Other sources have noted that this is a continuing trend but even if property was fairly unaffordable then - "in the 1950s the average house price was just £1,891" (according to Insight Law) - it still bears no comparison to today's average house price of £276,755 (bearing in mind that the median household income in the UK is £31,400 (FYE 2021 according to the ONS)).
A very different property market existed during Queen Victoria's reign when there was a massive and sustained 50+ year decline in property prices brought about by (amongst other factors) an incredible doubling of the housing stock.
Very different times under these two successful monarchs.
But what might the next 50-70 years bring? Most certainly some ups and downs, but doubtless a topic of conversation over many a trifle during the Jubilee weekend.
Prices in the boroughs of Kensington & Chelsea, Greenwich and Kingston-upon-Thames have increased sharply over the past seven decades, new analysis from JLL shows. Kensington & Chelsea posted a 570% increase in property prices, even after adjusting for inflation. The average property price in the borough in 1952 was £6,836, compared with £1.37m in 2022, far exceeding the inflation-adjusted price of £204,936. Greenwich and Kingston-upon-Thames have also seen exponential price rises. Average property prices in Greenwich have risen from £2,294 in 1952 to £429,983 currently, and in Kingston-upon-Thames from £3,032 to £520,986. According to Akanksha Soni writing in EG on 1 June 2022.
unknownx500
