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house price rise by inflation?
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oldgit74
Posts: 10 Forumite
Hi bought my house in 1983 for 55000pounds, can anyone guess what the inflation factor would make the price now, in 2006.used to be tables in the papers, but see any now thanx for any help,Don
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Comments
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House price inflation is too local to just give a generic figure.
Get an EA round to value the property for you - say you are thinking of selling up.0 -
According to THIS calculator it would be worth £127563.25 by using increases in the RPI from 1 Jan 1983 to 1 April 2005. Because the figures are published in arrears, as it were, it's not possible to give the figures to 2006 yet.
According to NW's HOUSE PRICE INDEX the average UK house worth £55K in 1983 would now be worth about £506K* at the end of 2005.
I think pal may have misunderstood your question, but if you want to know the value of your house, rather than how much £55,000 would now be worth after allowing for inflation, then he's right. House prices vary thoughout and within regions and areas so getting a few EA's around to value is the only accurate way of knowing.
EDIT: * See posts below - wrong figure quoted.0 -
Sure - but it's useful to get a rough idea. But - when I put 55,000 in 1983
into the NW calculator - I got 331,883 not 506,000!
The calculator's quite accurate - my house bought in 88 at 27k in the NW comes out at 126k which is about right. Over a long period - 15 to 20 years - local variations tend to cancel out.0 -
exil,
You're right about £331K for the NW calc. Know what I did, put my own house price [bought about 9 yrs later - so not worth 1/2 million] instead of the OP's £55K. Whoops :doh: !!
Not sure your comment about local variations is correct, same figures for Greater London = £386K whereas Scotland = £246K. I think every region in England and Wales did quite a lot better than the UK average with the Jocks and Northern Ireland significantly lower. If you mean within a region I really don't know how you can tell that from a calc like NW's.
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thanx for info, as you all say, if i need to sell,its EA, unless theres a better and cheaper way.know they got to live but 1precent of 300000+ is worth saving, if poss Don0
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