Pre-WW1 homes see biggest bubble

Properties built before the end of the First World War have risen by an average of 461% - equivalent to £516 per month - from £33,619 in 1986 to £188,473 in 2011.

This is significantly more than the average house price increase for all properties of 357% (£449 per month).

After pre-1919 homes, properties built since 1960 have seen the next largest rise in house prices, increasing over the last twenty five years by 348% to £169,168.

On the other side of the scale, however, properties built between the end of the Second World War and 1960 - a period which saw the advent of the high rise and of more European open plan homes - have seen the smallest increase in prices with an average rise of 249% over the period.

And property values for those built between 1919 and 1945 and 1946 to 1960 have declined by a quarter since 2007, while the average price of houses built since 1960 has fallen the least at 19%.

Martin Ellis Halifax housing economist, said: "There are many intricate reasons for the reversal in fortunes for pre-1919 homes since 2007. We may suggest, however, that demand for larger properties has dipped more than for smaller properties in the context of more constraining economic conditions since 2007."

Houses built before 1919 are on average the most expensive with an average price of £188,473. The least expensive are those built over the period 1946 to 1960 with an average price of £144,988 - 15% below the average price for all properties (£172,506).

Over the last ten years, average prices have risen most for pre-1919 properties and those constructed after 1960, with both increasing by approximately 60%.

Properties built between 1946 and 1960, which saw the smallest gains over the last quarter of a century, have also seen the smallest gains in the past ten years with an average rise of 48%.

The most expensive properties across all age bands are unsurprisingly in Greater London: properties built before 1919 have an average price of just under £361,000 in the capital.

Over the last 25 years, the largest average price increases have been in Scotland (528%), Greater London (521%) and Yorkshire and the Humber (520%). The smallest increase has been in the South East (408%).