Consumers are increasingly likely to turn to the wealth stored in housing in the future, it has been claimed.

Industry analyst Capital Economics asserts that there are likely to be positive and negative implications following seven years of house price growth.

While mortgage debt is likely to be higher than has historically been the case, there may be a corresponding increase in the value of homes as assets.

This could have a dual effect on lending such as homeowner loans, which are secured against property.

"Mortgage debt will continue to rise sharply for several years, pushing up households' debt servicing burdens," the analyst predicts.

"But the effect of this on spending should be partly offset as households continue to unlock the gains in their housing wealth."

As a result, the amount obtained via homeowner loans could be set to increase in the future.

Figures from Credit Action reveal that the average Briton owes some £56,309, of which £47,436 is in the form of a mortgage.ADNFCR-1287-ID-18337528-ADNFCR

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