Net household property wealth drops by £131bn between 2006/08 and 2008/10

Total net household property wealth for all private households in Great Britain dropped by over £131bn (3.7 per cent) between 2006/08 and 2008/10 to £3,375 billion, according to a new chapter from the Wealth in Great Britain report, published today by ONS. The report also shows that the average net property wealth of households fell from £204,000 to £195,000.

During the same time period, the gross value of a main property fell from £231,000 to £224,000. Meanwhile, the average mortgage on a main property rose from £88,000 to £92,000.

Net property wealth fell in all regions of Great Britain between 2006/08 and 2008/10 with the exception of Scotland and the South West, where there was little reported change. Net property wealth remained highest in London (£287,000) and lowest in the North East (£132,000).

Total household physical wealth (which includes household contents, collectables and vehicles) for all private households in Great Britain rose by £51bn between 2006/08 and 2008/10 to £1,012 billion. Average physical wealth per household rose from £39,100 to £40,900, an increase of 4.7 per cent.

The average value of household physical wealth increased in all regions of Great Britain apart from the North East. Households in the South East had the highest average physical wealth in both periods, rising to £48,400 in 2008/10. Households in London had the lowest physical wealth in both periods, rising to £35,900 in 2008/10.

Background notes

1. Wealth in Great Britain, main results from the Wealth and Assets Survey, 2008/10 (Part 1) presents data from the second wave of the Wealth and Assets Survey and revised estimates from wave 1 of the survey. The report can be found here.
2. This report contains cross-sectional data from household property wealth and household physical wealth only. Further cross-sectional data on other aspects of wealth (household financial wealth and individual and household pension wealth) will be published as they become available in 2012. The final part of the report will concentrate on longitudinal analysis of those respondents in both wave 1 and wave 2 of the survey.
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