UK household wealth rises to record level during Covid crisis
UK household wealth has hit a record high during the pandemic, partly driven by rising house prices, defined contribution pensions schemes and saving during the pandemic
Figures released earlier today by the ONS show that the household sectorâs net worth grew by 9.1%, or nearly £1 trillion, to £11.4 trillion between 2019 and 2020.
This is due to increases in âlandâ, âinsurance and pension schemesâ and âcurrencies and depositsâ, it says.
A rise in the value of land in 2020 increased growth of the household sectorâs net worth by 3.8 percentage points, and was the result of an 8.1% increase in UK average house prices. The reduction in stamp duty rates are likely to be a main factor driving increases in house prices.