According to Halifax, the UK privately owned housing market grew in value by 51 per cent in the last 10 years and is now worth £5.6 trillion. That’s £5,600,000,000,000! To put that into context, Zoopla calculated that if the fortunes of the world’s 1,810 billionaires was added together, it still wouldn’t come close to the collective value of British homeowner’s homes.

In 2016, the value of privately owned homes in the UK has grown by more than £337bn. In the previous ten years, the value has increased by £1.9tn. The reason for the big jump in collective value is a combination of house price increases and an increase in home ownership in the UK.

Martin Ellis, housing economist at Halifax, said: “Overall housing equity held by UK households is in a healthy state, with total housing assets worth over £4.2 trillion more than the value of mortgage debt. Housing equity has grown by £1.6 trillion since 2006. For almost one in three homeowners – who own their home with no outstanding mortgage debt – their financial position is even stronger.”