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 back in 1952. That does mean though that property prices have outpaced the wider rate of inflation by some margin.
Of course, that meteoric house price growth has not been linear, as the below chart shows:
It seems unlikely we’ll ever see such extravagant house price growth again. To do so would mean the average UK home costing close to £40million in the year 2092! Then again, the way the financial markets have swung about this year, hyperinflation some time in the next seven decades could well make that impossible looking figure a reality.
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