House prices 86 times more expensive than in 1952

Housing market

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.

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Dramatic increase

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.

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Your Comments

It really is amazing to see how much the property market has changed over time. Even in recent years we have witnessed dramatic changes. It has recently been reported that in the UK it takes an averages on 32 months to save 10% of your mortgage. I imagine this was considerably less back in the good old 50's. If you are buying now it requires a lot more time and research. However, many of us who are working and saving for these 32 months (51 months in London) don't have enough time to do the neccessary research. Property giants like Chesterton Humberts can offer you reports and detailed information on the current market.