Property prices 'double in ten years'
As the UK economy comes out of recession, many Britons may feel house prices are cheaper than they have been for some time following the property market crash.
However, new research has revealed that, despite a decline of one-fifth between 2007 and 2009, the average house price has in fact doubled over the course of the last decade.
Indeed, according to the Halifax House Price Index, in real terms property prices grew over the noughties at a greater rate than any other decade in the last 50 years.
Furthermore, house prices increased by 105 per cent, from an average of £81,596 at the end of 1999 to £167,020 at the end of 2009.
In London, house prices grew by 80 per cent, which may prompt people to consider flats to rent in Blackheath or another part of the capital as a more affordable option.
Martin Ellis, housing economist at Halifax, said: "The noughties was a significant decade for house prices. Overall, prices increased considerably despite the marked decline towards the end of the decade."
The National Landlords Association recently claimed more Britons are now considering renting.
Written by Charles Mackay
Published 27th January, 2010
© 2010 Estates IT Limited
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Over the last decade, the price of the average UK house has doubled, new research has found - which may prompt people to consider property to rent in London as a more affordable alternative to buying.