Not all Britons are homeowners, of course, and a decrease in the value of assets does not have to mean a decline in wealth, as long as incomes are stable.
Anyone want to explain that piece of gobbledegook?
Erm wealth is the value of net assets. If those values fall then yes, wealth does indeed decrease.
They\’re right that it doesn\’t matter all that much about house prices, as long as incomes do indeed hold up, but the penultimate clause in that sentence is nonsense.
(Willem Buiter and others do make the point that housing isn\’t in fact net wealth at all but that\’s a different piscine water boiler.)