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TODAY'S OTHER NEWS

A right royal return: house prices rise 47,000%

House prices have risen 47,000% since the Queen was born 90 years ago this month, new research shows.

In 1926 the average house cost £619, a mere fraction of today's price of £291,505.

That is a 471-fold increase, according to new calculations by Jackson-Stops & Staff, based on data from the Office for National Statistics.

Property easily outperformed gold, which rose 20,425% over the same period and equities, which rose 11,685%.

If a pack of butter had risen in line with UK average house prices over the last nine years it would now cost £24.97.

If house prices continue to grow at the same rate as they have over the last 23 years the average property will be worth £1.3 million when Prince Charles turns 90 in another 23 years.

Nick Leeming, chairman of Jackson-Stops & Staff, said: “It is not the fact that property has outperformed over the last 90 years that is surprising, but the sheer scale of it. 

“The reason for the phenomenal growth is that we are an overcrowded island with a growing, wealthy population who have an ingrained desire for homeownership. 

“This growth in demand then meets a rigid wall of fixed supply that compounds the pressure on house prices to rise. 

“Lack of new build homes continues to be a pivotal issue and until more homes are built more house price rises are inevitable."

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