The value of a home in the UK has increased by around £70,000 over the past decade and grown at more than double the rate of inflation, new research has revealed.
According to figures compiled by Halifax, the value of the UK 's private housing stock stood at £3.9 trillion at the end of 2011, some £1.8 trillion, or 84% higher, than in 2001.
Over the same period, overall consumer prices, as measured by the retail price index, have increased by just 38%.
The survey says the increase of £1.8 trillion over the decade is equivalent to £68,500 per household in the owner-occupied and private rented sectors in the UK .
But whilst the value of housing stock has soared during the past decade, the figures mask a significant change in fortunes which has been apparent since 2007.
Indeed, over the past five years the value of the UK 's housing stock has declined by 5%, or £187 billion, reflecting the reduction in house prices seen since autumn 2007.
The recent disappointments are, however, more than compensated for by the significant increases seen in the five years prior to 2007.
At the same time that the value of housing stock has risen, so too has the total value of outstanding mortgage balances, more than doubling over the past decade.
However, with the £1.8 trillion increase in the value of housing assets outstripping the £655 billion rise in mortgage debt between 2001 and 2011, housing equity has increased from £1.5 trillion to £2.6 trillion.
"The value of UK's housing stock has soared in the decade to 2011 notwithstanding the decline in house prices seen since autumn 2007, rising by 84% to just under £4 trillion at the end of 2011," said Martin Ellis, housing economist at Halifax.
"Whilst outstanding mortgage debt has more than doubled over the last ten years, the value of the housing stock has risen by more in monetary terms.
"As a result, the total value of housing equity has shown a healthy increase.
"For most homeowners housing is still very much the main store of private wealth."
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