Almost £800bn of equity was available for release in UK homes during the first quarter of 2022, representing an increase of more than £19bn in three months and the first time it has exceeded this milestone, according to the latest data from Halifax’s quarterly regional house price index.

The data, which was analysed by Canada Life, found that the total amount of housing equity available to homeowners aged over 55 now stands at an estimated £785.4bn.

It showed that the average price of a property in the South East is £385k, creating £153.5bn of potential equity and making it the highest value region in the UK.

London followed closely where the average house price is £534k, creating £143.1bn of total potential equity.

Homeowners in these regions can now expect to be able to release around £135k and £187k respectively, according to the data.

Meanwhile, homeowners in Wales and Yorkshire have the least amount of equity available per household with £55.8k and £67.2k available on average.

Property prices rose by 4% in the East Midlands, the biggest jump in the UK. This has led to almost £50bn of available equity, representing £82k per household on an average basis.

Canada Life insurance head of marketing Alice Watson says: “Everyone is noticing the increasing cost of living across the UK and people are feeling the pressure of rising inflation.”

“Our latest research shows the sums that homeowners could expect to receive if they explored some of the value locked up in their property. With almost £800bn available across the UK, the collective pot is breaking new records every quarter.”