Buckingham Palace has gone up 9000% in value
They estimated that Buckingham Palace was worth £11m when the Queen came to the throne and has now risen to around the £1bn mark. Windsor Castle was valued at about £2m in 1952 – it is now estimated to be worth £189m. In comparison, their figures show that the average UK house in 1952 was valued at £1,891. That figure is now £162,722.
Nationwide’s House Price Index suggests that prices were up by just 0.3% over the last month, and 0.7% lower than May 2011. “Over the last eighteen months, house prices have been fairly stable, despite the challenging economic backdrop,” said Robert Gardner, Nationwide’s Chief Economist. “Demand for homes remains subdued on the back of weak labour market conditions, but the lack of homes coming onto the market is providing support for prices. This is in part a reflection of the low rate of building in recent years which has failed to keep pace with household formation.”
Their report suggests that:
* house prices remain high relative to incomes, at more than five times average earnings
* epayments on a typical mortgage are equal to around 31% of take home pay
* demand for housing is outstripping the available supply with rental growth outpacing wage growth by a significant margin.
Useful web sites for more informationBuckingham Palace, buying house, house prices, jubilee, mortgages, moving house, real estate, royal family, selling house
Latest from Independent journalists on Twitter