According to recent data from the Office for National Statistics (ONS), the UK’s total "net worth" has decreased by over £600 billion since 2022.
The national balance sheet, which represents the total value of all assets in the UK, stood at £12 trillion, averaging just under £200,000 per person. Non-produced assets, primarily land, accounted for more than half of this total, amounting to £6.8 trillion. Land values in the UK declined by 6.3% over the year, marking the first such decrease since 2011, following the global financial crisis.
The value of residential land, which constitutes the majority of land value in the UK, decreased by 4.4%, while the decline in commercial land value was more pronounced but contributed less to the overall reduction. Produced assets contributed £6.1 trillion to the total, while the UK’s financial net worth was negative at minus £800 billion, driven by increasing debt levels.
The value of residential structures, excluding land, saw an increase. Household net worth accounted for most of the total at £11.5 trillion, although this represented a 0.8% decline from the previous year. The decrease was primarily in non-produced assets, likely impacted by higher interest rates affecting land values, with household land value declining by 5%.
Overall, the UK’s household net worth is now lower than its level in 2020.
