How property values have soared over Queen’s reign
1:31pm Monday 21st May 2012
Property prices have increased 105-fold during the Queen’s 60-year reign and 16 times since the Silver Jubilee in 1977, according to new research.
At a time when the nation is gearing up for a weekend of street parties and celebration, the Hamptons International research analysed the cost of a home in 1952, 1977 and 2012.
In 1952, the average price of a home in the UK was just £1,520 and £9,737 in 1977, compared with £160,000 today.
The research found that the average price of a home in London has risen 134-fold since 1952 and 21-fold since 1977. In 1952, the average price of a London home was £2,650, in 1977 it had risen to £16,493 compared with the average price of £354,300.
Adam Challis, head of research at Hamptons International, said: “Britons are well known for their love affair with bricks and mortar, and our jubilee property price analysis goes some way to prove just what a reliable investment property has been over the long-term. “A 105-fold increase in the value of the average home in the UK over a 60-year period equates to a profit of just over £7 a day.
“This profit is inflated even more in London, where price growth represents £16 a day over a 60-year period, representing a rather healthy return on investment.”
Jason Tebb, regional managing director for Your Move which has offices in Sutton, said: “While it looks like an alarming increase in the price of properties, we mustn’t forget that incomes too have risen and that now, with many women going out to work, there are two salaries that can be taken into consideration when buying.
“The interesting fact, however, is how property tastes have changed.
“Back in 1952, the aim would probably have been to get a house in a familiar area, with the extended family nearby, whereas now it seems buyers are more willing to consider alternative accommodation such as apartments or new- builds to fit in with their individual lifestyles. “And, with improved transport links and the arrival of the internet to search for properties, they can also consider moving to different parts of the country which can ultimately provide a wider choice of property and price ranges – it’s something homebuyers of the 50s simply didn’t have.”