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Friday 1 June 2012
A report in Estate Agent Today takes a look at what’s changed in the property world since Queen Elizabeth’s coronation in 1952.
When the Queen first put on her crown, women couldn’t get a mortgage without permission from either their husband or father, mortgage lenders were local building societies and there were approximately 750 more of them than there are today.
Property ownership has almost doubled since the Queen’s coronation rising from 32% to 66% in 2011. The Conservatives Right-to-Buy scheme had a big impact on increasing homeownership in the eighties from 57% to 68% in a decade.
The private rented sector, however, has declined from 50% in 1953 to 17% in 2011, despite recent increases in buy-to-let mortgages.
The interior of properties have changed dramatically too as, just before the Queen’s coronation in 1947, 42% of properties had no bath or shower. This figure had reduced to 0.3% by 1991.
Finally, over the last 60 years the average UK property price has increased by 7,278% from 1951 to £162,338 in 2011.