Property values soared threefold in a decade, says Halifax

The last ten years saw a trebling of UK residential property values, Halifax has said.

Research by the bank has found that the sum of the value of all UK private residential properties has now reached £4 trillion.

The highest increase came in Northern Ireland at 404 per cent, followed by Wales at 223 per cent, although 36 per cent of the total value is still tied up in properties in London and the south-east.

Overall, the increase in value has easily outstripped inflation, with retail prices index inflation - the measure which includes house prices - rising by 31 per cent during the same period.

This decline in affordability may encourage some wishing to obtain their own home to consider the self build method.

Figures from the Council of Mortgage Lenders last week showed that the last few months have seen a slight improvement in affordability.

In November the average salary multiple paid by a first-time buyer was 3.33, compared with 3.39 in August.


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