Since 1959 the average price of a residential property in the UK has increased by +273% to £162,085 from a mere £2,507, with prices rising an incredible +62% in the nine years since 2000 according to Halifax.

The worst performing decade was the 1990’s where property prices fell -22%.

Halifax discovered that there have been four distinct periods of rapid real house price growth, which were 1971-73, 1977-80, 1985-89 and 1998-2007 with each period followed by a significant fall in real house prices.

Martin Ellis, Halifax housing economist, said: ‘The last 50 years have witnessed remarkable developments, with substantial changes in the both the number of households and their composition.’

The North/South house price divide has become more apparent since 1969 as prices in the South have increased more quickly. The average percentage difference between the highest and lowest priced UK region has increased from 84% in 1959 to 104% in 2009.

Owner-occupation rates have also increased since 1959, having gone up +25% from 43% in 1961 to 68% in 2008, particularly following the introduction of the ‘Right to Buy’ scheme. Due to this increase the proportion of homes which were privately rented fell from 33% in 1961 to 14% in 2008.

However there has been a more recent rise in the private rented sector as indicated by the rise in the number of buy-to-let property investors, which have gone up from 9% in 1991 to 14% in 2008.