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British net housing wealth has declined for the first time in a decade as house prices dropped and mortgage debt rose, Financial Times analysis has shown. In the second quarter, the FT figures show net wealth tied up in British homes dropped by over £60bn.
Falling house prices wiped close to £40bn off the value of the housing stock, while total mortgage debt rose by over £20bn.
The last time net housing wealth fell was in the fourth quarter of 1995.
Prof John Muellbauer of Nuffield College, Oxford, says a decline in housing wealth is already slowing the economy: "The decline in the growth rate of consumer expenditure is exactly what I would have expected and it has got further to run."
Falling house prices wiped close to £40bn off the value of the housing stock, while total mortgage debt rose by over £20bn.
The last time net housing wealth fell was in the fourth quarter of 1995.
Prof John Muellbauer of Nuffield College, Oxford, says a decline in housing wealth is already slowing the economy: "The decline in the growth rate of consumer expenditure is exactly what I would have expected and it has got further to run."
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Marc
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