Maybe Barclay’s open letter will have done a little to stop the rot
It set me thinking about the national balance sheet – terra incognita to me, though I remember a news item some years ago boasting about how much our national wealth had grown with the value of our houses & thinking: If you’ll believe that …
“Residential buildings” made up getting on for 2/3rds of our national net worth of £7 trillion at the end of 2007 - measured at market value
What is even more startling is that the increase in house prices (plus whatever new building there was) accounted for most of the total increase in our wealth between the end of 1999 and 2007
Residential buildings more than doubled from £1.8 trillion to £4.3 trillion. Total net worth grew from £3.7 trillion to £7 trillion
I think I need a lie down
Link
