Thursday, 9 June 2022

Property has increased 13,690% during the Queen’s reign

I hope you all had a wonderful long weekend celebrating the Queen’s Platinum Jubilee. As I watched the Queen step out on to the balcony of the most expensive residential home in the world (Buckingham Palace, which is worth over £1bn), I thought it might be interesting to see how property prices have changed since her accession to the throne on the 6th February 1952. 

Back then, the average price of a property in the U.K was just £1,891. Seventy years later and the average property now costs £260,771; an amount which would have bought you 138 homes in 1952! 

Back then the UK was mostly an island of renters though, with only around four million owning their own home, compared to 15 million homeowners today. Buyers in 1952 were typically paying four times the average salary for a home, compared to eight times today’s average salary now.

It’s not just property that has increased in price though; with a pint of milk costing 4p and a pint of beer costing 9p when the Princess became the Queen, times certainly have changed across the land!

Of course, that meteoric house price growth has not been linear, as the below chart shows:

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