Houses Make Up 60% Of UKs £6.5 Trillion Price Tag

The government has released figures showing that 60% of the country's £6.5 trillion wealth was now tied up in property.

The Office for National Statistics (ONS) annual snapshot of the UK's financial and non-financial assets said the cost of buying the country on the open market had risen by more than 5% , a £326billion increase in 2005.

Figures going back two decades showed that the price tag on all UK assets increased almost fourfold from £1.7 trillion to £6.5 trillion. Over the same period, the amount it would cost to buy the UK housing stock rose from just under £900billion to just over £3.9 trillion. Which Basically means almost 60% of the nation's net worth, was owned by households and non-profit organisations.

The value of the British residential property equates to £162,000 for each household , below the figures published by the Halifax, Britain's biggest mortgage lender, which reckons the average house is worth nearly £200,000.

The breakdown of the Wealth of a Nation is as follows

£3,915billion of residential property £613billion of factory machinery and companies’ equipment £334 billion of local government buildings £161 billion of ships, aircraft and other vehicles £54 billion of farm land and buildings £38billion of kitchen gadgets, TVs and other household machines