England 23/05/2012- House prices and homeownership have both soared since 1952
The queen’s diamond jubilee has provided the ideal opportunity for firms to look back at how their industry has evolved over the past six decades. Hayden Clark surveyors in Manchester were curious, so started to look at how their industry had evolved and were particularly interested in what had happened to property prices during the Queen’s reign. Luckily, several news groups had thought the same and found research that showed property prices across the UK had risen 86 times since the Queen was crowned in 1952.
In 1952, people paid on average of £1,891for their home. Now the average is £162,722. Given that most other products measured by the retail price index have only risen by 25 times, for most people, buying their own home was a fantastic investment.
Using the Fleming and Nellis technique the difference in new house prices has also been calculated. Interestingly the price difference is slightly lower having only risen 82 times. In 1952, a new home cost £2,107, today you would pay an average of £173,045 for a new house.
The fact that so many people have bought their own home since 1952 has certainly provided lots of work for building surveyors and surveyors have certainly benefited. When the queen came to the throne over 50% of UK householders rented their accommodation today only 14% do so.
The future for home ownership in the UK
During the course of the Queen’s reign, house prices have fluctuated wildly and trends in home ownership have definitely been affected as a result. House prices and home ownership grew steadily at under 10% until the 1970s, when the rate of ownership increased steeply. At this point the first housing bubble of the Queen’s reign was created when in late 1971 the cost of the average home soared by 20%. This trend continued in 1972, when prices in the last half of the year rose by 40%, pricing many people out of the housing market.
Despite the recession, Hayden Clark chartered surveyors manchester, expect residential surveys to continue to make up a significant proportion of their work. Today house prices are again dropping, slowly but surely, people with work and a deposit saved are able to buy again.
Contact:
Paul Burrows Limited
85 Bridgewater Road
Walkden, Manchester
Zip: M28 3AF
Tel: 0161 790 9521
http://www.paul-burrows.co.uk/