The current value of the UK’s private housing stock is estimated at £5.06trn, new research from Halifax shows. This compares with £3.22trn in 2004; an increase of 57% over the past decade.

The rise is equal to £79,262 per household in the owner-occupied and private rented sectors since 2004, and has outstripped rises in consumer prices, with the retail price index up 37% in the past decade. In the past year, the value of the UK’s private housing stock has grown 14% (£630bn) from £4.43trn - the fastest annual growth since 2002 (21%).

Over the last 12 months the value of housing stock in London is estimated to have grown by £217bn and by £123bn in the South East; the two regions accounting for more than half of the total growth in value of UK housing stock. But all regions have seen growth in value, both yearly and in the past decade.

The largest increase was in London where the value of housing stock has more than doubled (109%). Scotland is close behind with a 96% rise, but there have been much smaller increases elsewhere, namely the West Midlands (32%) and the North East (33%).