Belfast Telegraph

Saturday 25 October 2014

UK's total worth increases 3.3% to £6.8tn

Britain's resilient property market helped increase the UK's worth by 3.3% to £6.8tn, despite the economy slipping back into recession, figures revealed today.

The Office for National Statistics (ONS) said the UK's net value increased by £224bn in 2011, meaning that every person in the UK is now worth £110,000.

The rise came in spite of a dire year for the economy, which began contracting again in the final quarter of 2011.

Property values account for over half of household wealth as houses and flats have more than tripled in worth in the past 20 years, according to the ONS.

The ONS said properties were now worth more than £4tn across the UK, although the rise was more modest in 2011 than in previous years.

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