UK House Prices Increase by 91% in 10 Years
The latest research carried out by Halifax showed that UK house prices rose almost by 100% in the past 10 years.
Interestingly enough, this figure stands at 132% if prices registered in 2000 and 2007 are compared. The years of 2008, 2009 and 2010, however, saw substantial drops and rises in property values, which resulted in a 91% increase over the past decade.
According to Halifax estimates, an average house, which was priced at £86,095 in the fourth quarter of 2000, gained £78,000, and was sold for £164,310 in the fourth quarter of 2010.
Halifax research showed that the price gap between the North and the South was still present, as it has always been the case. As such, property values in the North rose by 102%, whereas in the South they grew by 75% only. As a result, an average price of a house in the South was 56% higher than that of a house in the North.
Commenting on the findings, Suren Thiru, Halifax’s housing economist, said that “the turn of this century marked the start of a period of strong house price growth across the UK… However, there has been a slight reversal of this trend with the housing market in the south of England outperforming the rest of the country over the past few years.”