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Last decade saw sharpest price increases in UK property market but research shows changing pattern
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The average price of a residential property in the UK has increased by 273% since 1959 in real terms with the biggest rise in the last decade, according to new research.
In the 2000s prices increased 62%, just ahead of the next biggest rise in the 1980s of 61%, the research into the housing market in the last 50 years from Halifax shows.
The worst performing decade for property prices was the 1990s when prices fell 22% in real terms.
Overall the analysis shows that pronounced cycles have been a key feature of the real estate market. It points to four distinct periods of rapid real house price growth; 1971 to 1973, 1977 to 1980, 1985 to 1989, and 1998 to 2007. Each was followed by a significant fall in real house prices.
Fifty years ago, the average home cost £2,507 and one in seven had an outside toilet. A half century on, the average home costs £162,085 and two in every 1,000 households still have an outside loo.
The decade-by-decade data paints a picture of Britain today more divided than ever by regional house price differences. Halifax found that the region with the lowest prices in 1960 was Yorkshire and Humberside and it remains the lowest now.
But every region in Britain has fallen further and further behind London. It said the difference was down to the rise in real earnings, which have increased more in Greater London than in any other region.
The worst performing decade for property prices was the 1990s when prices fell 22% in real terms.
Overall the analysis shows that pronounced cycles have been a key feature of the real estate market. It points to four distinct periods of rapid real house price growth; 1971 to 1973, 1977 to 1980, 1985 to 1989, and 1998 to 2007. Each was followed by a significant fall in real house prices.
Fifty years ago, the average home cost £2,507 and one in seven had an outside toilet. A half century on, the average home costs £162,085 and two in every 1,000 households still have an outside loo.
The decade-by-decade data paints a picture of Britain today more divided than ever by regional house price differences. Halifax found that the region with the lowest prices in 1960 was Yorkshire and Humberside and it remains the lowest now.
But every region in Britain has fallen further and further behind London. It said the difference was down to the rise in real earnings, which have increased more in Greater London than in any other region.
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