The total value of privately owned properties in the UK has increased by £1.94 trillion over the last decade, surpassing £6 trillion for the first time.

A study conducted by Halifax found the overall value has risen by £376 billion in the past year alone, reflecting a growth of 5% in average house prices in the year to August.

The rise in average house price and the stock of privately owned dwellings growing by 1.9 million to 23.4 million has led to this surge, with London and the South East accounting for more than half of the increase over the last decade.

Since 2007, the average house price in the capital has increased by £349,629 to £579,761 – a 71% increase – while the stock of privately owned properties has grown by a quarter of a million (10%).

Russell Galley, managing director, Halifax, said that the figures highlight a ‘considerable regional imbalance’ in the distribution of housing wealth.

“Within the capital there is also a mix of fortunes,” he continued. “While more than a fifth of total property wealth is in London, lower levels of owner occupation reflect a major barrier to the property ladder with a far greater number of people renting where house prices are at their highest.”

Northern Ireland was less fortunate, with housing wealth in the region plunging by 24% over the last 10 years. This is mainly due to house prices being 34% lower than in 2007.

The overall housing value in southern England has risen over two and a half times faster than the north since a decade ago (65% and 25% respectively).

Some 76% of private housing across the UK belongs to owner occupiers; in London, however, only 62% of private housing residents live in homes that they own.

Residents aged from 55 to 64 make up almost a quarter of total housing wealth, while 40% is held by over 65s. Unsurprisingly, 0.1% of net housing wealth is held by those aged 16 to 24.