This is how much UK house prices have gone up over the last 70 years as we mark the Queen's Jubilee
01.06.2022 - 17:29
/ manchestereveningnews.co.uk
Millions of people in the UK and across the world will come together for the Queen's Platinum Jubilee this week. Her Majesty the Queen will become the first British Monarch to celebrate a Platinum Jubilee after 70 years on the thrown.
Since Queen Elizabeth's began her reign in 1952, a lot has changed for those living in the UK. From the Great Recession and the Coronavirus pandemic to the current cost of living crisis, there have been many key events and challenges that have impacted house prices across the country.
During the last seven decades, the cost of a home has changed dramatically. The property market was very different back in 1952, with just 32% of households owning their own home, compared to 65% today, according to Nationwide.
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As well as the Queen's Jubilee, it has also been 70 years since the building society produced their first house price data.
The average house price in the UK back in 1952 when the Queen was crowned was £1,891 - which is around £62,000 in today’s money.
According to Nationwide the standard cost of a home today is £269,914, meaning average house prices are currently more than four times higher than they were seven decades ago.
In 1952 the typical home cost four times what the average annual salary was back then, but today the average property costs almost seven times our earnings - which is an all-time record high.
However, Nationwide say borrowing costs were a lot higher back then, with the bank rate at 4.0% compared to 1.0% currently.
In the early 1950s, almost all mortgages were advanced by building societies, where the majority were small, locally-based