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Property accounts for 60 per cent of UK economy

26th July 2005 | back to article listings BACK    print this article PRINT

Property accounts for almost 60 per cent of the total value of the UK's economy, according to new study of the nation's assets by the Office of National Statistics (ONS).

The ONS has found that property alone represents 59 per cent of the UK's overall wealth, underlining the importance of the property market to the economy at large and the significance of property as a tangible asset. In all, the total worth of the UK housing stock is £3,427 billion, while the economy is worth £5,843,000,000,000, or £5.8 trillion. At £3,427 billion, housing is currently worth 12 per cent more of the economy than in 2004, and of this total, £3,221 billion is owned by private households and not-for-profit organisations.

Significantly, house prices are outstripping personal debt, with the government and businesses identified as the two main drains on the nation's wealth.

In related news it was recently revealed that the average new-build currently costs £261,512, notably higher than the national average property price, which recently topped £180,000. Despite the increase in new-build prices, new homes are presently four per cent lower than they were at the same point a year previous, due mainly to significant price falls since November 2004.

Furthermore, figures from the Office of the Deputy Prime Minister (ODPM) have revealed a slowdown in UK house prices, suggesting a cooling in the housing market at large. Prices in May were six per cent higher than for the same period a year earlier, compared to 6.9 per cent higher in April.

This is a press release by Assetz also available at http://press.assetz.co.uk/articles/2049.html. Alternatively, please see our full press release archive.

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