Property wealth soars
Between July 2012 and June 2014, Britain’s properties delivered growth of roughly £200bn a year, figures published today by the Office for National Statistics show.
Aggregate net property wealth in the UK increased by 11% between July 2010 to June 2012 and July 2012 to June 2014.
This consisted of aggregate gross property wealth of all private households of £4,984bn, an increase of 10% compared with July 2010 to June 2012, and aggregate mortgage debt of £1,057bn, an increase of 4% compared with July 2010 to June 2012.
Half of all households who owned property had net property wealth of £153,000 or more compared to £150,000 in July 2010 to June 2012.
The figures, contained in the Wealth in Great Britain report, also show that the wealthiest 10% of households owned 45% of household wealth, while the least wealthy half of households owned 9% of household wealth.
Mark Posniak, managing director of Dragonfly Property Finance, said: “This eye-opening report underlines how central property wealth is to the average UK household.
“In 2014, Finland’s GDP was £184bn, which means Britain’s property market is effectively an economy in itself.”