Property Prices Timeline
Updated: Jan 2, 2021
I've always loved property - not only the Staging side of it, but property property!
Today I came across this interesting timeline by Affirmative Finance and thought I'd share with you, as I found it quite curious (and somewhat worrying as well).
We all know property prices have recently reached the highest recorded in history, but did you know...
- Back in the 60's, the average salary in the UK was £11k. Based on the price of properties, a person could buy a home after working for just over 4 months
- In the early 2000's, it would take a person 7 years and 4 months of working to buy their first property
You may say "ok, property prices increased but so did earnings". Well...
- The average salary in 2015 was £27k. If the value of money was regulated from the previous 50 years, the average salary should be £203k based on the average of £11k of the 60's
- The price of properties in London has risen by about 432% in the past 2 decades
And 2 more "fun" facts:
- The 10 apartments for sale at the Shard back in 2010 went on the market for £50m each
- A housing survey found that nearly half a million households have 6 or more occupants as a result of rising house prices
(This timeline doesn't reflect the pandemic).
Interesting eh? Where do you think we are heading?
Check the full article & timeline here.