UK house prices tracked since 1970

New research from Halifax has indicated that UK house prices have risen by 35 times since 1970. For Londoners this increase stands at more than 40 times.

Over the same period inflation has seen the value of the pound fall by less than ten times.

The research shows that the average house price stood at £172,788 at the end of 2004, compared to just £4,874 in 1970.

Commenting on the research, the chief economist at Halifax, Martin Ellis 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."

Although the market has seen house prices rocket over recent years the greatest annual rates of increase since 1970 was a 13 per cent rise between 1970 and 1974.