Recently the Apple company announced, amongst other things, the latest edditions to the iPhone range.
It’s predicted to cost as much as $969 (£734) for the latest model which will mean the price has increased by 94% since the original iPhone hit the market in January 2007. A staggering increase when put into perspective against another high climber, the UK housing market, which has only increased by 26% in the same time frame!
Both have taken a dip in price over the last decade, with the iPhone 3G (June 2008), 3GS (June 2009) and 4 (June 2010) all seeing a lower price point of $299 when they were introduced. The Average UK house price also dropped in between June 2008 and 2009, by -12.25% due to the market crash, with a second smaller drop of -2.34% between June 2010 (the release of the iPhone 4) and October 2011 (the release of the iPhone 4S).
Since, the UK market has seen steady growth across each annual Apple iPhone release announcement, and whilst Apple has kept their prices frozen at $399 between 2011 and 2013 and again at $499 between 2014 and 2015, when they have increased their prices, it has been a notably larger jump than the fast-paced UK property market.
Since March of last year when the iPhone 7 and 7S were announced, property prices have climbed by 8%. However, if the latest iPhone does retail at the predicted $969, it will mean the cost of the latest Apple gadget will have increased almost double that (14%).
Russell Quirk, founder and CEO of eMoov.co.uk, commented: “The escalating cost of getting on the UK property ladder is one that is often highlighted, alongside the lack of growth where wages are concerned and the increasing cost of living.
It makes it even harder for those of us loyal to the iPhone cult when each year the latest product released escalates at an extraordinary rate. It highlights the impossible task faced by younger generations in terms of keeping up with two fast paced areas of modern life, property, and technology.”