Household wealth survey reveals great divide

Average household wealth in the south-east of England is almost twice that in Scotland, according to the Office for National Statistics’ (ONS) first ‘Wealth in Great Britain’ report, which also found that London was not as wealthy as you might think.

The ONS painted a detailed picture of affluence and borrowing habits after collecting evidence from 31,000 households across Britain and estimating the value of their housing, pension investments and other possessions.

For many of the respondents to the survey, accumulating a healthy portfolio of assets was a distant dream: the least wealthy 10 per cent of households had negative total net wealth – owing more on their mortgages or other loans than their properties and other goods are worth.