Mortgage comparison: Prices up "213%" in 15 years

17-Nov-2009

House prices in the UK have increased by 213 per cent in 15 years, it was said this week.

HSBC, which decided to analyse certain property sales to celebrate the 15th anniversary of the National Lottery, specifically studied those worth £1 million and over.

It was found that the number of million-pound homes sold has also risen - from 186 in 1995 to about 2,800 in 2009.

Since 1994, four residences have been bought for more than £20 million, while 64 received new owners for over £10 million.

In addition, the area with the highest concentration of million-pound purchases is Elmbridge in Surrey, HSBC found.

Andy Mielczarek is head of retail products at the bank and said the growth in sales of this calibre was "dramatic".

Of course, those trying to save up for a deposit may not be looking at any property this expensive just yet.

First-time buyers who want to get their foot on the first rung of the ladder could benefit from checking out what joint mortgage or shared ownership schemes are currently available.

FirstRungNow.com - how to buy a house, from finding your first flat or first house, first time buyer mortgages, shared ownership, buying with friends, gifted deposit, part buy part rent - all a first time buyer could possibly need.

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