Value of the UK falls for first time since 1992

The total value of the UK has fallen for the first time since 1992, official figures showed on Monday.

The Office for National Statistics (ONS) report, which adds up the value of buildings, roads and financial assets among other things, said the UK was worth £6.95 trillion at the end of 2008, down £177bn or 2 per cent on a year earlier.

Housing continued to be the most valuable asset with a total value of £3.92trn, but the fall in property prices over the last year meant this represented a fall of 9 per cent on the previous year.

Within this, some £3.69trn belonged to households and non-profit organisations.

The liabilities of financial firms and central government were £112bn and £261bn respectively, according to the ONS.The report also estimated total depreciation of £151bn in 2008, of which plant and machinery accounted for 33 per cent of the figure.

The total cost of replacing all of the country's assets in their current condition would be an estimated £3.01trn at current prices, the ONS added.

The report - Capital Stocks, Capital Consumption and Non Financial Balance Sheets - also showed that the value of non-financial assets increased from £533bn in 1948 to £2.88trn in 2008.