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Property prices 'doubled since 2000'

Property prices 'doubled since 2000'
Despite recent declines in the property market precipitated by the credit crunch, the UK's housing sector has seen significant price increases over the last ten years.

According to a survey conducted by Halifax, over the course of the last decade, property prices have gone up twofold in real terms.

This was the most significant rise recorded in any ten-year period over the last 50 years, the firm noted.

While the price of the average domicile was £81,596 in 1999, this figure had increased to £167,020 in the last quarter of 2010.

Martin Ellis, housing economist at Halifax, stated: "The noughties was a significant decade for house prices. Overall, prices increased considerably despite the marked decline towards the end of the decade."

Recently, editor of Your Mortgage Paula John suggested that the property market was stimulated last month by the provision of more competitive mortgage deals offered by banks and building societies.