PROPERTY in the UK is now worth £3 trillion, according to a Halifax report released today - almost double its value five years ago.

In ten years, property has virtually trebled in value, while in the same period the retail price index has risen by 28 per cent.

The statistics may seem mind-boggling but behind these crazy, runaway figures are people who can't afford to buy a home - or even, in some cases, find a decent place to rent.

In some senses property has become our obsession and our curse. Owners may have seen the value of their properties shoot up, but many are spending a high proportion of their earnings to service their mortgage. And they, relatively speaking, are the lucky ones.

York suffers from a chronic housing shortage, thanks in part to the very reasons that make it an attractive city in which to live. As property values have escalated, investors have been drawn to the city, buying up properties for private rental.

And many of the properties that remain on the market are too costly for young people trying to get on the housing ladder.

A report to City Of York Council recommends doubling the number of affordable homes to be built "as soon as possible". While this is definitely a sensible proposal, only ten per cent of these homes would be offered for discounted sale, with the remainder to be rented.

The former Labour-controlled council floated the idea that half of all homes in new developments should be affordable. This is a good idea for social reasons, yet can turn away developers who see a reduced profit margin.

In such over-heated times, the new housing report is to be warmly welcomed. It may not have all the answers but it does at least show that the council is attempting to address a difficult problem.

Updated: 10:42 Monday, March 29, 2004