Waterlooville House Prices Since January 1995
Whilst speaking with a Landlord last week we got to talking about how much house prices have increased over the last 20 years or so, making it increasingly more difficult for first time buyers to take that first step on the property ladder.
If we go back to 1995, houses were on average 340% cheaper than they are now! A detached house back then was on average £91,254 whereas compared to now the average is £410,287.
House prices spiked in 2005 for all types of properties, semi-detached houses and flats kept creeping up but detached and terraced houses dropped and it took around 10 years for them to recover back to the value of 2005.
The recession of 2008/2009 caused a drop in house prices in 2009 as you can see from the graph above., it took the market roughly two years to recover. Since the recession house prices have been steadily increasing year on year apart from 2014 where they dipped slightly.
The annual salary in 1995 was £22,859, when we compare this to the annual salary for 2018 it has only increase by 29.4% to £29,588. The salary increase hasn't kept up with the rapid house price growth meaning it's harder and harder for people to save a deposit to afford a house.
If you have a property related questions please don't hesitate to contact us.