Piggybank News

May 25, 2012

Diamond Jubilee – The Changing Property Market since 1952

Filed under: Property — nspresources @ 11:45 am
Tags: , , , , , ,

HSBC research ahead of the Diamond Jubilee has revealed some startling facts and comparisons on the UK property market over the past 60 years:

The average property price in the UK is 86 times higher now than in 1952

At the start of the Queen’s reign the average property was priced at £1891, compared to an average £162,722 today.

Over the past sixty years retail prices have raised 25 fold so, 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

In 1952 there were 14.1 million dwellings in the UK; today it is estimated we have 27.3 million.  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

At the start of the Queen’s reign half of the country was renting privately compared to 14% today and only 32% were owner occupiers.

Peter Dockar, Head of Mortgages at HSBC, comments:

“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.”

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