Although it has been widely reported that property prices have recently hit an all time low across the UK, it has been revealed that those beginning the residential conveyancing process today are paying 105 times as much for their home as they would have paid 60 years ago.
According to a new report, buyers would have spent an average of £1,520 on a home in the yeart the Queen was crowned. During the Silver Jubilee, in 1977, the average cost had risen to £9,737 which is still a great deal cheaper than the cost of a property today.
Now, buyers are required to spend an average of £160,000 on a property, while those hoping to buy a home in the capital will have to pay considerably more – the average cost of a home in London is £354,300.
Hamptons International, the estate agent which carried out the research, found that London properties had risen in price134-fold since 1952 and 21-fold since the Silver Jubilee.
Adam Challis, head of research for the estate agent, said, “Britons are well known for their love affair with bricks and mortar, and our jubilee property price analysis goes some way to prove just what a reliable investment property has been over the long-term.
“A 105-fold increase in the value of the average home in the UK over a 60 year period equates to a profit of just over £7 a day.
“This profit is inflated even more in London, where price growth represents £16 a day over a 60 year period, representing a rather healthy return on investment.”
To find out more information about Healys conveyancing solicitor in London and Brighton please click here.