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09/08/2010 - Value of U.K. property more than doubled over past decade  09/08/2010 - Value of U.K. property more than doubled over past decade

The combined value of U.K. property has increased by up to 118 percent over the last decade; an increase which would have been greater had the market not crashed in 2007 and reduced prices by an average of eight percent.

In contrast the standard of living rose by twenty nine percent during the same period.

Martin Ellis, Housing economist at Halifax PLC., commented; "The past decade has seen a substantial increase in the value of housing assets in the U.K., with all regions recording average annual increases of seven percent to twelve percent."

The gap between prices in the North and South of the country have also diminished.  House prices in the North rose, on average, by 132 percent whereas the South saw a 109 percent rise.

The region with the largest price growth over the past decade was Northern Ireland, where prices rose by 198 percent.

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