UK Property Market

Home ownership increases two-fold in 50 years

A recent study from Halifax Shows that home ownership is now up to 70 per cent, compared with only 38 per cent in 1957. At the same time, the amount of money home buyers spend when signing a contract for a house has also doubled. This translates into a ratio of 6.1 between house price and income, nearly the double of the 3.2 ratio registered half a century ago.

Similarly, a major rise is recorded in the average property price, which went from £2,330 to £192,314 in the same period of time. Another trend identified consists in home prices increasing five times faster than in 1957 (11 per cent rate nowadays, compared to two per cent 50 years ago). Among the things that remained roughly the same is the average mortgage rate, which now stands at 5.8 per cent, while in 1957 it was 5.3 per cent.

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