House prices ‘doubled in past decade’

House prices more than doubled in the UK over the past ten years, according to figures from Halifax.

The bank studied the changing values through the 2000s and found that during this time the mean cost of buying a home rose from £81,596 in the last quarter of 1999 to £167,020 exactly ten years later – a rise of 105 per cent.

Of the places that saw the greatest increases, three of the four top performers were in Cornwall, with Redruth seeing a 207 per cent jump.

The smallest increase took place in Greater London at 80 per cent, followed by the south-east on 85 per cent.

Such a situation may suggest that those looking for mortgages will have seen a partial levelling up of prices, as the average home outside the most expensive parts of the country has closed the gap in values.

According to the latest Land Registry figures (November 2009), the average London price for a home was £324,231 and the typical figure for the south-east stood at £202,140.

These were the two most expensive regions of England and Wales, with the national figure for property values standing at £161,554.

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