The total value of the UK has fallen for the first time since 1992, official figures have shown.

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

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

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

The Independent