Residential property has soared in value over the last 20 years, outstripping most other everyday items by vast amounts.
Given the time period, everyone knows property values has risen quickly but because it has become almost normal for property prices to increase you would be forgiven for not realising quite how much prices have grown. We have considered how much everyday items would cost now if they has risen in line with house and flat prices in different areas of London in 2016. The results in some cases are shocking!
Oval has seen house prices increase by 938% over the past 20 years, this would e the equivalent of paying £10.38 for one avocado!
Marylebone has seen similar increases which would see 350g of extra mature cheddar selling for £36.33!
In Camden basmati rice would cost £17.96 for a 2kg bag!
Heinz 570g squeezy tomato ketchup in Dalston which has increased by 676% would be in the region of £15.50!
Kensingtons prices have risen by 733% which would translate into a Hellmans 430ml squeezy Mayonnaise costing £21.72.
In Chelsea a regular 800g farmhouse loaf of white bread would set you back £10.41. This is based on the prices having risen 733%.
With house prices in Westminster having dramatically risen by 670 per cent, a pack of 74 nappies would cost £73.15 or £9.65 for a loaf of granary bread.
House prices have risen by 744% in Bayswater over the last two decades, meaning you’d be paying £10.89 for teabags.
In Kensal Green, house prices have gone up by 748% over the last two decades which would mean, you would be paying £7.55 for six medium free range eggs.
A bottle of standard supermarket wine would cost you over £50 in the West End where house prices have risen by 819 %.
Toilet paper would set you back £61.65 for 16 rolls in Bryanston & Dorset Square in Westminster.
These prices really put into perspective how much property prices have outstripped the rate of inflation. No wonder many first time buyers are struggling to get on the housing ladder. With prices creeping up all the time even the uncertainty of Brexit has only had a minimal effect.
It does bear the question where the tipping point is and how much further can the price of property in London increase?
Ref: Esra Gurkan Mail Online