The main findings revealed that the average house price in the UK is now 35 times the price it was in 1970. It has increased from £4,874 in 1970 to £172,788 in 2004.
The biggest winners since 1970 have been homeowners in London; houses are now 40 times the price they were back then.
The next largest increase has been seen in the South West region with house prices 40 times those of 1970.
Homeowners in Scotland have seen the smallest rate of growth in the UK. House prices are 23 times the level they were 35 years ago.
Homeowners saw the greatest annual real rate of increase in house prices under Ted Heath’s Conservative government between 1970 and 1974.
During his term in office, house prices in the UK rose by an average of over 13 per cent per year in real terms.
Coming a close second has been Tony Blair’s current government where the real annual increase in house prices since 1997 has been just over 10 per cent.
Homeowners saw the slowest annual real rate of increase in house prices under Harold Wilson’s Labour government.
Annual house prices actually fell in real terms by 13 per cent between March 1974 and April 1976.
Homeownership has risen from 45 per cent in 1964 to its current level of 70 per cent.
Commenting on the research, Martin Ellis, chief economist at Halifax, said: “What is very clear is that homeownership has been a tremendous success over the past few decades.
“The majority of people in the UK want to own a home of their own.”
