In the past decade, the total value has grown by £1.9trn – or 51% – to an estimated £5.6trn, according to Halifax.

This increase has comfortably out-paced the retail price index, which rose by 33% during the period.

The average value per household in the UK now stands at £241,682, up from £173,837 in 2006 – representing an increase of £67,845.

The increase has been driven by a 51% rise in the average house price and the stock of privately owned homes expanding by 1.8 million.

More than half of this rise is accounted for by London and the South East. Since 2006 the average house price in the capital has almost doubled (98%) while the stock of private dwellings has grown by a quarter of a million.

In the past year alone, the value of private housing stock grew by £337bn, mainly reflecting average house price growth of 12% in the year to August.

Martin Ellis, housing economist at Halifax, said: “Overall housing equity held by UK households is in a healthy state, with total housing assets worth over £4.2trn more than the value of mortgage debt. Housing equity has grown by £1.6trn since 2006. For almost one in three homeowners – who own their home with no outstanding mortgage debt – their financial position is even stronger.”