Wealth and Assets Survey

The Office for National Statistics has published a new Wealth and Assets Survey that looks at the wealth of private households in Great Britain. This survey investigates various areas relating to household wealth that might be of interest to building societies. Over 30,000 households were surveyed between July 2006 and June 2008. Therefore, the results might have changed as a result of the subsequent recession.

Total household wealth was estimated to be £9 trillion, made up of net property wealth (39%), pension wealth (39%), financial wealth (11%) and physical wealth (ie. belongings) (11%). Median total wealth was estimated to be £204,500, or £145,400 excluding pension wealth.

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BSA Parliamentary appearances

Two Parliamentary Committees sought the views of the building society sector in December. The BSA’s Director-General, Adrian Coles, appeared before the Scottish Affairs Committee on its inquiry into banking in Scotland, as well as the Financial Services Bill Public Bill Committee.

Speaking in front of the Scottish Affairs Committee, Mr Coles told MPs how societies feel angered by the unfair nature of competition from nationalised and part-nationalised banks. This followed on from Stephen Hester, RBS Chief Executive, informing the Committee that RBS “has outperformed most of its competitors in improving its performance in savings.”

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BSA welcomes Commission on Ownership

In a recent speech Tessa Jowell MP, Minister for the Cabinet Office and the Olympics, announced the establishment of new Commission on Ownership which will work to enhance understanding of the effect of ownership on the governance of the country.

The Minister also promoted the value of mutuality. She said that mutual ownership, being based on trust and reciprocity, can help to deliver the accountability, individual empowerment and engagement, and community responsibility that the public desires. 

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UK Housing Review launched

The prospects for the UK housing market in 2010 dominated discussion at the launch of the UK Housing Review 2009/2010 last week.

BSA Economist, Andrew Gall, presented the findings of the recent BSA Property Tracker, which presents consumers’ views on the property market.  Respondents to the survey expect property prices to rise by 3% over 2010.  However, this news was tempered by further findings that although the majority think now is a good to buy property, continued job insecurity, coupled with the need to raise a large deposit, remained as major barriers to potential buyers.

Andrew concluded by saying that these barriers may result in price growth being constrained in the future, but he concluded that the survey has demonstrated people's desire for homeownership has not been dented by the recession.

The primary objective of the UK Housing Review is to draw together key current financial and related data about both public and private housing in the United Kingdom, and rapidly assemble them in a coherent and accessible format.

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BSA welcomes new Associate

C. Hoare & Co, a private bank, has joined the BSA as an Associate.  Founded in 1672, the bank remains wholly owned by the Hoare family.  For more information about them visit their website www.hoaresbank.co.uk