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UK house prices treble in 20 years

Average home in Greater London now costs £533,437

The price of a home in the UK has more than trebled since the turn of the century, research shows.

At the end of 1999 the average price of a home was £91,199, but by the end of November 2019 it had soared to £279,997, representing an increase of over 200%.

The biggest increase has been in Greater London, where the average house price has risen by 239% from £157,453 to £533,437.

The research by Halifax reveals the house price to earnings ratio – a measure of affordability – has rocketed from 5.4 to 10.8 in Greater London.

While every region saw houses at the very least double in value, residents in Northern Ireland experienced the least dramatic increase at 139%.

Russell Galley, managing director at Halifax, said despite a shortage of homes and the ongoing challenge of raising deposits, the number of first-time buyers is moving in the right direction.

“Key to this is continued low mortgage rates and a wealth of options available to first-time buyers, helping to support even more step foot on the ladder,” he added.