Property prices have motored through the years
This week is a significant one in the British sporting calendar. Not only is Wimbledon in full swing, this weekend will see thousands of motor sport fans converging on Silverstone for the Formula 1 British Grand Prix.
To mark the occasion, online estate agent eMoov.co.uk has conducted an interesting survey into how the British property market has evolved since the first British GP in 1955.
Motoring
Data from the report shows that when Sir Stirling Moss won the inaugural race back in 1955, the average UK house price was just £1,928. In 1969, when Sir Jackie Stewart won in 1969, prices had risen to £4,222. When he won again in 1971, prices had increased further to in excess of £5,000.[1]
When James Hunt took the chequered flag in 1977 prices stood at £12,805 and when Nigel Mansell won in 1990, prices had increased further, by £32,500. By the time he had won again in 1991, house prices had increased to £54,626.[1]
Pit-stop
However, when Mansell won his last title in 1992, prices had dropped annually by £2,811. Next British victories in 1994 and 1995 by Damon Hill and Johnny Herbet respectively coincided with further UK average value drops.
This slump had ended by the time the next British man took the Silverstone honours, with David Coulthard’s victory in 1999. By now, prices had recovered and risen more than £20,000 in four years to stand at £71,000.[1]
Property prices have motored through the years
Speed
Since Coulthard’s last win in 2000, it is fair to say that house prices have speeded up at fifth-gear rates. Prices have increased 165% from then until now, rising to £168,973 when Lewis Hamilton took the plaudits in 2008. When Lewis achieved his second Silverstone victory last year, prices had risen to £185,620.[1]
CEO of eMoov.co.uk Russell Quirk said, ‘things have changed dramatically in the UK since Stirling Moss first made the podium in 1955, both in F1 and property. It really is mind boggling to think a property back then was under £2,000. Of course this was the equivalent to about £50,000 in today’s money but still a darn site cheaper none the less.[1]
Quirk concluded by commenting, ‘this said, I don’t think today’s drivers will be too hard pushed to climb the property ladder but if a British driver does win at Silverstone this weekend, we’ll happily sell their house for free!’[1]
[1] http://www.propertyreporter.co.uk/property/pole-position-property-prices.html