If any further proof were needed that the economy is floating on a house price bubble, the Office for National Statistics provided it yesterday.
Land owned by households was valued at £4.1tn in 2017, £300bn more than the previous year, and the homes built on that land were worth another £1.82tn, the ONS revealed in its annual stock-take of Britain’s balance sheet.
Overall, Britain’s net worth was £10.2tn last year, or £155,000 per person. The national balance sheet measures the value of assets such as land, machinery, buildings and equity, net of liabilities such as government debt.
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