UK house price rises triple in decade says Halifax

Posted: 01 Nov 2006 11:41:57 GMT

UK house prices have almost tripled over the past ten years, rising 187 per cent since the market recovery from the last major slowdown, Halifax figures have shown

UK house prices have almost tripled over the past ten years, rising 187 per cent since the market recovery from the last major slowdown, Halifax figures have shown.

Average property prices have grown from £62,453 to £179,425 since February 1996, rising at an average of 10.6 per cent every year.

The gains made on property investment over the period are more than three times the 61 per cent returns that have been offered by the stock market in that time.

Cornwall leads the regional growth with rises of 274 per cent, although even Scotland, with the slowest growth, has offered 110 per cent on capital.

"The south-west has emerged as a highly sought after destination, led by Cornwall," said Halifax group economist Tim Crawford.

On a more local level, towns in Northern Ireland have made up for lost time with recent explosive growth after lagging behind national figures for a long time.

"The housing market in Northern Ireland has seen well above average house price growth, led by Newry and Antrim, two of the five top performing towns in the UK since 1996," said Mr Crawford.

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