Household wealth increases by 127%, says Halifax

02 October 2007
New research has revealed that household wealth in the UK has increased by 127 per cent over the last ten years.

According to Halifax, net household wealth in Britain has increased from £2,795 billion in 1996 to £6,336 billion in 2007.

The firm noted that housing equity now amounts to 43 per cent of a household's overall wealth, compared with 28 per cent a decade ago.

Martin Ellis, chief economist at Halifax Financial Services, said that households have found themselves in a much stronger financial position over the last ten years.

"Whilst much has been said about the rise in debt, it is important to note that the value of households' assets has risen at a faster pace," he remarked.

In related news, research by Abbey has revealed that 14 million people in Britain have a total of £49 billion set aside in savings.

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