One of the most valuable assets of Britain is Land which is recently increasing more than fivefold since 1995, the country’s statistics office said on Tuesday, urging calls to introduce a new tax to curb a soaring housing market that is driven by rising land prices.
Land is now worth 5 trillion pounds ($7 trillion) which makes up more than half of Britain’s value stated by the Office for National Statistics (ONS).
The average British house price has doubled in the past two decades and more than quadrupled in London in comparison to the average wages that have risen only by a fraction of that amount.
Reports from the ONS also showed an incredible increase in land values compared to other assets such as houses and machinery when separated values of buildings and land for the first time.
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