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House prices rose by 91% in the past decade

House prices rose by 91% in the past decade

Category: Mortgages

Updated: 31/01/2011
First Published: 31/01/2011

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

The price of a home in the UK rose by 91% between 2000 and 2010, new research has revealed.

The national average price for a property increased by more than £78,000 (91%) from £86,095 in late 2000, to £164,310 at the end of 2010, figures from Halifax show.

The six regions with the highest house price growth since 2000 are all outside the south of England.

The North recorded the biggest rise (130%) followed by Yorkshire and the Humber (125%) and Wales (108%). Greater London (63%) and the South East (75%) saw the smallest price gains over the decade.

However, despite the more marked percentage rise over the decade in the North, the average house price in the regions across the South (£206,091) is now 56% higher than in the North (£132,163).

Ten years ago prices in the South were, on average 80% higher than in the North. However, there are signs that this regional pattern is reversing with the North-South divide beginning to widen again.

Between 2005 and 2010, the South East experienced the biggest price increases on the UK mainland (4%) while the North recorded the largest fall (-10%).

Penzance has recorded the biggest increase in house prices among UK towns since 2000. The average house price in the Cornish town increased by 193% from £70,171 in late 2000 to £205,532 at the end of 2010.

"The turn of this century marked the start of a period of strong house price growth across the UK," said Suren Thiru, Halifax housing economist.

"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."

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