Saturday, February 13, 2010
Category:
Property
According to Halifax, during the ‘noughties’ UK property prices increased more significantly in real terms than during any other decade in the past 50 years.
In fact an analysis has revealed that house prices rose by 105 percent, which took the average value from £81,596 in quarter four of 1999 to £167,020 quarter four of 2009.
Between the start of the 2000s and the peak in quarter three of 2007, the average UK property price reportedly increased by 145 percent. Findings show that following this period, there was a 21 percent decline during the subsequent seven quarters. A six percent increase in property prices was then noted in the last two quarters of the decade, leaving property prices at a similar level to the figure recorded in quarter three of 2005.
In relation to house prices within specific towns, it was found that the most substantial price increase was experienced in Redruth in Cornwall at 207 percent. In the north, Wallasey in Merseyside and Wallsend in Tyne and Wear were reportedly the best performing towns at 172 percent and 164 percent respectively. In the South East, Ramsgate and Southend on Sea were found to be the best performing towns at 181 percent and 160 percent respectively. The analysis highlighted that all ten towns that experienced the most rapid rise in house prices during the 2000s are in coastal locations, or nearby.
On a regional basis, it was discovered that the greatest property increase of the 2000s was in Yorkshire and the Humber at 130 percent. In contrast, the smallest increases of the decade were recorded in Greater London and the South East at 80 percent and 85 percent respectively.
Housing economist at Halifax, Martin Ellis, commented: "The noughties was a significant decade for house prices. Overall, prices increased considerably despite the marked decline towards the end of the decade. This contrasted sharply with the 1990s when prices rose only modestly in monetary terms and actually fell once retail price inflation is taken into account.
The majority of towns that experienced the strongest price growth began the decade with lower than average property prices, which provided the platform for bigger price gains. Seaside towns fared particularly well as the attraction of having a home on the coast helped to boost demand."
……………………………………………………………………………………………….......
Homeowners who have just moved into a new property and are keen to put their personal stamp on it could consider taking out a
secured loan for home improvements. Furthermore, existing homeowners who would like to rejuvenate their property could also investigate taking out a secured loan, which is one of many finance options available for home improvements. A range of projects could be embarked upon, from redecorating a property to extending it in order to create additional living space. A secured loan could be utilised to transform a house into a dream home.
