The latest research by estate agent comparison site, GetAgent.co.uk, has revealed that despite house prices reaching record highs in recent years, the increase seen in the last decade sits well below that of previous decades.
The research shows that:
Back in Jan 2010, the average UK house price was £167,469, climbing to £231,792 by the end of the decade – a 38.4% increase. However, after adjusting for inflation, the rate of house price growth seen between Jan 2010 and December 2019 actually sits at just 14.8%, the second lowest rate of house price growth of any of the last five decades.
In fact, it’s only been the 90s when the market has posted a worst performance, with house prices increasing by just 9.7% after adjusting for inflation.
While the noughties wasn’t a bad decade for homebuyers, it still ranks just third where inflation adjusted house price growth is concerned, with the average UK house price climbing by a respectable 66.8%.
The 70s ranks second, with house prices climbing by 69.8% after adjusting for inflation, but it’s the 80s that have proved the best decade to buy a home.
After adjusting for inflation, the average UK house price was just £66,783 back in January 1980. By the end of the decade, the cost of buying bricks and mortar had climbed to £127,207, a 90.5% increase.