House prices are on average 86 times higher since the start of the Queen’s reign 60 years ago in 1952, figures from HSBC reveal.
At the start of the Queen’s reign the average property was priced at £1,891 compared to an average £162,722 today.
By comparison retail prices have risen by a multiple of 25 over the same period meaning that for most people buying a home has been a very good investment even after stripping out the effects of inflation.
The number of dwellings in the UK has also almost doubled since 1952 with 14.1 million at the start of the Queen’s reign compared to an estimated 27.3 million today.
However the number of new homes being built each year has fallen by 36% from 248,320 to 133,840. Two thirds of the country are now owner occupiers compared to one third in 1952. At the start of the Queen’s reign, half of the country was renting privately compared to 14% today.
Peter Dockar, head of mortgages at HSBC, said: “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.
“Home ownership remains an ambition for many and we continue to make new products available to help first time buyers achieve their dreams of taking their first step onto the property ladder.”
David Sansome, Managing Director at Sansome & George said: “These figures show the significant changes in the UK housing market during the 60 years of the Queen’s reign.
Interestingly, home ownership has reduced slightly in recent years with the private rental sector growing and looking set to continue to do so as a proportion of total housing stock.
The worrying figure is the huge fall in the number of new homes being built and, given that our population is increasing and is set to reach 70 million by 2027 (it was 50 million in 1952) this is an area that needs to be addressed.”
