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Wales

How wealthy do you feel?

The answer to the question posed at the top of this post will probably be, if you live in Wales, considerably less well off than you did three or four years ago.

Some interesting figures published by the Office for National Statistics shows that here we believe that the things we own are worth more now but our houses are worth much less.

You can see the report and all its data here on the ONS website.

The headlines for us here are:

Wales has seen the largest drop in property values in the UK.

People were asked how much they believe their property is worth.

In the period 2006/08 the average for Wales was £170,000. That fell to £155,000 in 2008/10

The report notes that people tend to overestimate how much their home is worth so it includes figures from Halifax to compare.

They show a similar rate of decline over the same period, from £162,000 to £135,000.

Fewer of us own our properties.

In 2006/08 the ONS calculates there were 1,289,000 households here in Wales. Of those, 949,000 owned their property, a rate of 73.6%

In 2008/10 the number of households had increased to 1,298,000 but the number owning their property had fallen to 936,000; a rate of 72.1%.

That’s higher than the UK average which is 70.1% and a higher proportion than in London, the North East and North West of England and Scotland, but lower than the East and South East of England.

The things we own – other than property – are worth more.

The ONS asked people to estimate their ‘physical wealth’, the contents in their properties, any collectables, valuables, vehicles and personalised number plates.

Wales saw one of the largest increases at 13%.

In 2006/08 we estimated our physical wealth at £34,800. In 2008/10 we put that figure at £39,300.

Even with my rudimentary maths, that means that the average property-owning household here in Wales is worth £194,300. Is that how wealthy you feel?

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About Adrian Masters

By day, Political Editor at ITV Wales. By night, obsessed with music and books.

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