Property wealth rises over decade
TOTAL household wealth in the UK has increased by £2.36 trillion (55 per cent) in the past decade, according to latest research by Lloyds TSB Private Banking.
The increase is equivalent to £86,342 per household since 2001. The value of household wealth has grown at a faster rate than the overall increase in consumer prices, with the retail price index up by 38 per cent over the past ten years, as well as gross household disposable income, which grew by 44 per cent.
Bricks and mortar as a percentage of household wealth increased from 36 per cent in 2001 to 40 per cent in 2011. However, the total value of mortgage debt more than doubled (111 per cent) from £591bn in 2001 to £1.25 trillion in 2011.