House price growth in the UK over the past five years has been higher than every country in the Eurozone except Spain, according to a Halifax survey.
The research also found Germany was the only Eurozone country to see house prices fall over the five-year period.
The average Eurozone house price increased by 40% since 2001, but in the UK, house prices leapt 90% over the same period. Spanish house prices increased by an average of 100% over the same period.
House prices in German fell by 2% in the last year and dropped 5% over the past five years. France and Ireland bow saw growth of over 70%, with average prices rising 73% and 71% respectively over the past five years.
Despite the rapid growth in Spanish house prices, to an average of £150,200, they still fall below the UK average of £187,100. Ireland was found to have the highest house prices in the Eurozone, at £209,300, while the Netherlands was just ahead of the UK with an average price of £190,900.
Halifax also examined house prices in the US, Canada and Australia and found the UK had the highest rate of growth among these countries. While the UK surged ahead with growth of 90%, Australia saw prices grow 54% and the US and Canada saw an increase of 36% each.
Commenting on the research, Tim Crawford, group economist at Halifax, says: "UK house prices have risen more rapidly than in its eurozone neighbours over the past five years. House price growth, however, has slowed in the past couple of years compared with the likes of Belgium and France recording bigger increases.”
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