The price of a home in the UK has more than trebled in the last 20 years, with London property jumping the highest, with increases of 239% from £157,453 to £533,437, according to new research.
An average home in the UK would have cost just £91,199 at the end of the last millennium, but today a home would cost £279,997, Halifax found.
Every region saw houses at least double in value, although residents in Northern Ireland experienced the least dramatic increase at 139%, or £97,056.
A renewed focus on housing policy and increased infrastructure investment aimed outside the South East, for example, may go some way to rebalance the differences.
Russell Galley, Halifax
Scotland and the North of England saw the smallest increases over the period, up 172% and 185% respectively.
Russell Galley, Managing Director, Halifax, said: “The rise in house prices in London since the turn of the century is well documented, and a sharp decrease in affordability just shows how quickly the market has moved.
“Conversely, there are bargains to be had elsewhere such as in the North, Scotland and Northern Ireland where prices have been slightly more subdued and properties compared to earnings are comparatively affordable.
“A renewed focus on housing policy and increased infrastructure investment aimed outside the South East, for example, may go some way to rebalance the differences.”
First-time buyers will face tough times getting onto the housing ladder, with the cost of a first home outstripping the increases seen in the average UK home.
Source: Shropshire Star