Crunch costs each family £31k
THE AVERAGE household in Britain lost £31,000 over the last year because of the credit crunch, figures revealed last night.
A Halifax bank study found the UK’s 26.6million homes lost £815billion. The nine per cent drop in house prices reduced housing wealth by £422billion and falling share prices a further £393billion.
The share collapse had a direct impact on pensions. Martin Ellis, Halifax chief economist, said: “It is a huge drop to happen in one year.”
The figures were based on data from the Office for National Statistics and Bank of England. It was a wealth collapse of around 12 per cent.