House prices in the UK have more than trebled in the last 20 years

House prices in the UK have more than trebled in 20 years.

The average home that would have set you back £91,199 in 1999 is now £279,997, data from the Halifax reveals.

Greater London has seen the biggest rise with the average buyer needing to spend £533,437 – up 239% from £157,453.

This has led to a decrease in affordability within the capital. In 2000, the house-price-to-earnings ratio – wages as a proportion of the cost of a home – was 5.4 but it has now rocketed to 10.8.

London is closely followed by East Anglia where home buyers face costs 238% higher at an average £270,206.

Homes there have also become much less affordable as the house-price-to-earnings ratio has gone from 4 to 6.8.


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And in the southwest of England, the average house price was £88,509 in 1997 but is now £188,766.

While every region has seen house prices at least double in value, Northern Ireland has seen the least dramatic increase at 139% – from £69,648 to £166,704.

Russell Galley managing director at Halifax, which carried out the analysis, 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."

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