House prices rise 187 per cent since 1996
Nov 07, 2006
House prices have risen by an average of 187 per cent across the UK since the housing market's recovery a decade ago, figures from Halifax show.
In the first quarter of 1996 the average house price stood at £62,453 but now costs £179,425, compared to retail price growth of 31 per cent since 1996 and earnings growth of 54 per cent.
The highest increase in house prices took place in London, where prices have risen by 240 per cent since February 1996, while Cornwall was the best-performing county, with a 274 per cent rise in its average house price.
Scotland saw the lowest rise in house prices of 110 per cent, although the building society pointed out that the country had seen almost no fall in house prices in the early 1990s, unlike London which saw the largest fall of 23 per cent between the second quarter of 1989 and the first quarter of 1996. The highest price town in the UK is now Gerrard's Cross, where the average house costs £712,828.
The building society said that the outlook for the UK housing market looked sound, as it was underpinned by a stronger economy, which had grown for 56 consecutive quarters, the longest period of unbroken economic growth on record.
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