Value of privately-owned UK homes 'grows to over £5.5 trillion for first time'
The total value of the UK's privately-owned homes has grown to over £5.5 trillion for the first time, according to estimates.
Using data from a range of sources, Halifax calculated that the total value of privately-owned housing stock has grown by £1.9 trillion since 2006, to reach an estimated £5.6 trillion.
The 51% increase in the value of housing stock seen over the past decade is faster than the retail price index measure of inflation, which has risen by 33% during the period, Halifax said.
The average value per household is £241,682, up from £173,837 in 2006.
The increase in the total value of housing stock has been driven both by a surge in house prices generally and a rise in the number of privately-owned homes, Halifax said.
Martin Ellis, a housing economist at Halifax, said: "The combined value of all privately-owned houses in the UK is estimated at £5.6 trillion in 2016 - the highest on record. A combination of higher house prices and an increase in the number of privately-owned homes has seen the value of housing stock grow by £1.9 trillion in the past decade.
"Overall housing equity held by UK households is in a healthy state, with total housing assets worth over £4.2 trillion more than the value of mortgage debt. Housing equity has grown by £1.6 trillion since 2006. For almost one in three home owners - who own their home with no outstanding mortgage debt - their financial position is even stronger."