UK private housing stock value up 62pc
Regionally the biggest increase in the value of the private housing stock has been in Scotland where values were up 115% from £134bn in 2002 to £288bn in 2012.
The next largest increases were in London where values were up 83% to £821bn and the North East which recorded a 76% rise to £109bn.
Martin Ellis, housing economist at Halifax, said: “The increase in total housing value over the past decade is equivalent to over £71,000 per privately owned property.
“Aggregate housing equity held by UK households is in a healthy state with total housing assets worth nearly £3tn more than the total value of mortgage debt.”
The research also showed there has been an 88% increase in mortgage debt since 2002 from £675bn to £1.27tn.
However the value of the private housing stock has grown by more than the outstanding mortgage debt to £1.64tn compared with £595bn.
As a result, housing equity has increased by £1tn over the decade from £1.89tn in 2002 to £2.90tn.