House prices 130 times higher since start of Queen’s reign
As we approach the Queen’s Platinum Jubilee celebration and 70 years since Queen Elizabeth II took to the throne, Savills has examined the property market under the monarch and looked at growth in house prices.
The study found that the average property price in the UK is more than 130 times higher now than in 1952, or almost four times higher – up 365% – when a taking inflation into account.
Savills analysis of how the housing market has fared over the past 70 years revealed that when the Queen came to the throne on 6 February 1952, the average house price was less than £2,000. This is the equivalent of £56,000 in today’s money, and amounts to house price growth averaging 2.2% per annum above the rate of inflation every year since the Queen ascended to the throne.
Lucian Cook, head of residential research at Savills, said: “House price growth over the past 70 years has meant that the nation’s housing stock has become a vast source and store of household wealth during the Queens reign. But the ability to benefit from this has largely ben dependent on the year you were born, meaning the capital appreciation we have seen through different housing market cycles has created a marked divide between the housing haves’ and have nots.”
“That means different generations now have very different views on the benefits of house price growth, how much new housing we build, where we build it and what is expected from housing policy,” comments Lucian Cook, head of residential research at Savills.
“Over the Queen’s reign there have been six periods where annualised price growth has been over 5% in real terms which have lead us to this point. While this has been punctuated by a series of relatively short-lived, but uncomfortable, downturns, the upswings have been magnified by a systemic undersupply of housing over the past 40 years. ”
Source – https://propertyinvestorpost.com/house-prices-130-times-higher-since-start-of-queens-reign/
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