20 Jan

Halifax figures show 273% rise in house prices

Halifax figures show 273% rise in house prices

Research released by the Halifax that has examined the property market over the past five decades has revealed that average house prices have risen by 273 per cent since 1959, after allowing for retail price inflation.

According to the organisation, this represents an average annual increase of 2.7 per cent.

It also found that owner occupation has increased substantially, with 68 per cent of people owning the property they live in by 2008, compared with 43 per cent in 1961.

Although the private rental sector has shrunk considerably since the 1950s, the building society noted that it has rebounded over the past two decades, increasing its market share to 14 per cent in 2008 compared with nine per cent in 1991.

Earlier in January, Karen Barrett from Unbiased.co.uk, commented that many renters still want to get on the property ladder, with the idea of owning a home most popular among consumers aged 18 to 34.ADNFCR-1222-ID-19569034-ADNFCR

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