UK house prices 'have grown by over 200% since 1959'
UK house prices have increased by over 200% since the 1950s in real terms, according to a new study.
The report by Halifax revealed prices have been growing at an average rate of 2.7% per year since 1959 creating an overall increase of 273%. Last decade saw the sharpest rise in prices of 62%. This is compared to a 22% decrease in the 1990s.
Martin Ellis, a housing economist at Halifax, said that the housing landscape has changed "dramatically" over the past 50 years, particularly in the area of off-plan property.
"Levels of house building have fallen sharply over recent decades, led by a reduction in building by the public sector. At the same time, the types of homes built have altered greatly both in terms of type and amenities", he explained.
Changes were also seen in the type of households which exist. In the 1970s, 1 in 5 households were occupied by just one person; this number has now increased to 1 in 3. There has also been a shift in the ratio of detached and semi-detached properties being built.
Rightmove reported recently that the housing market received a boost in the first week of the new decade as optimistic sellers pushed up property prices by 1.2%.
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