UK house prices 'risen by 2.7% a year'

Posted: 20 Jan 2010 10:11:07 GMT

The value of properties in the UK has risen by some 2.7 per cent each year for the last 50 years, according to new statistics.

Halifax revealed that this figure is above the average 2 per cent wage increase that British people have seen in the same period.

The biggest escalation in house prices came in the noughties, with values rising by 62 per cent.

Similarly, there was a large rise in the eighties, when property prices increased in value by 61 per cent.

Martin Ellis, chief economist at Halifax, said: "The last 50 years have witnessed some remarkable developments in the UK housing market."

Recent figures from Rightmove revealed that during the first week of January alone there was a 1.2 per cent rise in the value of property in Britain, with the average asking price standing at £222,261.

However Selwyn Lim, director of Mouseprice, attributes the recent boom in house prices to "seasonality", stating that more people put their homes on the market in January than over the festive season.

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