The lender found that since 2007 the value of private homes in the UK has grown by a staggering £1.94trn (or 48%) to an estimated £6.02trn.

In the past year alone, the value has increased by £376bn, reflecting average house price growth of 5% in the year to August.

The average value per household in the UK now stands at £256,912, up from £187,310 in 2007, representing an increase of close to £70,000 (37%).

This increase has been driven by a 45% rise in the average house price as well as the stock of privately owned homes expanding by 1.9 million.

In London, the average value per household is almost half a million (£498,000) – three and a half times higher than in Northern Ireland with the lowest value of £141,681.

North-South divide

In 2017, 68% (£3.8trn) of private property wealth is concentrated in the southern regions, up from 62% in 2007.

While private property wealth in the South continues to grow, the share of wealth in northern areas has fallen from 44% to 38%. Overall the value of housing in southern England has increased over two and a half times faster than the North – 65% compared to 25% – over the past decade.

Russell Galley, managing director of Halifax, said: “The value of housing stock has grown by close to £2trn in the past decade and with the equity rich regions of London and the South East largely responsible, it highlights a considerable regional imbalance in the distribution of housing wealth.

“Within the capital there is also a mix of fortunes. While more than a fifth of total property wealth is in London, lower levels of owner occupation reflect a major barrier to the property ladder with a far greater number of people renting where house prices are at their highest.”