Halifax reveals Londoners' homes worth 40 times more than in 1970
18/04/2005
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.
Click here to find the best mortgage deals to buy your dream home - wherever it is in the UK.
© DeHavilland Information Services plc
…other Mortgages Stories
Mortgages News Archive
Alternatively click on Mortgages advertising links below: