This morning one of our lovely recommended builders sent us a newspaper clipping from 2006, which they had found whilst taking some walls down, titled “If only house prices were what they were 25 years ago“.
It got us thinking, nearly 20 years on from this article [scroll down for clipping], how house prices have risen substantially and would The Messenger have ever predicted that house prices would reach the level they are now?
According to The Daily Mail, the average deposit required by First Time Buyers now sits at £74,000. That is £7k more than what you could have outright purchased a three bed detached home in Kingsley Green for in 1981, according to The Messenger in 2006.
Zoopla has averaged the sale prices in this area over the last 12months to £650,000, but with many exceeding £1,000,000!!! That is a whopping 870% increase from 1981!
Hindsight is a wonderful thing, and we think that facts remain strong. Property, bricks and mortar will always be a solid investment, and if we all knew 25 years ago what we know now, surely every ounce of savings would be going into investment property?
As estate agents we have the absolute privilege of being invited into peoples homes and hearing their property journey. One visit we met a very elderly gentleman who had lived in his bungalow in Pine bank, Hindhead since brand new. He and his wife saved every penny to buy the property at £7,000, they raised a family, remortgaged once or twice to allow for alterations in the home, spent their whole lives there until Mrs sadly passed away. When we provided Mr with our market advise and showed him evidence of neighbouring properties selling for £1,000,000, he could not believe his ears. He went on to sell that property in excess of 1,000,000. These bricks and mortar we call home, the stories they could tell, the journeys they’ve seen, gives us goosebumps sometimes.
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