In 1970, the average house price in London was approximately £4,975, based on historical data. By the end of the decade, this figure had increased significantly to over £20,000. This cost represented about 3 to 4 times the average annual salary at that time, allowing for much greater affordability compared to modern, much higher, ratios.
The average house price in the UK at the start of 1970 was around £3,600 - £4,400, with figures varying slightly by source (e.g., £3,667 from Land Registry for June 1970, £4,480 by year-end), marking the beginning of a decade that saw significant price increases driven by housing booms, inflation, and economic shifts, with prices quadrupling by the decade's end.
The data retrieved by FRED from the U.S. Census Bureau and the Department of Housing and Urban Development paints a pretty clear picture. In 1970, the average cost of a house hovered around $27,000. Can you believe it? That's less than the price of a new car today!
In the 1950's, according to Nationwide House Price Index, the average price of a house was around £1,891, which is approximately £65,000 in today's money. The average salary was roughly £10 a week, so buying a property was no mean feat back then.
The City of London land tax valuation rolls from 1910 have been published for the first time by ancestry.co.uk. Putting property price small talk at dinner parties in historical perspective, they reveal that the average London property was valued at £14,000 back then, compared with the unseemly £430,500 of today.
Back in 1972, the average UK property was valued at just £5,158. Adjusted for inflation, this still amounts to a very affordable £49,333 by today's standards. Today, the average UK homebuyer is forking out £278,436 on the average property.
In 1970, a loaf of bread cost $0.25, a roll of toilet paper was $0.44, and a dozen eggs? Just $0.61! We had a blast throwing it back with our very own 1970s edition of The Price is Right! Everyone had fun guessing the retro prices — some were spot on, others… not so much!
To buy 315 bags of crisps in the 1970s would've set you back around £10 (£120 in today's money) - with one bag of Golden Wonder crisps costing just 3p in 1972.
The ratio of average house prices to average earnings has nearly doubled over the past 20 years. In 2002, a typical house cost around five times the average salary. But by 2023, this had risen to approximately nine times. For renters, the situation is also very challenging.
By 2030, the average house price in England could reach £457,433. In Wales it might be £307,712, in Scotland the figure could be £297,222 and in London it may well be over £1 million. These forward looking house price estimates are based on an assumption that the average cost of a home will increase by 84%.
The cost of living then: 20p a pint, and a Mini for £600. With the benefit of 34 years' hindsight, life in 1970 appears to have been ludicrously cheap. A loaf of bread cost 9p and the average weekly wage was around £32. Today, a loaf costs 53p and weekly wages are about £475.
In 1971, for 25p, I could buy a pound of Cheddar cheese, but I would now have to pay £2.60. I could buy a dozen large eggs for 25p, but they now cost over £2. I could buy a pound of bacon for 24p, but it now costs over £3. I could buy four white loaves for 23p.
Was it easier to buy a house in the 80s in the UK?
In the 1980s a typical house price was around 3x annual salary, now its over 6x (and over 10x in some parts of the country). It is clearly more difficult for first timers to buy, evidenced by the fact the average age of first ownership has risen substantially. What matters most to people is what's changing.
How much have houses gone up in the last 20 years?
Over the last 20 years (roughly 2005-2025), UK house prices have seen substantial growth, with an average increase of around 74%, rising from approximately £113,900 to £268,200, though regional variations are significant, with London experiencing much higher growth (around 119%) and the North East seeing lower growth (around 39%).
Yes, London rents are showing signs of cooling and falling in some areas, with recent data (late 2025/early 2026) indicating a slowdown in growth, short-term dips (especially in inner London), and a more balanced market, though overall prices remain high, with factors like increased supply and landlord strategy shifts contributing to the stabilization.
In 1970, the average car cost $4,000. By the end of the decade it was $6,000. The price of gas went from 36 cents a gallon to over a dollar. The era of cheap gas was over.
