UK house prices have increased by an average of 306% over the last 20 years, according to Halifax. The information was compiled by the lender and relates to the period it has been running its Halifax House Price Index.
The biggest increases were recorded in Greater London where prices have risen by 456%, while the smallest increases have been in Scotland (158%).
The divide between the North and the South has widened significantly over the past 20 years. Prices in London are now 76% above the national average compared with 28% in 1983. At the other end of the spectrum, prices in Scotland are currently 59% of the UK average compared with 93% in 1983.
The most and least expensive towns have remained unchanged since 1988. Esher in Surrey was the most expensive town in 1988 with an average price of £195,103, and is still the most expensive today at £416,328.
Abertillery in Wales was the least expensive town in 1988 with an average price of £18,010, and still remains the least expensive at £37,872 today.
The increase over the last 20 years in the number of people owning their own home is the biggest ever recorded. There are now 4.5 million more owner- occupiers than there were 20 years ago ‘ 17.1 million compared with 12.6 million in 1983.
In percentage terms, owner-occupation has risen from 59% in 1983 to a level of 70% today. Currently, the South East has the highest level of owner-occupation (76%), while Greater London has the lowest level of owner occupation at 58%.