According to research by Lloyds Bank Private Banking, household wealth has grown by its largest annual amount in a decade.
With individual households typically seeing their wealth grow by £96,000 in the last 10 years to reach £280,787, Ashish Misra, head of investment policy at Lloyds Bank Private Banking, said:
In the past year household wealth grew by £717 billion, the largest annual rise in the decade
Increasing activity in the housing market and continued growth in equity prices has boosted household wealth. These figures, to an extent, provide further evidence that the recovery in the UK economy is gathering pace.
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