The 47,000% increase in house prices since the Queen was born
04-17-2016
Queen Elizabeth II and the Duke of Edinburgh. Take a look below at how house prices have risen over the Queen's lifetime. Photo: Andrew Matthews/PA Wire
With the Queen’s 90th birthday next week, a new report by Jackson-Stops & Staff shows how house prices have risen since 1926.
It was the roaring twenties when Laurel and Hardy was on at the picture house and John Logie Baird had just demonstrated a mechanical TV system in London. And, according to the new 90 year housing review by Jackson-Stops & Staff, the average house price in the UK was £619. Ninety years on and it’s now£291,505, a rise of 47,021% (a 471 fold increase), based on data from the Office for National Statistics (ONS).
Nigel Steele, partner at Jackson-Stops & Staff in Norwich said: “The reason for the phenomenal growth is that we are an overcrowded island with a growing, wealthy population who have an ingrained desire for homeownership.
“This growth in demand then meets a rigid wall of fixed supply that compounds the pressure on house prices to rise. Lack of new build homes continues to be a pivotal issue and until more homes are built more house price rises are inevitable.”
What does the future hold? Most would agree that another 471 fold increase in house prices is exceedingly unlikely. But if they do, what on earth will the average price of a house be then?