In June 2022, Her Majesty The Queen will become the first British Monarch to celebrate a Platinum Jubilee after 70 years of service.
Property prices in Britian has also seen changes over the years. Let us take a look at the history of house prices in Britian. Over the years, house prices in the UK have rocketed so much so, it is hard to remember a time when buying a new house cost less than £3,000. These days, you would pay that much for a couple of month's rent in some parts of the country.
It may not have been easy for you to get on the property ladder when you were younger. But if you managed it, all your hard work may really pay off now.
We look back at the last 70 years to see how house prices have risen, and whether our wages could keep up.
Timeline of house prices
If you could afford to buy a home after the war, it was likely to be a brand new one. The average cost of a new house was £1,891 (around £65,224 in today's money) and the average salary was £10 a week (roughly £339), so buying a property was no mean feat, even then.
On the upside, these new homes came with indoor toilets, revolutionsing the way we did our business!
The electric fire, washing machine and humble fish fingers were life changing inventions of the era.
House prices continued to rise along with the average income, which now stood at £960 (around £21,925) per year. The average cost of a home was now £2,530 (approximately £55,784).
By the end of the decade some of us were watching TV - in colour.
With these higher prices came mod cons. Most homes in the UK now had electricity, a fridge, cooker and TV.
The cost of home ownership continued to rise at lightning speed. By the end of the decade, the average house price had quadrupled to £19,925.
Avocado become the must-have colour for bathroom suites, and bathrooms become the place to ride your exercise bike.
Everything changed again. Margaret Thatcher gave people the right to buy their council houses. House prices shot up like never before, reaching an average price of £20,268.
The world waited to see who shot JR in the TV series Dallas and 'Ghetto Blaster' made it into the English dictionary.
House prices rose 16% in 1987 and a futher 25% in 1988 - the highest rise ever recorded. You could expect to pay, on average, £29,143 for a home.
Children of the 80s will remember wishing for an Amstrad, Commodore or ZX Spectrum home computer.
Spiralling interest rates led to the housung crash at the start of this decade. Even though property prices dropped by 20%, the average cost of a home was still £58,153 - twice as much as just five years earlier. A print of milk cost 30p, compared to 75p today.
Slowly but surely, house prices started to creep up again. You could now expect to pay, on average, £59,939 for your new pad.
In 1997, house prices were on average 3.6 times workers' annual salaries.
New millennium, new increase in house prices, at almost £30,000 in five years. It was quite a big one. The avereage cost of a home reached £89,597.
Home gaming got serious - Nintendo sold its 100 millionth Gameboy console and PlayStation 2 was launched.
In just five years, house prices leapt nearly £70,000. This meant the average property cost a staggering £156,236. While the average salary was around £23,900.
Popular TV show EastEnders - a staple across millions of UK homes - celebrated its 20th anniversity.
Still on the up, but not such a huge jump, the average cost of a property reached £170,365.
Instagram was launched, and Apple introduced the iPad.
In 15 years, average property prices increased by over £100,000, meaning you would need around £197,890 to buy a house. While he average salary had only crept up to £27,600.
Jeremy Clarkson was suspended from TV show Top Gear after having allegedly hit a producer on set.
Sources show that the average cost of a home was £231,215 - that's £229,324 more than in 1950. Quite a rise, would not you agree?
House prices today
Home buying has never been that affordable. But it is because less so in the last 40 years. In 1960s the average house prices was just £2,530, compared to a staggering £250,772 today.
If you bough your home back then, and you have paid off your mortgage in full, you may be wondering, 'how much has my house made me?' Hopefully, the answer is quite a lot, and you will have enough equity for a nice little nest egg.
It could even be the perfect amount to help get your children on the property ladder or pay for a new kitchen or conservatory. Equity release, as it is known, is a popular way to fund home improvements or leave an early inheritance.
While some people help their family by taking out over 50s life insurance or a funeral plan, others choose to release tax-free cash from their home. It is something you might want to think about when the time comes.
At Property Hub, we have adapted to cope with the property market and have embedded ourselves in the culture and diversity of our community. We are proud to say that we are the heart of the community in Brent. As everyone in the UK celebrates the Queen's Platinum Jubilee over the Bank Holiday weekend, we too will be celebrating.
Let us know what you are doing this weekend for the Queen's Platinum Jubilee celebration.