Comparison
Gold vs house prices after inflation: UK and US since 1991
Gold against the average UK house and the US house price index, from January 1991, when the US series starts. Each is shown in pounds after UK inflation, dollars after US inflation and against money printing.
- Gold since 1991, real £ +522% 5.3% a year
- UK houses since 1991, real £ +108% 2.1% a year
- Gold since 1991, real $ +328% 4.2% a year
- US houses since 1991, real $ +82.0% 1.7% a year
Key takeaways
- In pounds after UK inflation since Jan 1991: gold +522%, UK house prices +108%.
- In dollars after US inflation: gold +328%, US house prices +82.0%.
- The average UK house cost 90 ounces of gold in Jul 2026, against 633 in May 2004 and 60 in Jan 1980.
- Gold’s real price took until Feb 2025 to regain its Jan 1980 high.
- Against US M2 since Jan 1991: gold +50.2%, UK house prices −49.7%, US house prices −36.1%.
Side by side, Jan 1991 to Jul 2026
Every lens over the months all of them have. The highlighted column follows the lens you choose below.
| Asset | $ nominal | £ nominal | Real $ (US CPI) | Real £ (UK CPI) | vs US M2 |
|---|---|---|---|---|---|
| Gold XAU | +961% 6.9% a year | +1,447% 8.0% a year | +328% 4.2% a year | +522% 5.3% a year | +50.2% 1.2% a year |
| UK house prices UK HPI | +255% 3.6% a year | +418% 4.7% a year | +43.2% 1.0% a year | +108% 2.1% a year | −49.7% −1.9% a year |
| US house prices FHFA HPI | +352% 4.3% a year | +559% 5.5% a year | +82.0% 1.7% a year | +165% 2.8% a year | −36.1% −1.3% a year |
Growth of 100 in the lens you choose
Each line starts at 100. Switch the lens to see the same holdings in pounds, after inflation or against money printing.
- Gold427.6
- UK house prices143.2
- US house prices182
- Jul 2026
Loading the chart. Every figure is also in the tables below.
Every period
Shorter windows first. All five lenses are in the page; the one you choose is shown.
Every period in US dollars, not adjusted
| Period | Gold | UK house prices | US house prices |
|---|---|---|---|
| Past year from Jul 2025 | +21.9% 21.9% a year | +3.3% 3.3% a year | +2.6% 2.6% a year |
| 5 years from Jul 2021 | +125% 17.6% a year | +14.1% 2.7% a year | +29.7% 5.3% a year |
| Since 2020 from Dec 2019 | +175% 16.6% a year | +29.6% 4.0% a year | +63.9% 7.8% a year |
| 10 years from Jul 2016 | +205% 11.8% a year | +39.6% 3.4% a year | +94.1% 6.9% a year |
| Since 2010 from Dec 2009 | +259% 8.0% a year | +46.7% 2.3% a year | +140% 5.4% a year |
| 20 years from Jul 2006 | +542% 9.7% a year | +25.1% 1.1% a year | +101% 3.6% a year |
| Since 2000 from Dec 1999 | +1,339% 10.6% a year | +199% 4.2% a year | +234% 4.6% a year |
| Since Jan 1991 from Jan 1991 | +961% 6.9% a year | +255% 3.6% a year | +352% 4.3% a year |
Every period in pounds sterling, not adjusted
| Period | Gold | UK house prices | US house prices |
|---|---|---|---|
| Past year from Jul 2025 | +19.7% 19.7% a year | +1.4% 1.4% a year | +0.7% 0.7% a year |
| 5 years from Jul 2021 | +133% 18.4% a year | +17.8% 3.3% a year | +34.0% 6.0% a year |
| Since 2020 from Dec 2019 | +171% 16.4% a year | +27.7% 3.8% a year | +61.5% 7.6% a year |
| 10 years from Jul 2016 | +200% 11.6% a year | +37.6% 3.2% a year | +91.2% 6.7% a year |
| Since 2010 from Dec 2009 | +331% 9.2% a year | +76.1% 3.5% a year | +188% 6.6% a year |
| 20 years from Jul 2006 | +791% 11.6% a year | +73.5% 2.8% a year | +179% 5.3% a year |
| Since 2000 from Dec 1999 | +1,626% 11.3% a year | +259% 4.9% a year | +300% 5.4% a year |
| Since Jan 1991 from Jan 1991 | +1,447% 8.0% a year | +418% 4.7% a year | +559% 5.5% a year |
Every period in US dollars after US inflation (CPI)
| Period | Gold | UK house prices | US house prices |
|---|---|---|---|
| Past year from Jul 2025 | +18.0% 18.0% a year | 0.0% −0.0% a year | −0.8% −0.8% a year |
| 5 years from Jul 2021 | +84.2% 13.0% a year | −6.7% −1.4% a year | +6.1% 1.2% a year |
| Since 2020 from Dec 2019 | +112% 12.1% a year | −0.3% −0.0% a year | +26.2% 3.6% a year |
| 10 years from Jul 2016 | +120% 8.2% a year | +0.6% 0.1% a year | +39.9% 3.4% a year |
| Since 2010 from Dec 2009 | +132% 5.2% a year | −5.1% −0.3% a year | +55.1% 2.7% a year |
| 20 years from Jul 2006 | +292% 7.1% a year | −23.8% −1.3% a year | +22.7% 1.0% a year |
| Since 2000 from Dec 1999 | +625% 7.7% a year | +50.8% 1.6% a year | +68.1% 2.0% a year |
| Since Jan 1991 from Jan 1991 | +328% 4.2% a year | +43.2% 1.0% a year | +82.0% 1.7% a year |
Every period in pounds after UK inflation (CPI)
| Period | Gold | UK house prices | US house prices |
|---|---|---|---|
| Past year from Jul 2025 | +16.4% 16.4% a year | −1.4% −1.4% a year | −2.1% −2.1% a year |
| 5 years from Jul 2021 | +81.2% 12.6% a year | −8.2% −1.7% a year | +4.4% 0.9% a year |
| Since 2020 from Dec 2019 | +106% 11.6% a year | −3.1% −0.5% a year | +22.6% 3.1% a year |
| 10 years from Jul 2016 | +111% 7.8% a year | −3.2% −0.3% a year | +34.6% 3.0% a year |
| Since 2010 from Dec 2009 | +165% 6.1% a year | +8.4% 0.5% a year | +77.3% 3.5% a year |
| 20 years from Jul 2006 | +399% 8.4% a year | −2.9% −0.1% a year | +56.3% 2.3% a year |
| Since 2000 from Dec 1999 | +777% 8.5% a year | +82.2% 2.3% a year | +103% 2.7% a year |
| Since Jan 1991 from Jan 1991 | +522% 5.3% a year | +108% 2.1% a year | +165% 2.8% a year |
Every period in US dollars measured against the growth of the US M2 money supply
| Period | Gold | UK house prices | US house prices |
|---|---|---|---|
| Past year from Jul 2025 | +15.7% 15.7% a year | −2.0% −2.0% a year | −2.7% −2.7% a year |
| 5 years from Jul 2021 | +100% 14.9% a year | +1.4% 0.3% a year | +15.3% 2.9% a year |
| Since 2020 from Dec 2019 | +82.1% 9.5% a year | −14.3% −2.3% a year | +8.4% 1.2% a year |
| 10 years from Jul 2016 | +69.4% 5.4% a year | −22.4% −2.5% a year | +7.9% 0.8% a year |
| Since 2010 from Dec 2009 | +31.5% 1.7% a year | −46.2% −3.7% a year | −12.1% −0.8% a year |
| 20 years from Jul 2006 | +90.8% 3.3% a year | −62.9% −4.8% a year | −40.2% −2.5% a year |
| Since 2000 from Dec 1999 | +188% 4.1% a year | −40.2% −1.9% a year | −33.4% −1.5% a year |
| Since Jan 1991 from Jan 1991 | +50.2% 1.2% a year | −49.7% −1.9% a year | −36.1% −1.3% a year |
A UK house priced in ounces of gold
The HM Land Registry average price divided by the price of a troy ounce of gold in pounds, both monthly.
Measured from January 1991, when the US house price series starts, to July 2026, gold is up 522% in pounds after UK inflation and the average UK house up 108%. In dollars after US inflation, gold is up 328% and US house prices up 82.0%. House prices here are prices only: they leave out rent and the costs of owning a home.
Pricing a house in gold shows how far the two have swung. The average UK house cost 60 ounces in Jan 1980, when gold was at a spike, and 633 ounces in May 2004, when house prices were rising fast and gold was cheap. By Jul 2026 it was 90 ounces.
Gold is ahead of UK houses in real pounds over every standard window in the table, from five years to since 2000. That depends a great deal on the end date, because gold’s price rose sharply in the most recent years of the data.
| Month | Average UK house | Gold, per ounce | Ounces per house |
|---|---|---|---|
| Jul 2026 latest | £272,611 | £3,024 | 90.2 |
| Dec 2022 | £263,190 | £1,489 | 176.8 |
| Dec 2019 | £213,521 | £1,115 | 191.6 |
| Dec 2015 | £188,767 | £730 | 258.7 |
| Dec 2011 | £153,880 | £1,056 | 145.8 |
| Dec 2007 | £174,280 | £405 | 430.7 |
| May 2004 most ounces | £132,516 | £209 | 632.6 |
| Dec 1999 | £76,001 | £175 | 433.7 |
| Dec 1995 | £51,367 | £249 | 206.2 |
| Dec 1990 | £53,337 | £195 | 272.8 |
| Dec 1985 | £28,061 | £223 | 125.9 |
| Jan 1980 fewest ounces | £17,754 | £298 | 59.6 |
| Dec 1975 | £9,036 | £68.69 | 131.5 |
Gold is a monthly average price converted at the month-end GBP/USD rate. Exchange-rate data starts in 1971.
Real falls in gold and house prices
Every fall of more than 10% after inflation in house prices, and gold’s deepest, across each full history.
Neither has been a smooth ride after inflation. Gold’s real price fell 83.1% from its Jan 1980 high to Apr 2001, and did not get back above it until Feb 2025, 45 years 1 month later.
UK house prices have had 4 falls of more than 10% after UK inflation since 1968. The deepest was 35.8% from its Jul 1973 high to Jun 1977. In the US, real prices fell 30.1% from Nov 2006 to Feb 2012.
| Series | High | Low | Fall after inflation | Back to the high |
|---|---|---|---|---|
| Gold (real $) | Jan 1980 | Apr 2001 | −83.1% | 45 years 1 month |
| UK houses (real £) | Jul 1973 | Jun 1977 | −35.8% | 13 years 9 months |
| UK houses (real £) | Jul 1989 | Dec 1995 | −29.3% | 10 years 6 months |
| UK houses (real £) | Sep 2007 | Feb 2013 | −26.1% | 13 years 9 months |
| UK houses (real £) | Sep 2021 | Apr 2025 | −13.8% | Not yet (4 years 10 months) |
| US houses (real $) | Nov 2006 | Feb 2012 | −30.1% | 13 years 5 months |
Gaps and assumptions
What the figures leave out, so they can be read for what they are.
- The comparison starts in January 1991 because the FHFA US index does. UK house prices go back to 1968 and gold to 1960; their longer figures are in the fall table and on their own pages.
- House prices are prices only. They exclude rent, repairs, insurance, stamp duty and mortgage costs, so they are not a total return for an owner or a landlord. Gold excludes storage and dealing costs.
- UK figures are the HM Land Registry UK House Price Index average for all property types. In the early years the source publishes quarterly figures, repeated here for each month of the quarter.
- US figures are the FHFA purchase-only index, built from sales of homes with mortgages backed by Fannie Mae and Freddie Mac. The better-known Case-Shiller index needs a licence to publish, so it is not used.
- Gold prices are World Bank monthly averages, not month-end closes.
Gold vs house prices: questions
Worked out from the same monthly data as the tables. Educational information, not financial advice.
Have house prices beaten gold?
Not since 1991 on these figures. From January 1991 to July 2026, gold is up 522% in pounds after UK inflation and the average UK house up 108%. In real dollars, gold is up 328% and US house prices up 82.0%. Houses can also earn rent, which these price figures leave out, along with the costs of owning one.
How many ounces of gold does a UK house cost?
About 90 in Jul 2026, using the HM Land Registry average price and the monthly average gold price in pounds. The figure has ranged from 60 ounces in Jan 1980 to 633 in May 2004.
Have house prices kept up with inflation since 1991?
Yes, in both countries over the whole period: UK house prices are up 108% after UK inflation and US house prices up 82.0% after US inflation. Shorter windows differ. Over the past five years UK prices are down 8.2% in real pounds.
Do these house price figures include rent?
No. They track the price of homes only. Rent, maintenance, buying and selling costs, and mortgage interest are all left out, so the figures neither flatter a buy-to-let landlord nor count the costs an owner pays.
Important information
Capital at risk. The value of investments can fall as well as rise and you may get back less than you invest. Past performance is not a reliable indicator of future results. Educational information only, not financial advice. Read our disclaimer.