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Household wealth has more than doubled during the past 10 years on the back of soaring house prices, figures show.

Britons collectively had assets worth £6.336 trillion at the end of last year, after outstanding debt was taken into account, up from £2.795 trillion at the end of 1996, according to Halifax Financial Services.

The group said the total value of people’s assets rose by £4.343 billion during the past decade, massively outstripping the £802 billion rise in debt during the same period. Unsurprisingly, a large part of the gain in household wealth was driven by booming house prices, with rises in the value of property accounting for more than half of the gain.

At the end of last year, Britons were sitting on housing equity worth £2.702 trillion once mortgage debt had been stripped out, 244% more than the £787 billion of housing equity they had in 1996. The group added that the 216% growth in the overall value of housing assets comfortably outstripped the 163% rise in mortgage debt during the period.

Household wealth has more than doubled during the past 10 years on the back of soaring house prices, figures show.

Britons collectively had assets worth £6.336 trillion at the end of last year, after outstanding debt was taken into account, up from £2.795 trillion at the end of 1996, according to Halifax Financial Services.

The group said the total value of people’s assets rose by £4.343 billion during the past decade, massively outstripping the £802 billion rise in debt during the same period. Unsurprisingly, a large part of the gain in household wealth was driven by booming house prices, with rises in the value of property accounting for more than half of the gain.

At the end of last year, Britons were sitting on housing equity worth £2.702 trillion once mortgage debt had been stripped out, 244% more than the £787 billion of housing equity they had in 1996. The group added that the 216% growth in the overall value of housing assets comfortably outstripped the 163% rise in mortgage debt during the period.

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