The Queens Diamond Jubilee is nearly upon us and new research has shown that around the time of the Queens Coronation house prices were a lot different compared to now.
The housing market is always changing from day to day but there is a significant rise in what people pay for a home today compared to when the Queen first came into power.
Research from Hamptons International found that in 1952 all that was needed to get on the property ladder was a small cost of £1,520. Compared to how house prices are now this would not be anywhere near enough for a deposit on a property.
During the Queens Silver Jubilee the average price of a property was still only a small figure at £9,737 for a property. As it stands today people can buy a property for £160,000 which is nearly 16 times higher compared to past years.
Regions also differed with properties in London dramatically rising in 1952 and in 1977. In 1952 the average price of a London home was £2,650 by 1977 it had already risen to £16,493. An average home in London stands at £354,300 today.
Adam Challis, Head of Research at Hamptons International, spoke about the findings saying: “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.”
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By Amanda Bainbridge