The Queen celebrates her 90th birthday today, so we thought we would take a look at how the property market has changed since her Majesty entered the world on April 21st 1926.
Recent research has revealed that house prices have risen by a whopping 47,000 per cent during her lifetime – this represents an incredible 471-fold increase. In 1926 the average house in Britain cost just £619, whilst today that figure is just above £290,000 (based on data from the ONS).
Most agree that another 471-fold increase in house prices over the next 90 years is highly unlikely. However, if prices do rise at an average of 6.7 per cent a year – this has been the average rate during the last 23 years – it has been predicted that on Prince Charles’ ninetieth birthday in 2038, the average house will cost almost £1.3 million. Furthermore on Prince William’s same birthday, in 2072, that figure will be £11.3 million.
Prince George was only born in 2013 but on his ninetieth birthday the average price, based on the same rate of increase, could be as high as £86 million! Wow!!!
This blogs is a bit of fun, but with house prices having risen by over 47,000 per cent over the last 90 years, it is interesting to think about what the next 90 years will hold for the property market.
We would love to hear about your thoughts. Leave your comments below.
*Research was carried out by Jackson-Stops & Staff
** Figures from the Office of National Statistics