UK house prices rise 91% in a decade
Monday, 31 January 2011 3:33 PM
House prices in the UK have almost doubled in the past ten years, according to new research by Halifax.
Based on the lender's own data, the typical asking price rose by more than £78,000, or 91 per cent, from £86,095 in late 2000 to £164,310 at the end of last year.
The current housing market cycle saw average values increase by more than 130 per cent between the final three months of 2000 and the market peak of £199,766 in the third quarter of 2007.
This was followed by a 21 per cent drop to £157,767 within the first six months of 2009, though the market has now stabilised somewhat with subsequent price increases bringing the latest figure close to 2005 levels.
Suren Thiru, housing economist at Halifax, explained how recent years had seen a shift in power between the UK property markets of England's northern and southern regions.
"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.
"However, recently, 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," he added.
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