Thursday, 07 July 2022

Prices soar during Queen’s reign

HOUSE prices have increased in value by 138 times during the Queen’s 70 years on the throne, according to a new report from equity release adviser Key Later Life Finance.

The research found that the average house cost £1,891 in 1952, at the start of her reign, and now costs £260,771.

The increase over the 10-year period between the 50-year golden jubilee in 2002 to the 60-year diamond jubilee in 2012 was 59 per cent.

Prices rose by a similar 58 per cent in the 10 years between the diamond jubilee and the platinum jubilee this year.

Today’s average monthly household disposable income of £2,616 would have bought you a property outright during the coronation.

Will Hale, chief executive officer at Key said: “We’ve seen some huge changes during the course of the Queen’s reign — including rapidly increasing house prices.

“While not a direct comparison, due to inflation, it is incredible to think that today’s monthly average household disposable income could buy you a home at the time of the coronation. People trying to buy houses can be excused for wishing we could go back to 1952.

“That said, the data also demonstrates the long-term strength of the housing market and the value of property wealth as part of most people’s overall assets. While nothing is certain, history suggests that investing in a home pays off over the long term — and increasingly we are finding that people are choosing to capitalise on this investment.

“In the first quarter of 2022, equity release customers released an average of £110,000, which they used to manage existing unsecured debt as well as mortgage borrowing, boost their income and support wider families.”

Property

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