£30k put into a house in 1997 what's it now worth

sonypc100

Hi

Just trying to get a very rough idea on this, not for any particular purpose.

if in 1997 someone bought a house for £80k and put £30k down in cash so only took a £50k mortgage, what would that £30k be worth now if you look at house prices rises since 97?

Thanks

davidmcn

The current value of the property minus whatever the mortgage balance (if any) now is. Assuming you're talking about a particular property it would make more sense to figure out its current value rather than just use UK-wide average indexation figures. The likes of Zoopla may be much derided around here but it'll at least give you a ballpark figure.

hazyjo

Absolutely impossible to say. Can we at least have an area?

As above, Zoopla could be hundreds of thousands out, but is prob the best place to start.

AdrianC

It'd be worth 3/8 of the current value of the property.

MovingForwards

Look at right move and see what other like for like properties have sold for on that road, or neighbouring roads.

ElizabethRose

Impossible to say as houses in different areas have increased at vastly different rates. Look at sold prices locally for a comparable. 

moneysavinghero

Q1 1997 average house price was £55,810
Q4 2019 average house price was £215,925
So an average rise of 287%

So a rough answer would be that a £80,000 house in 2019 would be worth £309,000 in 2020. Add about another 6% to cover the rise is the last year - so about £327,000. You would have most likely paid off all your mortgage by now so the full value of the house would be yours (possibly may have a grand or two outstanding but nothing major). Worst case it was interest only mortgage so just knock £50,000 of the current house price above.

Angela_D_3

My numbers would be house bought in 2000 for £60,000.  Sold it in 2004 for £120,000 similar houses listed at £160,000 now so huge variations 

hazyjo

I bought a house in 1998 for just over 90k. Now worth around 550k.

But I've just realised your question was about just the value of 30k, and not sure if you are trying to include house increase in that too.

30k today is apparently worth around 56,800. It depends if, when that money was put into a house, it was the deal that that person would get their deposit back in the event of a split, sale, or whatever, or if it was to be included in any percentage of a price increase.

NaughtiusMaximus

As has been said, it varies massively depending on area. My parents sold their old house in 1999 for 45k, a property of the same design on a nearby street sold last year for £163k. 

staffie1

Worth whatever it sells for.