27 Jan

Halifax: House prices up more than 100% in ten years

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.ADNFCR-1222-ID-19581752-ADNFCR

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