According to the latest research by estate agents Coulters, house prices in Britain have surged 300% over the past 20 years. 

In 1999, the average house for a price in the UK stood at £77,961. Nowadays, that figure has increased substantially to £230,735. House prices in London have seen a whopping upsurge of £365,958.33 in the past two decades, marking a 316.34% jump in the same period. 

The cost of a deposit has also hiked significantly, due to the fact that although house prices have soared, incomes have risen, but at a much smaller rate. In 1999, a 10% deposit on a house would have equated roughly 43.8% of an average salary, but in 2019, the average deposit now totals to around 76% of the average worker’s annual income. 

Last week, Chancellor Rishi Sunak rolled out a stamp duty holiday on UK properties, as part of wider long-awaited budget announcements. An analysis by property group Zoopla indicates that the scheme results in 89% of the total number of households qualifying for this stamp duty holiday, marking a massive 73% increase from the previous 16%.  

The scheme was designed to boost economic activity and restart Britain’s property market following the aftermath of the coronavirus pandemic.