The total value of the UK's privately-owned housing stock has passed the £6 trillion mark for the first time, according to research.
Over the past year alone, the total value of privately-owned homes has grown by £376 billion to reach £6.015 trillion, Halifax has calculated.
The average value per household in the UK now stands at £256,912, up from £187,310 in 2007, representing an increase of close to £70,000 (37%).
The report also found a wide regional variation in the level of housing equity - the difference between the value of the housing stock and total outstanding mortgage debt.
The highest is in London, where housing equity is estimated at £968 billion - equivalent to £360,193 per household.
Russell Galley, managing director at Halifax, said: "The value of housing stock has grown by close to £2 trillion in the past decade and with the equity-rich regions of London and the South East largely responsible, it highlights a considerable regional imbalance in the distribution of housing wealth.
"Within the capital there is also a mix of fortunes. 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."
Halifax said that, in general, net housing wealth peaks as home owners reach retirement age, with around 40% of property wealth being accounted for by households aged over 65.
Three-fifths (61%) of home owners in this age bracket are mortgage-free.
Nearly a quarter (24.4%) of total housing wealth is held by households in the 55 to 64 age group.
Nearly half (47%) of people aged 25 to 44 have a mortgage and account for 15.4% of total housing wealth, while just 0.1% net housing wealth is held by people aged 16 to 24.
Here is the value of privately-owned housing equity by region, according to Halifax, with the total value of housing in 2017 followed by the value of mortgage loans outstanding, the net housing equity and the average net housing equity per household:
North East, £136 billion, £36 billion, £100 billion, £106,896
North West, £469 billion, £114 billion, £355 billion £134,273
Yorkshire and the Humber, £341 billion, £80 billion, £261 billion, £133,282
East Midlands, £327 billion, £64 billion £262 billion, £152,288
West Midlands, £361 billion, £88 billion, £273 billion, £137,354
East, £688 billion, £90 billion, £598 billion, £269,756
London, £1.3 trillion, £370 billion, £968 billion, £360,193
South East, £1.2 trillion, £245 billion, £926 billion, £279,590
South West, £554 billion, £114 billion, £440 billion, £203,093
Scotland, £349 billion, £86 billion, £263 billion, £135,282
Wales, £189 billion, £39 billion, £150 billion, £126,190
Northern Ireland, £92 billion, £29 billion, £63 billion, £97,056
And here is the total household net property wealth distribution by age group, according to Halifax: