During the Queen’s record-breaking reign, the average house price Britons faced when buying their own home rose from less than £2,000 to a high of £300,000 in 2008
When the Queen ascended the throne in 1952, the average home price was just £1,891.
Back then, around 32% of people owned their own home – today it is 65%.
At under £2,000 – £62,000 in today’s money – the prices sound tiny compared to today’s prices, where the standard cost of a home today is £269,914, according to Nationwide.
That means average house prices are more than four times what they were seven decades ago at the beginning of the Queen’s long reign. The Manchester Evening News reported.
In 1952, a typical home cost four times the average annual salary at the time.
Today, an average property costs almost seven times our earnings.
Data from Nationwide, which is also celebrating its 70th anniversary, shows house prices rose steadily up until the 1970s, before the price of a home rose to £150,000 around 1972.
Robert Gardner, Nationwide’s Chief Economist, said: “Despite growing headwinds from tightening household budgets due to high inflation and a steady rise in the cost of borrowing, the housing market has maintained surprising momentum.
“We continue to expect the housing market to slow down over the course of the year. Household finances are likely to remain under pressure as inflation is expected to hit double digits in the coming quarters if global energy prices remain high.
“Consumer confidence has already fallen to record lows.
“Additionally, the Bank of England is widely expected to continue raising interest rates, which will also have a cooling effect on the market as it impacts mortgage rates.”
The cost of credit was 4.0% in 1952 compared to 1.0% now.
The average house price started to rise and fall again until prices climbed into the £200,000 region in the 1990s. After a slight decline towards the end of the 1990s, real estate prices then began to rise steadily year on year.
Around the time of the 2008 recession, house prices hit a new high of £300,000.
Chancellor Rishi Sunak has committed £28m in taxpayer money to the four-day event, according to the government’s March 2021 budget.
However, the government promises the money will be worth it as it will be a “once in a lifetime show”.
The celebration is divided into several events, such as Platinum Anniversary Competition costing £15million alone.
The total of £28m will be split accordingly, with part of this going towards venue redevelopment – for example £3m going exclusively to support village hall improvement projects at 100 different venues.
https://www.mirror.co.uk/news/uk-news/what-average-uk-house-price-27124849 What was the average house price in the UK at the Queen's coronation and how it looks now