As the nation prepares to celebrate the Queen’s Diamond Jubilee, HSBC has taken a look at how house prices have changed in the last 60 years. In 1952, property buyers could expect to pay £1,891 for an average home, compared with £162,722 today, while retail prices have risen 25 times over the same period.
Additionally, the number of houses in the UK has nearly doubled since 1952, going from 14.1 million then to 27.3 million today, although the number of new homes being built ever year has in fact almost halved. Home ownership is another area where improvements have been made – some two-thirds of the UK are now owner-occupiers, compared with just a third 60 years ago.
“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,” said Peter Dockar, head of mortgages at HSBC.