House prices across the UK have risen by an average of 187 per cent since the property market began its recovery in February 1996, according to the Halifax, Britain’s biggest mortgage lender.

The typical home has risen by 10.6 per cent a year from £62,453 in the first quarter of 1996 to £179,425 today.

The huge growth in house prices has been driven by large increases in certain parts of the country, including London. Halifax’s research reveals that property values in the capital have soared by an incredible 240 per cent since 1996, while the rise in Scotland was just 110 per cent.

Other top performing areas include Cornwall, where prices have jumped 274 per cent in the last decade, and Carmarthenshire in Wales, where homeowners have seen the value of their homes leap 264 per cent.

Tim Crawford, group economist at Halifax, said: "The premium for living in London has increased over the last 10 years as the average property price in the capital has more than tripled. The south west has also emerged as a highly sought after destination."

Surrey, where the current average house price stands at £314,037, is the most expensive county in the country now – as it was in 1996.

However, all counties now have average house prices above £100,000, whereas typical properties in just eight counties across the country cost more than £75,000 in 1996.

Why are house prices still rising?

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