The main findings are as follows:
- Since 1970 the average house in the UK has increased by more than 35 times, from an average price of £4,874 in 1970, to £172,788 in 2004.
- The biggest winners since 1970 have been homeowners in London who have seen the value of their homes increase by over 40 times. The next largest increase has been seen in the South West region with house prices increasing by 40 times.
- Homeowners in Scotland have seen the smallest rate of growth in the UK. House prices have risen by 23 times during the past 35 years.
- Homeowners have seen 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 year in real terms (i.e. after adjusting for retail price inflation). 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%.
- 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% between March 1974 and April 1976.
* Home ownership has risen from 45% in 1964 to its current level of 70%
Commenting on the research, Martin Ellis, Chief Economist at Halifax, said: "Homeowners have seen good rates of house price increases under both main political parties, just as they have seen real house price falls under both Governments. What is very clear however, is that home-ownership 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."
