Property Price History

Property Prices Over the Years

The importance of land or property has been the subject of much discussion, contention, and investment, since time immemorial. There has been no let up in the investments being made by people in property and the property investment market has always seen a continuous upswing with a few exceptions now and again. In the United Kingdom the buying and selling of property has always been regarded as big business and the property price history of this region will give you a fair idea of the same.

 A Step Back Into the Past

To know the importance given to a particular market, its impact, and its growth, it’s always better to look back into its past performance. When you look back at the uk investment property market in the UK you will find that since 1970 the average price of a house in the United Kingdom has increased a mammoth 35 times approximately. The property prices in London have sky rocketed over the years and many Londoners have seen the prices of their property increase tp almost 40 times on the price that they bought it for. When it comes to property price history of other areas like Scotland, then one could say the property owners here, have not been as lucky as those in other areas of the United Kingdom. Here, the market has seen one of the smallest rates of growth.

We can track the property price through the government that was in office at a particular point of time.

The Labour Government

If you are a part of a property investment club or two, you will have come to know by now that between the years 1964 and 1970 the property market and the economy in general saw a serious downturn. The labour government then did set a housing target of 500,000 houses a year but the property price history will tell you that the situation was not very endearing. It was time of harsh economic conditions, and the only bright spot during this time was England winning the football world cup. This was also the time when the pound was devalued.

The Conservative Government

The conservative government took office between the years 1970 and 1974. This was the time of growing industrial unrest and also saw the largest ever political strike on account of the Industrial relations bill. The property price history at this point of time is marked by a sharp rise in inflation, with regards to house price. The figure was at an all time high of over 36% annually.

Labour Government

Let’s skip a few years and enter the office of the current labour government which has been in the saddle since 1997. Due to its various policies, the housing market started its upward march and the property price history will attest to the fact. It was in tune with the overseas property market that was also on the upswing. The year 1999, was ‘rise in house prices’ year especially in the South East and Greater London. People started looking for discount property and also started scouring various overseas investment property deals.