The Wealth in Great Britain report also showed that the average net property wealth of households fell from £204,000 to £195,000.

Over the same period, the gross value of a main property fell from £231,000 to £224,000. Meanwhile, the average mortgage on a main property rose from £88,000 to £92,000.

However, between 2006/08, Scotland and the South West were the only regions to report little change to net property wealth, which perhaps unsurprisingly remains highest in London at £287,000 and lowest in the North East at £132,000.

Total household physical wealth, which includes household contents, collectables and vehicles for all private households in Great Britain, rose by £51bn between 2006/08 and 2008/10 to £1,012bn.

Average physical wealth per household also rose in all areas of the UK apart from the North East, from £39,100 to £40,900, or an increase of 4.7%.

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