According to new research from the Halifax, the total value of UK housing stock has risen by £1.8 trillion (84 per cent) in the past decade.

This rise works out to be the equivalent of £68,500 per household.

However, while the value of homes has shot up in the past ten years so has the amount owed on mortgages.

Indeed, the amount currently loaned out by banks and building societies to homebuyers is 111 per cent greater than it was back in 2001.

The research also shows that the North-South divide has narrowed, with homes in the north rising by an average of 90 per cent compared to 79 per cent in the south.

Martin Ellis, housing economist at Halifax, said: "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 per to just under £4 trillion at the end of 2011.

“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.”

Recent research from Knight Frank shows that the value of prime property in Central London has risen by 2.7 per cent in the past three months alone.