Average property prices in the U.K. - 86 times higher since Queen Elizabeth II’s coronation
Queen Elizabeth II is celebrating her anniversary this year, which marks 60 years since the beginning of her reign in 1952. This anniversary has brought not only celebrations and commemorations, but also numerous reports and data for the progress and changes in life in the U.K. According to one such research, the average property price in the UK is currently 86 times higher than it was in 1952. The numbers are quite astounding – an average property was priced at £1,891 back then, compared to an average of £162,722 today, the research from HSBC reveals.
There isn’t much data available for the regional house prices in 1952 or the following years, so instead the research has examined house price growth since the Queen's Silver Jubilee in 1977. The largest growth over time is registered in London – with an increase of 1,782% from £15,593 to £293,375; whereas Northern Ireland has seen the smallest increase with only 665% from £13,322 to £109,562.
Retail prices have also risen 25 times over the same period, which means most people who bought some sort of property, have made a good investment, even considering the effects of inflation.
The number of estates in the UK has almost doubled since 1952, however, the number of new homes being built each year has fallen by 46% from 248,320 in 1952 to 133,840 in the latest estimate.
Two thirds of the country are currently occupied by their own owners, compared to one third (32%) in 1952. Actually in the 1950s, half of the country was renting privately compared to only 14% today.
The research concludes that the housing market in U.K. has changed a lot in the last 35 years and has taken the direction towards home ownership. There is no doubt that property has remained a sound investment over this period.
