Halifax reveals Londoners' homes worth 40 times more than in 1970

18 April 2005
New research from Halifax Estate Agents has revealed that Londoners are the winners in the property price war - the value of their properties has increased by more than 40 times since 1970.

Releasing findings to coincide with the run-up to the General Election on May 5th, Halifax Estate Agents has compared house prices since the time of Ted Heath's government in 1970.

The average property value in London is now £257,266, compared with £6,377 in 1970. The south-west is the next luckiest area in terms of house prices, with 1970's average price of £4,738 shooting up to today's figure of £191,426.

Scotland has seen the slowest rate of increase in the UK - house prices are only 23 times greater now than they were 25 years ago.

"What is very clear…is that home-ownership has been a tremendous success over the past few decades. The majority of people in the UK want to own a home of their own," said Martin Ellis, chief economist at Halifax.

It's not all doom and gloom for Scotland, however: Halifax revealed last week that the Scottish town of Belshill in Strathclyde saw the largest leap in house prices last year, rising from £72,508 to £105,698.

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