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House prices beat RPI over 10 years

The South-east of England saw the biggest increases in house prices over the past decade while some towns in the west of Scotland witnessed big declines, according to the Halifax.

The new survey by the UK&#39s biggest mortgage lender looks at regional variations in prices between 1991 and 2001 covering a total of 720 towns.

Over the decade, Thames Ditton in the South-east saw the biggest jump of 206 per cent to £342,262 from £111,833 and Teddington in Greater London had a 194 per cent jump to £326,168 from £111,883.

At the other end of the table, Ardrossan on the Scottish west coast experienced a 6 per cent decrease to £47,000 from £49,935 and in nearby Irvine the average house price fell by 5 per cent to £48,560 from £51,216.

The research also highlights the most and least expensive areas to live in the country.

It found Gerrards Cross in the South-east is the most expensive, with the average house costing £377,604. The cheapest town is Aberdare in Wales where the average price is £42,623.

Halifax group economist Martin Ellis says: “The scale of the increase in house prices in many of the country&#39s towns over the last 10 years demonstrates that residential property is a very good long-term investment.

“In the overwhelming majority of places in the UK, house prices have risen by more than the 30 per cent increase in retail prices over that period.”

•Nationwide survey, p14

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