In the past decade, the total value of housing stock has grown by just over 50%, or £1.9trn, to reach an estimated £5.6trn outpacing the retail price index which grew by 33% during the same period.
During this time, the average house price has also increased by 50%, which in part is responsible for increase of value of stocks, alongside a 1.8 million injection of private homes to the market expanding the market to a size of 23.1 million houses.
Rocketing prices in London and the South East have accounted for over half of the rise in the total value of the UK’s housing stock. Residents in the capital have seen their home almost double in value since 2006.
The average value of a UK household now stands at £241,682, up from £173,837 in 2006 up almost 40% or £68,000.
Halifax housing economist Martin Ellis said the picture of housing equity held by UK households was in a ‘healthy’ position, as total housing assets exceeded mortgage debt by £4.2trn.
Total mortgage debt has also grown, rising by 25% since 2006 from £1.1trn to £1.3trn.
Homes in the north, by contrast, have grown two and a half times slower than housing in southern England, 27% compared to 70% over the last 10 years resulting in the south’s share of total UK housing assets rising from 55% in 2006 to 62% in 2016.