Despite falling by a fifth at the end of the last decade, UK house prices have more than doubled since the start of the 21st century.
Figures released by the Halifax show that the average UK house price increased from £81,596 in the fourth quarter of 1999 to £167,020 at the end of 2009, a 105% growth. Homeowners in Redruth, Cornwall experienced the biggest increase, with the average house price rising 207% in the last decade, but all the top ten areas of largest growth are by the sea. Martin Ellis, Housing Economist at Halifax commented: “The majority of towns that experienced the strongest price growth began the decade with lower than average property prices, which provided the platform for bigger price gains.
Seaside towns fared particularly well as the attraction of having a home on the coast helped to boost demand.”
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Justin Moy