Leys Park Grove Appartments
first time buyer
Looking beyond the Jubilee headlines
A few days ago we looked at some headline grabbing figures to encapsulate what had happened in the local property market during the 60 years of the Queen's reign.
The fact of the matter of course is that the devil is in the detail and is often in fact more fascinating than the headlines themselves. Obviously in money terms prices have soared since 1953. When the Queen came to the throne an average home cost £2 200. Today it is £162 300.
It may however come as a surprise to learn that house prices in real terms have only risen slightly faster than wages and retail prices. Adjusted for inflation house prices have risen by 1.8% against 1.6% in incomes. Between the year of the Coronation in 1953 and 1963 house prices were on average 3.6 times earnings. Between 2001 and 2011 they averaged 4.8 times although towards the end of this period that figure was falling and today sits at approximately 4.6 times nationally. It is in fact less in West Fife.
Also we should never lose sight of what we are getting for our money today. Today almost every new home built in the private sector has an en suite and many older homes have been altered to provide one. At the end of the Second World War approximately 42% of homes had no bath or shower of any description and more than 60% of homes had no hot water. Much of this housing stock remained in 1953 although a programme of demolition and upgrading was under way.
31st May 2012