Friday, Sep 11, 2009
Wealth warning - residential house prices can fall as well as rise
BBC: Household wealth 'falls by £31k'
UK households saw their wealth drop by an average of almost £31,000 each last year, because of the credit crunch and the recession, research shows. Figures calculated for the BBC show that falling house prices knocked £422bn pounds off the value of the nation's housing wealth. "It is a huge drop to happen in one year," said Martin Ellis, chief economist at the Halifax. "But we have had the biggest house price fall yet seen in just one year, combined with a fall in equity prices," he added.
Posted by jack c @ 10:21 AM (559 views) Add Comment
2 Comments
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1. mrr19121970 said...
My own personal wealth has decreased by much more than that. I recently found out the magic beans in my posession were only worthless glass trinkets. I was convinced that they'd have fetched millions if I'd find a buyer dumb enough.
2. sovietuk said...
The title says it all. Long gone are the days when the BBC was an organisation of integrity. The carving up of this obscene parasitic blood sucking gravy train is well overdue. Can we have an election now and get on with it.