London House Prices Help Drive Wealth Creation in Britain
- Office for National Statistics publishes household wealth data
- Top 10% of households five times richer than bottom 50%
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London accounts for just one in eight properties owned in England but their impact on the wealth of the country is dramatic.
Figures from the Office for National Statistics Thursday showed median net property wealth for households in London was 351,000 pounds ($499,000) between 2014 and 2016, a 33.5 percent increase from the previous two years. The overall value of property in the British capital, where house prices are double the national average, jumped by 38 percent to just over 1 trillion pounds.