By With the upcoming platinum jubilee, we wanted to look back 70 years at property prices and the changes within the market since then. A recent analysis announced that the UK house price was around £56,000 70 years ago in today’s money. With today’s average house price being at £260,000, this is nearly 4 times the price from 70 years ago.
During the queen’s region, there has been a huge growth in the price of the property. This means that a lot more people invest their money in property and use it as a way to store household wealth. These prices have risen due to the high demand for property but a lack of property in the past 40 years.
When the queen first came to reign, there were developments in building more housing for the nation. Following economic volatility in the 1970s, there was some strong house price growth in the 1980s under former prime minister Margaret Thatcher’s Right to Buy scheme. This is the beginning of the change of mindset with properties, property began to look like something to invest your money in. Beginning the nation’s obsession with house pricing.
Looking at today’s market, the demand for properties has not disappeared in 2022. With this demand, the nation has had an increase in the average house price. In just December 2020 the average house price reached a record high of £252,000. However, the recent 1% increase in interest prices and cost of living, could create a curve in the demand for properties.
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