A study by Gradual Homeownership provider Wayhome has found that the average UK house price has skyrocketed by 13,724% since Queen Elizabeth II’s coronation.
The research predicts that house prices could increase by a further £20,000 following King Charles III’s coronation in the coming years.
Wayhome’s analysis of historic house price data shows that the average UK house price was £1,884 in 1953, the year of Queen Elizabeth II’s coronation.
This has now risen to £260,441, according to Nationwide’s latest figures. The study also looked at wage growth, finding that the average person today earns £33,402 per year, 8,821% more than the £374 annual earnings in 1953.
However, wages have increased by 295% since 1953, lagging behind the inflation-adjusted increase of 511% in the average price of a home.
Nigel Purves, co-founder and CEO of Wayhome, said: “In the 70 years since the coronation of Queen Elizabeth II, house prices have soared and even after adjusting for inflation, the average homebuyer now faces a considerably larger hurdle when it comes to the cost of homeownership compared to 1953.”
