New research from Halifax shows that the value of the UK's private housing stock has trebled over the past ten years from £1.1 trillion in 1995 to £3.4 trillion in 2005.

This means the household balance sheet in good shape with net equity of £2.4 trillion, said the lender. The value of the private housing stock (£3.4 trillion) was twice the value of household financial assets (£1.6 trillion) in 2005 and more than three and a half times outstanding mortgage debt of £967 billion. 

With a total value of £40 billion, Halifax calculates that Westminster has the most valuable housing stock in Great Britain. Seven of the ten local authorities (LAs) with the most valuable private housing stocks are in London.

Over the past five years, the value of the housing stock has increased at the sharpest rate in Eden in the North West, up 169% and Easington in the North of England, up 160%.

However, three of the top ten increases were in the South West of England – North Cornwall, Penwith and North Devon.

London's housing stock alone, at £584bn, is worth more than the combined housing stock of Scotland, Wales, Northern Ireland and the North - £520bn. However, London saw the smallest rise in the last five years of any region, with the value of its housing stock rising 53% from £381 billion in 2000.

55% of the UK's housing wealth is located in the southern regions of England while 33% is located in northern and middle England. Only 12% of the value of the housing stock is located in Wales, Scotland and Northern Ireland, despite accounting for 16% of the UK's population.

Southern England has 44% of the UK's population, while northern and middle England accounts for 40% of the total.