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House prices rise by more than 35 times since 1970

18th April 2005 | back to article listings BACK    print this article PRINT

The average price of a house in the UK has increased by more than 35 times, since 1970, according to Halifax.

Its new research in the run-up to the general election found that the average price has rocketed from £4,874 in 1970, to £172,788 in 2004.

Homeowners in London have seen the value of their homes increase by over 40 times.

Whereas, homeowners in Scotland have seen the smallest rate of growth in the UK: prices there only rose by 23 times.

Commenting on the research, the chief economist at Halifax, Martin Ellis said: "Homeowners have seen good rates of house price increases under both main political parties, just as they have seen real house price falls under both Governments."

As far as actual governments affecting house prices, homeowners saw the greatest annual rate of increase under Ted Heath's Conservative Government between 1970 and 1974.

During his term in office, house prices in the UK rose by an average of over 13 per cent per year in real terms.

However, Harold Wilson's Labour Government between March 1974 and April 1976 caused house prices to actually fall in real terms by 13 per cent.

Home ownership throughout the UK since 1964 has risen from 45 per cent to its current level of 70 per cent.

This prompted Mr Ellis to conclude: "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."

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