This represented an increase of £892bn (9%) on the £9.6 trillion recorded in 2015.

The past decade has seen wealth held by households increase by £3.9 trillion (59%) from £6.6 trillion in 2006.

This increase works out as £143,059 per household since 2006.

This means that the value of household wealth has grown faster than both the retail price index (up 33%) and gross household disposable income (up 37%) in the past decade.

Average house prices rose by 4.9% during the year and an additional 183,000 homes were added to the stock of private properties (both owner-occupied and those in the private rental sector).

This resulted in the housing wealth contributing an estimated £431bn to the overall increase in wealth – accounting for 48% of the total rise.

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The contribution of housing wealth in the household portfolio mix edged up in the year from 41% to 42% in 2016.

The proportion accounted for by financial assets was 58%.

The total value of financial assets – including bank and building society deposits, government bonds, shares in companies, life assurance and pensions – rose by £461bn (8%) in 2016.

"For many people, their overall wealth is locked up in assets that they hold for the longer term, like their homes, their pensions, Isas and investments,” said Sarah Deaves, private banking director at Lloyds Bank.

“With rising house and equity prices, net worth has increased substantially in the past decade, growing by £143,000 per household on average.

“Increasing levels of wealth are clearly positive for households, but with recent changes, like pensions freedoms, it also highlights the increasing importance of proper financial planning, especially as people approach and move into retirement.”