Residential property prices have risen by over three times the rate of stock market, over the pasty decade, according to a recent report.

The Halifax reveals that UK house prices have soared by 187% since February 1996, while stock prices rose 61% over the same period. In comparison nominal earnings rose by 54%, while retail prices were up 31%.

The highest property price increase was recorded in London, up 240%, followed by Northern Ireland, where prices rose 231% and south-west England, up 213%.

Tim Crawford, group economist at Halifax, said: "The premium for living in London has increased over the last ten years, as the average property price in the capital has more than tripled."