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How much was my house worth in 1991??

Hopefully this is the right place – it’s more about house price than council tax.

I’m currently waiting to hear from the appeals panel regarding my council tax banding appeal.
I’ve challenged their E banding (58-80k) and think I should be D (45-58k). I’ve used the Nationwide house price guide and worked backwards from our valuation in March 2006 when we bought the house (135k) to 1991 and get a value of 51k which puts it comfortably in band D.
I’ve also found out what the previous owners paid for my house when they bought it – 35K in May 1987. Using that value and working forward, the value comes out as just under 48k which is once again comfortably in Band D.

My question is, can I find a more accurate guide to the price of my house so I can submit it to the appeals panel when they come looking for my evidence? Is the above enough?
I’m aware that in the late 80s the interest rates headed towards 15% and house prices took a tumble or at least stopped increasing. How can I check what effect that had on house prices?

For us to be in Band E the house prices would have had to increase by something like 13% per year through that massive hike in interest rates which I believe is pretty much impossible, but how can I prove it?

Any advice would be greatly appreciated.
D

Keen photographer with sales in the UK and abroad.
Willing to offer advice on camera equipment and photography if i can!
«1345678

Comments

  • What sort of house is it, and where is it located?
    "You were only supposed to blow the bl**dy doors off!!"
  • dunstonh
    dunstonh Posts: 118,565 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Although there was no real movement in house prices between 1989-1991 (very slight loss) house prices fell until 1995 and then (depending on area and house type) took until around 2001 to recover back to 1989 prices.

    I’m aware that in the late 80s the interest rates headed towards 15% and house prices took a tumble or at least stopped increasing. How can I check what effect that had on house prices?


    That was more mid 90s.

    Have any changes been made to the house which could impact on the value? Especially structural changes.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • darich
    darich Posts: 2,145 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    It's a 3bed detached bungalow in Scotland, near Lanark.

    There are no structural changes to the house and it's exactly as it was constructed in around 1973.

    The interest rate hit 15% in 1989 and was high unti around mid 90s. I remember because my parents had just moved house and the payments doubled within a year or so.
    http://www.moneyextra.com/dictionary/Interest-rate-history-003455.html

    Keen photographer with sales in the UK and abroad.
    Willing to offer advice on camera equipment and photography if i can!
  • "Although there was no real movement in house prices between 1989-1991 (very slight loss) house prices fell until 1995 and then (depending on area and house type) took until around 2001 to recover back to 1989 prices."

    That's not my experience of being a homeowner during that time period.
    "You were only supposed to blow the bl**dy doors off!!"
  • dunstonh
    dunstonh Posts: 118,565 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    "Although there was no real movement in house prices between 1989-1991 (very slight loss) house prices fell until 1995 and then (depending on area and house type) took until around 2001 to recover back to 1989 prices."

    That's not my experience of being a homeowner during that time period.

    Thats the average based on the Halifax price index. Regional variations exist as do property types.

    If you take a look at the Nationwide historical price website you will see that if you change the area of the house that some places took 12 years to recover whilst others took 6 years.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • Long shot with effort involved:

    You could find out if a local newspaper or library keeps archives you could gain access to. Then see if the property pages are in there. And go through a few copies to find houses just like yours/in your road.

    This would of course involve going to their building and sitting for a couple of hours going through each page. They will have photocopying facilities probably, but take a camera with you if not.
  • What band are other similar houses in your area?
  • darich
    darich Posts: 2,145 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Pastures New - I've thought of that but given the work involved i'm trying to find out if it's possible to find what I'm after online. Thanks anway.

    Oramgepekoe - Next door neighbour with identical house is also E but there are 6 houses in another street, identical to mine all banded D. They're within 250m so very close.

    Keen photographer with sales in the UK and abroad.
    Willing to offer advice on camera equipment and photography if i can!
  • Try this and take a look at step number 3 about half way down the page
    http://www.moneysavingexpert.com/reclaim/council-tax-bands-change

    Takes you to this site
    http://www.nationwide.co.uk/hpi/

    You should be able to reverse you price to 1991 prices. Its a guide but should help you work out what your 1991 house price was

    Hope it helps.
  • darich
    darich Posts: 2,145 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Thanks Stu - I've done that already hence my challenge but i'm hoping to find something more substantial or something that i can use in addition to that when I'm asked for evidence by the appeals panel.

    Keen photographer with sales in the UK and abroad.
    Willing to offer advice on camera equipment and photography if i can!
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