UK house prices up 91% in the last 10yrs

People looking for the best mortgage rates may be interested to hear that UK house prices have risen by 91 per cent in the last decade, according to research by Halifax.

Halifax's data showed that the average house price in the UK increased from £86,095 in late 2000 to £164,310 by the end of 2010.

The research also revealed that the current housing market cycle saw the average house price in the UK increase by 132 per cent between 2000 Q4 and the recent market peak of £199,766 in 2007 Q3.

Suren Thiru, Halifax housing economist, said: "The turn of this century marked the start of a period of strong house price growth across the UK.

"The traditional home of price gains, the south, was left behind by strong growth in the north where house prices more than doubled over the period."

Housing price increases in the north have helped to close the gap between the average prices when compared to the south. In 2000, house prices in the south were 80 per cent higher than in the north, which has decreased to 56 per cent currently.

Helen Adams, managing director at FirstRungNow.com, recently predicted that house prices will dip in the second half of 2011 following a stagnant start to the year.
 

Moneyextra.com recommends you take independent financial advice before acting on any article

Back

2011-01-31 16:20:05 © Moneyextra.com