header_image
Property Search
Your search results

House prices ride 47,000 % !!!

Posted by Mike Carey on 25th April 2016
| 0

In case you missed it (!), the Queen turned 90 this week, which provided a great opportunity to look at how much house prices had risen during her lifetime…and new research has revealed that house prices have risen by the incredible amount of 47,000 per cent during her lifetime – a 471-fold increase. When the Queen was born in Mayfair in 1926, the average house in Britain cost just £619, while today that figure is just above £290,000. In comparison, a pint of milk cost the equivalent of 1.3p in 1926 and is only 42p today. If it had risen in line with property prices it would cost £612.57. Most agree that another 471 fold increase in house prices over the next 90 years is exceedingly unlikely. However, if prices do rise at an average of 6.7 per cent a year – the average rate during the last 23 years – on Prince Charles’ ninetieth birthday in 2038, the average house will cost almost £1.3 million while on Prince William’s same birthday, in 2072, that figure will be £11.3 million. Prince George was only born in 2013 and on his ninetieth birthday the average price is predicted to be £86 million. Prince-George-in-a-courtyard-at-Kensington-Palace-central-London.jpg House prices have outperformed gold, which rose from £4.25 an ounce to £876 – in the same period, and shares, which rose 11,685 per cent. The house price rises have not been at a steady pace and between 1926 and the outbreak of the Second World War in 1939, the average house price rose by just £40, to £659. By 1953, the year of the Queen’s coronation, the price of the average house was £2,006 and by 1966, when England won the World Cup, it was £3,840. In 1976, the price had risen to £12,704 and in 1986 to £36,276. By 1996, the average house cost £69,889. Over the next 10 years, prices rose by 276 per cent, to £192,648 and in the following 10 years by a comparatively modest 51 per cent, to today’s figure of £291,505. [House price figures were compiled from Office for National Statistics data and the Winton Institute for Monetary History at Oxford University]