For those who are old enough to recall the 1970s, memories may include fashion trends such as bell-bottom trousers, frayed jeans, and disco glitter balls, as well as economic challenges like HYPER-INFLATION. Presently, with inflation rates at 10.4%, some may long for the past few years of sub-2% inflation.
However, during the 1970s, the UK experienced a decade marked by sustained double-digit inflation for seven of its ten years. Inflation was a significant issue in the UK during the 1970s, with the average annual inflation rate reaching 12.3% per year.
In fact, prices surged by as much as 25% in 1975 alone, reflecting the extent of the inflationary pressures faced by the economy during that decade.
The high inflation of the 1970s in the UK was attributed to various factors, such as the quadrupling of oil prices during the 1973 Oil Crisis (which may sound familiar), powerful unions, a high level of growth and investment in the 1950s and 1960s, all of which made it easier for inflationary pressures to build up in the 1970s. The property market was not exempt from these inflationary pressures either.
Between the beginning of 1970 and the end of 1979, the average price of a house in Walsall increased significantly, rising from £3,758 to £19,465.Continue reading
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