A fun statistic

westernpromise

Someone who bought my parents' house in 2016 would pay five times more just in stamp duty than they paid for the actual house in 1971.

CLAPTON

westernpromise wrote: »

Someone who bought my parents' house in 2016 would pay five times more just in stamp duty than they paid for the actual house in 1971.

your parents must have bought a decent house then otherwise stamp duty would have been zero

Conrad

I often cite a client that bought his 5 bed detached in I think 1970 for £5k, now valued at about £800k - and its a right pit yards from a dirty great motorway flyover. Look back on all the headlines during that period, wars, recessions, 3 day weeks, the predicted end of Britain (many times), lol. It's all just weather.


This is why I have had little interest in the doom mongers and all their spread sheet nonsense. In the end property is a no brainer long term


Who cares about the up's n downs - people vastly over-do the downside risks

westernpromise

5 bedrooms. Cost £19k. Value today, probably £1.5 million; SDLT ~£100k.

theEnd

westernpromise wrote: »

Someone who bought my parents' house in 2016 would pay five times more just in stamp duty than they paid for the actual house in 1971.

My parents equals around 13.3x

Crazy.

Conrad

I today booked to see a 1 bed new build flat with no parking, thinking the market would be quiet and I'd get a good deal. Fat chance, the well known new homes agent is rushed off their feet - took days to even return my calls to the point I got a little waspish


Mind you I just noticed a 1 car space for sale, only £8k (out in the shires), and wondered what the rent might be? This is a prime commuter town where most are City workers and the space is 3 mins walk from station

westernpromise

Conrad wrote: »

Mind you I just noticed a 1 car space for sale, only £8k (out in the shires), and wondered what the rent might be? This is a prime commuter town where most are City workers and the space is 3 mins walk from station

I reckon this is a much-overlooked opportunity.

Conrad

westernpromise wrote: »

I reckon this is a much-overlooked opportunity.

On the plus I'd could get a few of these with no debt, on the minus side there would be no leveraged capital growth

mwpt

westernpromise wrote: »

5 bedrooms. Cost £19k. Value today, probably £1.5 million; SDLT ~£100k.

You'd have to be very wealthy indeed to buy a £1.5m place today. There are a lot of wealthy people around, people who have made money from the property boom for example, so for them £1.5m might not seem like much.

Were you parents very wealthy in 1970?

ukcarper

mwpt wrote: »

You'd have to be very wealthy indeed to buy a £1.5m place today. There are a lot of wealthy people around, people who have made money from the property boom for example, so for them £1.5m might not seem like much.

Were you parents very wealthy in 1970?

You would have needed to be wealthy to afford £19k in 1971

Bought my first house in 1972 £8k similar house sold last year for £300k probably go for £330k now.

LHW99

First house was £13k in 1978, 2 bedrooms, no CH, hole in the front window and the back one fell out completely when we opened it!