The bank’s research showed a 118% increase in the value of housing from £1.719trn in 1999 to an estimated £3.755trn in 2009.
By comparison, the retail price index rose 29% over the same period.
The increase of more than £2trn in property value over the decade is the equivalent of £33,000 per person in the UK, Halifax said.
However, since 2007 the value of the nation’s housing stock has fallen by 8%, reflecting the drop in house prices between mid-2007 and early 2009.
Values bounced back slightly by 2% over 2009 as house prices improved during the year.
Halifax found that the gap in the value of housing stock between the north and south also reduced over the ten year period.
Between 1999 and 2009, the value of housing in the north increased by 132% compared to 109% in the south.
As a result, the north’s share of UK housing assets rose from 41% in 1999 to 44% in 2009.
Regionally, Northern Ireland saw the biggest increase in housing value with a 198% rise from £31bn in 1999 to £92bn in 2009.
It was followed by the North East (147%), Scotland (145%), Yorkshire and the Humber (139%) and East Midlands (133%).
The smallest increases in value were in the South East (100%) and the East of England and West Midlands (both 107%).
However, since 2007, all regions have recorded a fall in housing stock value, with Northern Ireland being hit hardest after a dramatic growth in value. In two years, its stock has fallen 19% in value.
Martin Ellis, housing economist at Halifax, said: “The past decade has seen a substantial increase in the value of housing assets in the UK, with all regions recording average annual increases of 7%-12%.
“Notably, there are real signs of a narrowing north-south divide as the northern regions recorded bigger increases.”
