With the Platinum Jubilee celebrations this week, we thought it would be topical to feature research looking at house price rises over the seven decades of the Queen’s record-breaking reign.
This week the whole country will be celebrating 70 years since Queen Elizabeth II first took to the throne after the death of her father, King George VI on February 6, 1952.
Queen Elizabeth became the longest-ruling monarch in U.K. history in September 2015, when her reign surpassed that of her great-great-grandmother Queen Victoria, who ruled for 63 years, seven months and two days.
When Queen Elizabeth II was crowned on 2nd June 1953, the average UK house price was £1,884*. Now, nearly 70 years later, the average UK house price is £265,829, a whopping 14009 per cent increase!
New research has analysed data from the Land Registry to see how house prices have changed since the Queen celebrated her Silver Jubilee and as she marked each celebratory milestone during her reign, from her Jubilee in 1977 to today.
The research has revealed that UK house prices have surged by 2,432 per cent since the Queen’s Silver Jubilee in 1977 when she had been on the throne for 25 years.
The researchers found that the biggest increase in house prices occurred between the Silver Jubilee and Golden Jubilee – marking half a century since her coronation – when the national average house price jumped 937 per cent from £10,926 to £113,304.
Then, in the five years between her Sapphire Jubilee and now, there has been a further increase in average house prices of 25 per cent.
Ben Thompson, Deputy CEO at Mortgage Advice Bureau that conducted the latest research, commented: “A lot has happened since the Queen was coronated 70 years ago, and we’ll be celebrating across the country in June.”
Mapping out the average house prices in each landmark year of her reign just shows the massive surge that has happened, and many will be questioning how much further house prices will rise.”
Furthermore, other recent research revealed that Her Majesty also has plenty to celebrate when it comes to the price appreciation of her royal palaces in and around London.
The research from estate agent comparison site GetAgent looked at the original price paid for two of London’s royal palaces and the current value if sold today.
Buckingham Palace was first built in 1706 for John Sheffield, who would later become the Duke of Buckingham, at the cost of £7,000. Today, Buckingham Palace is estimated to have a market value of £3.7 billion – a price increase of 207,693 per cent.
Today, Kensington Palace is the official home of the Duke and Duchess of Cambridge, but it was originally a mansion built in 1605 by Sir George Coppin. Then in 1689, Queen Mary and William III bought it for £20,000. The palace is now estimated to be worth around £465 million, marking a price increase of 8,495 per cent.
*According to research by national UK estate agent Keller Williams UK