Posted 10/30/2023, 12:01:16 AM
UK Household Wealth Plunges 25% Since Pandemic Due to Rising Interest Rates
- Interest rate rises blamed for ending UK's wealth boom and causing household wealth to plunge 25% since pandemic
- Drop due to falling house prices and pension pots, which account for about £4 of every £5 of total wealth
- Total household wealth was 840% of GDP in 2021, but has fallen to 630% this year
- Higher rates increased mortgage costs, lowered housing demand and prices
- Wealth fall uneven across country, with less wealthy areas seeing bigger declines than South/East England