The results of a fascinating study by the Halifax have revealed that houses are less affordable now than they were 50 years ago, although the quality has improved, thankfully. The Lloyds Banking Group owned conveyancing solicitors and lender found that UK house prices have risen by 2.7% a year between 1959 and 2009
and that there were four major boom periods that contributed the most. These were:

- 1971-73
- 1977-80
- 1985-89
and 1998-2007.

In real terms, the average home has almost quadrupled in value, rising 273% since 1959. But the figures aren’t all good, first time buyers (FTBs) have been hit by the changes as house building levels have fallen, but the proportion of households occupied by just one person has risen from 19% in 1971 to 33% in 2009, the Halifax said. The impact on affordability of smaller homes for FTB’s has been great owing to this shift, adding pressure to the market place.