There was a steady rise in house price over the past 5 decades, with the 2000s registering the biggest rise of 62%, followed by the 1980s which reported a price of 61%.

1990s were, on the other hand, the worst performing years for prices of residential properties, when they actually fell by a whopping 225.

Since 1959, "pronounced cycles" have been a prominent feature of the housing sector, with four periods registering major rises in prices - 1971-73, 1977-80, 1985-89 and 1998-2007. Each of these periods, however, research reveals, were followed by a significant fall as well.

Owner occupation rates also have been rising steadily, going from 43% in 1960 to m68% in 2008. The rise was mostly driven by the launch of the right to buy scheme which came out in the
1980s.

The research was carried out by Halifax.

“No doubt, there will be further dramatic changes over the coming years, most likely including ways that we are currently unable to foresee", said Martin Ellis, Housing Economist at Halifax.