House Prices
UK average house price, 1991-2007
This graph highlights the sharp rise in the average house price in the UK (based on a representative sample of homes) from 1991-2007.
In 1991 the average UK house price was about £62,000. This rose to a peak of around £223,000 in Autumn 2007, representing a 360% increase.
The housing market made a slow recovery from the recession in the early 1990s. This was followed by a major housing boom starting in 2000, which was at its peak in 2007. The market has since declined due to the impact of the credit crunch.
This sharp rise in house prices to 2007 has obvious implications for the affordability of housing for people on low and middle incomes. While house prices have declined since, there are still affordability problems.
Source: Regional Trends, 2009: Table 47a