27
Jan
Halifax: House prices up more than 100% in ten years
Halifax has released data which revealed that UK house prices rose
by 105 per cent over the past decade.
Despite significant falls during 2007 and 2009, the building
society found that property prices increased more during the
noughties than in any decade over the past 50 years.
By the fourth quarter of 2009, the average value of a home in the
UK stood at £167,020, compared with £81,596 in the final
three months of 1999.
According to the Halifax House Price Index, Redruth in Cornwall
experienced the biggest price rise over the decade, with property
values in the area growing by 207 per cent.
Other towns which performed well in terms of value were Wallasey in
Merseyside and Ramsgate in south-east England.
Martin Ellis, housing economist at Halifax, noted: "Overall, prices
increased considerably despite the marked decline towards the end
of the decade."
He added that the locations which saw the most substantial gains
had started the decade with lower than average property prices,
providing a platform for the big rises.
On January 20th, the firm published figures which revealed that the
average house price in the UK has increased by 273 per cent in real
terms since 1959, at an annual average rate of 2.7 per
cent.