

Copyright 2008 by United Press International.