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A wry smile has spread across my face over the past few weeks as we have approached The Queens Diamond Jubilee celebrations with many column inches being given over to the differences in all aspects of society from when she came to power in 1952 to now.
Below are the pick of the property related stats that I have seen:-
• Interest rates in 1952 were 4%. In 1977 at the Silver Jubilee they were 8%. In 2002 at the Golden Jubilee they were 4% and today at the Diamond Jubilee they are 0.5%
• Buckingham palace was valued at £11m in 1952. Today it is valued close to £1bn – that’s an increase of 9,000%.
• By comparison Windsor Castle in 1952 was valued at £2m but is thought to be worth £189m today.
• Nationwide report that the average house price in 1952 was £1,891 and today is £162,722 with Halifax quoting a 186% increase over the past 60 years in real terms.
• In comparison London’s average house price was £2,650 in 1952 and is now £354,300.
• Over theis period generally build quality has increased but average size per dwelling has decreased.
• The industry has seen a transformation according to John D Wood with” buy to lets” now making up a significant segment of the market place.
• Lucian Cooke of Savills research says that the way people look at property has changed from then, with it now being viewed threefold, part necessity, part luxury and part investment.
So why my wry smile? Well, for all the time researching and writing about the comparisons they are irrelevant really… but at the same time intriguing!