“In 1952, the average UK House Price was £1,891.00, 32% of households were owner occupiers and we were building ¼ million new homes a year – how times have changed” Alison O'Connor
Source: Estate Agent Today
The average property price in the UK is 86 times higher now than in 1952, research by HSBC has revealed ahead of the Diamond Jubilee.
At the start of the Queen's reign the average property was priced at £1891, compared to an average £162,722 today.
By comparison, retail prices have risen by a multiple of 25 over the same period, meaning that for most people buying a home has been a very good investment even after stripping out the effects of inflation.
The number of dwellings in the UK has almost doubled since 1952, with 14.1 million at the start of the Queen's reign, compared to an estimated 27.3 million today. 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 (68%) of the country are now owner occupiers, compared to one third (32%) in 1952. Indeed, at the start of the Queen's reign half of the country was renting privately compared to 14% today.
Peter Dockar, Head of Mortgages at HSBC, said: "The housing market has changed a great deal under the current monarch, with the aspiration towards home ownership and the increase in house prices most dramatic over the second half of the Queen's reign.
"There is no doubt that property has remained a sound investment over this period.
"Home ownership remains an ambition for many and we continue to make new products available to help first-time buyers achieve their dreams of taking their first step onto the property ladder."
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