Household wealth highest in South East and North East

The latest figures from the Office for National Statistics (ONS) have revealed wide variations in relation to the distribution of household wealth across the UK.

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The data shows that in all age categories household wealth above £500,000 was highest in the South East, with those aged between 45 and 64 making up 43% of household wealth at this level on average and a higher 57% for those living the South East.

In contrast, the North East recorded the lowest regional/country share in this age group at a figure of 34%.

In terms of total household wealth under £50,000, London led the way in the 45 to 64 age group (18%) and the 0 to 15 age group (41%), while the North East led the way in all other age groups.

The South East fared the worst in relation to household wealth under £50,000 in all but the 65 and over category, where the South West came in at the bottom of the ranking with a figure of 9%.

Expanding on the reasons behind the wide gulf is household wealth the ONS report stated:

“Pension wealth and property wealth are the most likely sources of wealth to differentiate those at the top and bottom of the wealth distribution. Whilst there is regional variation in both, the regional variation is larger for property wealth.”

Research released earlier this year by Hometrack revealed that the gap between house prices in the north and south of England appears to have widened further.

It said that that 74% of the markets registering an increase in property prices were located in London and the South-East.