The year was 2002, Harry Potter and the Chamber of Secrets was released, Nickelback was topping the charts and Derby had been relegated from the premier league. 20 years ago the country was celebrating the Queen’s 50th year on the throne, her Golden Jubilee.
Now two decades later we are celebrating Her Majesty’s 70 years of service and times have changed a lot. Phones have for some reason got bigger, landlines seem to be going extinct and TVs no longer have a huge back attached to them.
The price of houses has also changed massively in the last twenty years. In Derby, the average house price was £61,403 back in March 2002. Since then average prices rose to £119,412 in 2012, and then to £194,569 in March this year, a 217% rise on 20 years before.
Back in March 2002 the average home in North East Derbyshire was worth £67,627. By the time the Queen hit her Diamond Jubilee in 2012, the average price had risen to £138,643. In time for the Platinum Jubilee, the latest house price data from the Land Registry shows average prices in the area were £234,210 in March this year, that’s a 246% rise in 20 years.
In North East Derbyshire, a detached home is now £324,788 on average, compared to £95,835 in 2002, while semi-detached homes have risen from £57,407 to £202,211. The average price of a terraced home in March this year was £167,843, compared to £47,003 in 2002, while flats have seen a smaller rise, although they have still seen average prices go from £41,201 to £112,714.
In Derbyshire, prices have risen by 223% in two decades, from £68,291 in 2002 to £220,646 in 2022. House prices have soared across the country while the Queen has been on the throne. According to Nationwide, the average price of a home was £1,891 in 1952 when Elizabeth was crowned.
That would be the equivalent of £38,255 in today’s money, adjusted for inflation. The index, which is based on the building society’s mortgage lending, says the average price of homes in the UK was £260,771 at the start of this year.
The Land Registry, which is based on all house sales registered, goes back to 1968 for national estimates. It puts average UK house prices at £5,158 in 1972, and at £20,897 in 1982.
By 1992, prices across the UK had hit £56,504. At the time of the Golden Jubilee in 2002, they were £104,705, before rising to £165,457 in 2012, hitting £278,436 in March this year.