House prices 86 times higher since start of Queen's reign
As we approach the Diamond Jubilee and sixty years since Queen Elizabeth II took to the throne, HSBC examines 60 years in the property market under the monarch.
House Price Appreciation
The average property price in the UK is 86 times higher now than in 1952. At the start of the Queen's reign the average property was priced at £1,891, compared to an average £162,722 today. By comparison, retail prices have risen by a multiple of 25 over the same period, meaning that for most people buying a home has been a very good investment even after stripping out the effects of inflation.
The number of dwellings in the UK has almost doubled since 1952, with 14.1 million at the start of the Queen's reign, compared to an estimated 27.3 million today. However, the number of new homes being built each year has fallen by 46%; from 248,320 in 1952 to 133,840 in the latest estimate.
Two thirds (68%) of the country are now owner occupiers, compared to one third (32%) in 1952. Indeed, at the start of the Queen's reign half of the country was renting privately compared to 14% today.
Celebrating the Diamond Jubilee in our homes
Sixteen per cent of Britons are planning a street party to celebrate the Diamond Jubilee.
A quarter (25%) of those aged 25-34 plan to get into the festivities by planning a street party with their neighbours, the highest of any age group.
Londoners (26%) and those in the South West of England (22%) are most likely to be planning a jubilee party while those in Scotland (5%) and the North East (5%) are least likely.
Regional House Price Appreciation
Regional house prices are not available back to 1952, so instead we have examined house price growth since the Queen's Silver Jubilee..
London has seen the largest increase in house prices over the past 35 years, an increase of 1782% or a multiple of 19.
New Cities created to celebrate the Queen's reign
Chelmsford, Perth and St Asaph are to gain 'city status' to mark this year's Diamond Jubilee. These are not the first new cities created to celebrate the Queen's reign, other include:
2002 - Golden Jubilee Cities
Five new cities were created to mark the Golden jubilee; Preston in England, Newport in Wales, and Stirling in Scotland, Lisburn and Newry in Northern Ireland.
2000 - Millennium Cities
Brighton and Hove, Wolverhampton and Inverness gained city status to mark the turn of the century.
1977 - Silver Jubilee
Derby was awarded city status to celebrate 25 years of the Queen on the throne.
Peter Dockar, Head of Mortgages at HSBC, said: "The housing market has changed a great deal under the current monarch, with the aspiration towards home ownership and the increase in house prices most dramatic over the second half of the Queen's reign. There is no doubt that property has remained a sound investment over this period.
"Home ownership remains an ambition for many and we continue to make new products available to help first time buyers achieve their dreams of taking their first step onto the property ladder."