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Despite a fall of more than one-fifth between mid 2007 and mid 2009, house prices increased by more in real (ie, inflation adjusted) terms than in any other decade over the last 50 years.
House prices increased by 105 per cent during the past decade, taking the UK average house price from £81,596 in 1999 quarter 4 to £167,020 in 2009 quarter 4.
The national average price increased by 145 per cent between the start of the 2000s and the peak in 2007 quarter 3. This was followed by a 21 per cent decline over the next seven quarters. Prices subsequently increased by 6 per cent during the final two quarters of the decade. House prices ended the 2000s at a level similar to that in 2005 quarter 3.
Towns
Redruth in Cornwall recorded the biggest price rise during the decade (207 per cent).
Three of the four towns that delivered the largest gains are in Cornwall; Redruth, Penzance and Helston.
Wallasey in Merseyside (172 per cent) and Wallsend in Tyne and Wear (164 per cent) were the best performers in the north.
Ramsgate (181 per cent) and Southend on Sea (160 per cent) were the best performing towns in the South East.
All ten towns recording the fastest house price growth in the 2000s are on, or close to, the coast.
Regions
Yorkshire and the Humber recorded the biggest rise in prices during the 2000s (130 per cent).
Wales (122 per cent) and the North (120 per cent) experienced the next largest increases.
Greater London (80 per cent) and the South East (85 per cent) saw the smallest price gains over the decade.
The regional pattern was the reverse of the previous decade. During the 1990s, London experienced the biggest prices rises on the UK mainland (48 per cent) and Yorkshire and the Humber recorded the smallest increase (three per cent).
Martin Ellis, housing economist at Halifax, commented: "The noughties was a significant decade for house prices. Overall, prices increased considerably despite the marked decline towards the end of the decade. This contrasted sharply with the 1990s when prices rose only modestly in monetary terms and actually fell once retail price inflation is taken into account.
The majority of towns that experienced the strongest price growth began the decade with lower than average property prices, which provided the platform for bigger price gains. Seaside towns fared particularly well as the attraction of having a home on the coast helped to boost demand."
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