OWNING your own home has been nearly twice as profitable as investing in gold during the past three-and-a-half years, figures showed yesterday.
Nationwide Building Society said the cost of property had increased by 68 per cent since February 2000 to an average of £129,258, while the price of gold had risen by 35 per cent to £237 per troy ounce during the same period.
At the same time, the value of the FTSE 100 index has fallen by 32.4 per cent.
Alex Bannister, Nationwide's group economist, said: ''While this makes housing look like a fantastic investment, the current rate of house price inflation is not sustainable and we predict a far slower pace in the future.''
Paul Reynolds, chairman of the North-East branch of the National Association of Estate Agents, said: "Historically, houses have always been seen as a safe investment and people are making huge amounts on property.
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