Jun
8

The property market in the last 70 years

Prompted by the recent Jubilee celebrations, Today’s Conveyancer has taken a look at the property market during the time the Queen has been on the throne. It starts in 1952 when the average house price was below £2,000 and the average salary was around £10 per week. Without today’s technology, houses were marketed by small, local estate agencies. One former Branch Manager commented that during the 1960s, deposits were lower by comparison, there was less legislation, less red tape, and they relied on a phone and a paper file of buyers. The UK property market saw ups and downs, with a 25% rise in property prices in the late 1980s, to a 20% drop due to the recession in the 1990s. It has also survived the financial crisis in the 2000s and the Covid-19 pandemic. It makes for an interesting read (and an entertaining one for those that remember using the term ‘groovy’). Read more here.