British net housing wealth has declined for the first time in a decade because of rising mortgage debt and falling house prices, according to an analysis by the Financial Times.

In the second quarter, the net wealth tied up in British homes dropped by over £60bn. This was because falling house prices wiped close to £40bn off the value of the housing stock and total mortgage debt rose by over £20bn. The last time net housing wealth fell was in the fourth quarter of 1995.