Why were house prices cheaper in the 1970s than they are in the C21st?

ess0two

Graham_Devon wrote: »

If there was even an ounce of truth in this, rather than it being a completely flippant, non thinking, ignorant line, the bottom would have fallen out of the flat / 2 bed and terraced market.

As it is, terraced are selling in the biggest numbers.

Fippant,ignorant dont talk so wet.

You ridiculed the OP for stating a kitchen back then was just a sink and work surface.

How many of todays generation would put up with this????the majority want a high finish to property which includes kitchen,bathrooms etc.

I even know of a friend who is viewing property now and dismissing them due to the nature of current decoration.

Gorgeous_George

In the 70's the world wasn't managed by spreadsheet.

GG

A._Badger

Mortgages were rationed so many couldn't buy despite being able to afford the repayments

ess0two wrote: »

Fippant,ignorant dont talk so wet.

You ridiculed the OP for stating a kitchen back then was just a sink and work surface.

How many of todays generation would put up with this????the majority want a high finish to property which includes kitchen,bathrooms etc.

I even know of a friend who is viewing property now and dismissing them due to the nature of current decoration.

The biggest current fetish seems to be multiple bathrooms.

Pace Monty Python's 'Four Yorkshiremen' sketch, ( http://www.youtube.com/watch?v=Xe1a1wHxTyo ) my first flat had no central heating, hot water from a temperamental wall-mounted Ascot, no heating in the bathroom and just one coal fire.

Eeee... but we were 'appy, in them days!

Thrugelmir

Generali wrote: »

Why were house prices cheaper in the 1970s than they are in the C21st?

Look at the change in the banks regulatory capital requirements in the intervening period.

Mortgages aren't rationed as such. Its a question of how much banks are allowed to lend depending on their held reserves. As regulation loosened so credit expanded.

We're now in a reverse situation. So until capital reserves are rebuilt the lending markets will continue to contract. May take 10 -15 years to reach a stable playing field again.

ukcarper

carolt wrote: »

Couldn't or wouldn't?

You forget that in the 70's - long before the era of property !!!!!! shows on the TV - most people had no need to buy. Rents were controlled, tenants had security of tenure, council houses were still being built and were widely available and this was long, long before the era of right-to-buy.

Today's assumptions that everyone wished to buy, or if they couldn't were 'frustrated' in some way, are terribly anachronistic.

Far fewer people bought partly because far fewer people wanted/needed to buy.

And we all know what impact lower demand has on prices...

I love your rosy picture of the 70s good private rented property was scarce council house easier than now but still difficult to get. I live in a 2 up 2 down house with toilet 15m up the garden no bathroom or hot water with my parents and sister until she was 5 and my parents got enough points for them to get a council house. I admit that was the late 60s not 70s.

When in I got married in the early 70s I bought because I probably would have had to live with my parents or the in laws if I didn’t.

Graham_Devon

ess0two wrote: »

Fippant,ignorant dont talk so wet.

You ridiculed the OP for stating a kitchen back then was just a sink and work surface.

How many of todays generation would put up with this????the majority want a high finish to property which includes kitchen,bathrooms etc.

I even know of a friend who is viewing property now and dismissing them due to the nature of current decoration.

It's generalisation after generalisation isn't it.

How can you discuss when all people are willing to do is slap generalisations all over the place?

You do realise the same generation that moan that another generation wants to much were all buying up the places that needed some modernisation, modernising them on the cheap, and then selling them to the younger generation.

I find it strange the older generation moan so much and slag the younger generation off for "wanting so much" but were more than happy to pile in and buy up all the houses that did need modernisation with profit in mind.

Theres a generalisation for you.

Sad thread really when its just generations at throats. There isn't any inbetween. It's either a massive generalistion, or slagging off. The problem is never going to be solved when the two generations are just at each other throats constantly, about anything.

LilacPixie

ukcarper wrote: »

there were but generally only 1x

Thanks for that. I was going on what my mum had said. They were just married, no kids and I think her job was pretty much discounted. This was probably a good thing because she did stop working to raise a family.

I was born in the 1980's so have no memories of my own of the 70's but i can remember the 80's and lots of uncertainty about north sea oil and my dad's job, His redundancy in 1989 and his shock at taking almost 3 weeks to find another job. :eek: For him 3 weeks was an age and totally incomprehensible. I guess as the only breadwinner not walking into another job as expected would of been terrifying.

Anyone any ideas of the deposit requirments in the 70's or was it totally at the discretion of the lender? I know my parents paid 21k for their home with a 5% deposit that was given to them as a wedding present from my dads uncle. They were the first in the family to own and apparently everyone thought they were a bit mad.

Really2

There was a massive house building push in the 1960's and 70's.

I should imagine (I don't know) that is when house (not flats) building peaked in the UK.

The age of squeaking pine floors and stairs.

A._Badger

Mortgages were rationed so many couldn't buy despite being able to afford the repayments

LilacPixie wrote: »

Anyone any ideas of the deposit requirments in the 70's or was it totally at the discretion of the lender? I know my parents paid 21k for their home with a 5% deposit that was given to them as a wedding present from my dads uncle. They were the first in the family to own and apparently everyone thought they were a bit mad.

I recall it was 10 per cent in my case. I've no idea what the average was, though. I do remember that getting a mortgage at all felt like having passed a test of some kind.

Thrugelmir

Really2 wrote: »

There was a massive house building push in the 1960's and 70's.

I should imagine (I don't know) that is when house (not flats) building peaked in the UK.

The age of squeaking pine floors and stairs.

Post war regeneration went on for many years. From 1955 to the mid 1970's. There was both a baby boom and immigration to contend with.

Many "new" towns were created from what were villages. Bracknell, Basingstoke to name a couple.