To celebrate the next installment of arguably the most successful film franchise of all time, Halifax has decided to look at house price performances since the first Star Wars film hit the silver screen back in 1977.
Star Wars may have generated box office revenues of $4.4bn since A New Hope hit cinemas in 1977, but this looks like an X-Wing parked next to a Star Destroyer when compared to the increase in value of privately owned UK housing stock.
Back in May 1977, UK housing stock stood at £194.4bn. Leap forward to today and the value has increased faster than the Millennium Falcon doing the Kessel Run to £5.1 trillion – a change of 2519%.
That’s no moon
Anyone buying a home in the UK in 1977 would have seen values go through hyperspace too. Back in 1977 the average house cost £13,650 – less than the price of the average car today – and with the latest Halifax House Price Index putting average prices at £204,552 that equates to an increase of 1,399%.
Homeowners on Alderaan may have seen losses back in 1977, but those buying when the UK was introduced to Hoth in 1980 would have seen the value increase by 767%. And those getting on the ladder in 1983 when the Ewoks were creating havoc will have seen the value of their home rise by 566%.
The Phantom Menace may have introduced us to Jar Jar Binks, but it was good news for homebuyers in 1999, who have seen the value of their home increase by 170%. 2002’s saw Attack of the Clones hit the big screen and since then house prices have storm(trooper)ed by an average of 93%. It’s been 10 years since Revenge of the Sith saw Anakin finally fall to the dark side, and in that time house prices have grown a more modest 26%.
Use the force
|
House Price £ |
% Changes to Nov 2015*** |
|
|
1977 May (Annual)** |
13,650 |
1399% |
|
1980 May (Annual)** |
23,596 |
767% |
|
1983 May (+Q2) |
30,725 |
566% |
|
1999 May (+Q2) |
75,844 |
170% |
|
2002 May (+Q2) |
106,195 |
93% |
|
2005 May (+Q2) |
162,783 |
26% |
Craig McKinlay, Mortgages Director, Halifax, says: “For Star Wars fans the promise of a new trilogy means the circle is now complete. Box office receipts are likely to cement the franchise’s place as one of the most successful series of all time. However, its no Jedi mind trick to say even the returns here have been dwarfed by increases in the value of UK housing stock."
