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House prices 86 times higher than at coronation
All we hear about recently is the doom and gloom from people who bought property in the boom! But what about those who bought their house before then?
How has the property market faired if we look at the bigger picture? According to figures launched today, as part of a media twist to promote the Queen’s Jubilee, housing figures for 1952, (60 years ago) have been posted and they show that house prices today are 86 times what they were back then.
In 1952, the average home cost £1,891 and today’s average is £162,722. With most mortgage terms being 30 years or more, you can begin to see that property is still a very sound investment, not necessarily short term as is evident from the current situation, but as a long term investment, especially at today’s prices.