18 Apr 2016

Homes for £619: How property has changed since Queen's birth

Homes for £619: How property has changed since Queen's birth

 

The Queen celebrates her 90th birthday this week and will mark the occasion with no less than eight days of celebration.

Since her birth, the United Kingdom has changed beyond all recognition. So how much has the property market changed during that time?

Quite a lot, it turns out...

Low house prices

When Her Majesty entered the world on April 21st 1926, the average price of a home in Britain was just £619.

Today, the average Scottish home is worth £167,734 - that's a near 100,000% increase in 90 years.

The value of property has increased twice as much as gold over the same period.

Growth of home ownership

In 1926, there were just 500,000 mortgage borrowers in the UK compared with 11.1million today.

The total value of those mortgages 90 years ago was £171million, according to to the Council of Mortgage Lenders. 

Today that figure is £1,283billion and growing.

The bank interest rate remained at 5% for the whole of 1926 and at that time it was very difficult to obtain a home loan.

It was almost impossible for women to get a mortgage without help from a husband or a father.

Scotland's property experts

If you are looking to buy or sell property, Aberdein Considine can offer you the support of some of the most experienced property professionals in in the country.

We are also an independent broker of mortgages and can offer thousands of home loans without any hidden fees.

If you would like to speak to a member of our team, call 0333 0066 333 or click here


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