London house prices 'rise less than other regions' during 00s
Wednesday, 27 January 2010 7:35 PM
House price gains in greater London and the south-east were smaller on average than other UK regions, according to new data.
Across the country, house prices have increased by 105 per cent over the last ten years, according to Halifax, taking the average value of a property from £81,596 in the final three months of 1999 to £167,020 in the fourth quarter of last year.
Greater London's house prices increased by 80 per cent during that time, while the south-east region experienced price rises of 85 per cent.
However, the greatest rises were seen in the north of the country, with homeowners in the Yorkshire and the Humber region experiencing the most lucrative gains during the noughties.
Property price rises in this region more than doubled by 130 per cent, while Wales and the north saw increases in value of 122 per cent and 120 per cent respectively.
Commenting on the findings, housing economist at Halifax Martin Ellis explained: "Overall, prices increased considerably despite the marked decline towards the end of the decade.
"This contrasted sharply with the 1990s when prices rose only modestly in monetary terms and actually fell once retail price inflation is taken into account."
Earlier this week, chief executive officer at Firstrung Paul Holmes indicated that the UK property market is only likely to be halfway through its price correction, suggesting that values could drop even further in 2010.
