House prices 86 times more expensive than in 1952
Buying a house today is 86 times more expensive than it was in 1952 - the year Queen Elizabeth II ascended the throne.
Sixty years ago, the average price of a house was £1,891, compared to today's price of £162,722, according to research from HSBC.
During the same time, retail prices have shot up by 25%, which shows a house to be a healthy investment even after the effects of inflation, says Peter Dockar, head of mortgages for HSBC.
The number of available homes has nearly doubled over the period, with 14.1 million in 1952 and around 27.3 million today but the number being built per year has declined by 46%. This is largely because in the years after the end of the Second World War there was a boom in construction to rebuild damaged homes.
Looking back to the time of the Queen's Silver Jubilee, house prices in London have risen the fastest geographically, while Northern Ireland has seen the smallest increase.
"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," says Dockar.
An increase in the general level of prices that persists over a period of time. The inflation rate is a measure of the average change over a period, usually 12 months. If inflation is up 4%, this means the price of products and services is 4% higher than a year earlier, requiring we spend and extra 4% to buy the same things we bought 12 months ago and that any savings and investments must generate 4% (after any taxes) to keep pace with inflation. Since 2003, the Bank of England has used the consumer prices index (CPI) as its official measure of inflation (see also retail prices index).