The palace adorned with a montage of images of the Monarch earlier this month got us thinking – how have times changed in property prices throughout our Majesty’s reign so far? An interesting insight is that the average house price across the nation has climbed over 2400% since the Queen’s First (Silver) Jubilee in 1977, 2432% to be precise. The Mortgage Advice Bureau have pulled together statistics using Land Registry data to look at average UK house prices during each royal milestone since, through this we can understand how times have changed.
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How much was an average property worth around the Queen’s Silver Jubilee?
In the year that celebrated the Queen’s Silver Jubilee, June 1977, the average house price across the nation was only £10,926. Today the average price is £276,755 this is an eye-watering increase of £265,829 in just 45 years, and that’s just for an average sized house.
What have average prices looked like at each of the Jubilee milestones?
The largest jump in average house prices from one Jubilee to another was the 25year period between 1977 and the Golden Jubilee in 2002. Prices rose by 937% to an average price of £113,304. Ten years later came her Majesty’s Diamond Jubilee, where the average price had now climbed at an even faster rate to £170,049, a 1356% increase from 1977. In the five years between the Queen’s Sapphire Jubilee in 2017 and today, there has been a rapid increase of 25% alone, a significant rise we have seen just this past year.
What about now and the next Royal milestone?
While the increase in house prices has been positive for homeowners and investors over the last 45 years, the stats may be daunting to todays’ new buyers or buyers wanting to take the next step. However, with an increase in average price being maintained over such a long period of time, any property you own today is likely to increase in value in the long term. There is a predicted slowdown in the pace of the market that we saw earlier this year so now is the time to look at making your next step.
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