Market analysis by leading mortgage broker Henry Dannell has revealed that the level of equity built up in the property market across England currently sits at over £2.6 trillion, with homes that are owned outright up 17 per cent over the period to 8.9 million.
In the West Midlands the total rose from 829,794 to 959,303 with Telford and Wrekin seeing one of the biggest percentage rises nationally at 26 per cent from 20,715 to 26,079.
The South East is home to the highest number of homes owned outright at over 1.5m, with this figure also exceeding the 1m mark in the North West, East of England and South West.
London is home to the highest average property values, but ranks second where the total equity of outright ownership is concerned, coming in just shy of £500 billion. The South East is home to the highest level of equity at £580bn.
The West Midlands, based on average house price of £238,408, is at £228bn.
Birmingham ranks fifth for local authorities at £29.5bn with 135,748 homes owned at an average price of £217,738.
Director of Henry Dannell, Geoff Garrett, commented: “A decade of mortgage affordability has helped fast track many home buyers along the path to outright ownership and, as a result, many are now sitting on a substantial level of equity within their home.
"At the same time, record house price growth has pushed the total market value of this equity to astonishing levels, equating to trillions of pounds for those homes no longer backed by a mortgage alone.
"So it’s hardly surprising that there has been a significant increase in the number of homeowners opting to release some of this accumulated wealth in order to supplement their lifestyle or to help younger generations climb the ladder.”