A new report by Halifax claims that the value of total UK housing stock has reached £4 trillion, more than trebling since 1997.
The Halifax annual review of the value of housing stock 2008 also shows a sharp increase in housing equity, which has risen by nearly £2 trillion in the last decade.
That figure rose by over £197 billion in 2007 alone.
Martin Ellis, chief economist at Halifax, said: "This has significantly strengthened the household balance sheet. Mortgage debt accounts for only 30 per cent of the value of the UK's £4 trillion worth of housing assets.
Although seeing a fall of 0.5 per cent in December 2007, Nationwide also reported an overall annual rise in the average UK house price. Fionnuala Earley, Nationwide's chief economist, said the average house price stood at £182,080, a rise of £8,334.
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