Silly Inflation Question

Hugh_Cumber

So I'm sure we've all been told by our elders that 'houses in my day were only £1000' or something to that affect, obviously a house costs alot more nowadays.

So my silly question is, when my kid is my age how much will houses be, A million ?
What will minimum wage be, 50k ?
When does it stop ?
Does the poverty drop off just increase. 

Obviously with everything going on at the minute people are anxious, including myself, this is the daft stuff I lay awake thinking about.

I am trying to learn a little about inflation and finances on youtube, but its another level tbh.

Anyone smarter than me (there's alot of you) shed any light on this.
Cheers

user1977

Nobody knows what inflation rates will be in the future (or how general inflation, house prices, and wage increases may differ). If you want to get an idea, have a look at the various online calculators of historic inflation.

DE_612183

normally everything moves up by the same % - as you say my parents bought a house for £2k, i bought my fist one for £50k, I'm thinking of moving again and it looks like it'll be £500k.

When I was young a £1 note was a big deal - now it's just loose change.

Slithery

Debating house prices and the economy isn't allowed on this forum...
https://forums.moneysavingexpert.com/categories/debate-house-prices-the-economy

theartfullodger

Crystal ball gazing just gives you nothing crystal but a lot of b+lls.

My 1st house was IIRC £11,000.  Early 1970s terrace, Henley.

Bought a 2 bed house with sea & mountain views at auction Jan 2000 for £18.5k. Without seeing inside..... Selling this autumn. Scottish Highlands.

Prices when your kid is your age?  Gissa clue (you could be 70, kid 1 year old or you 35, kid 16.).

With global warming, cost of leaving , bloody Putin etc might be under water and/or prices dropped like a stone.

newsgroupmonkey_

I'm not going to talk about the future, because as Slithery said, it's not allowed.

However, if you want to talk about the past.....

https://www.bankofengland.co.uk/monetary-policy/inflation/inflation-calculator

It's much more complicated than that. You also need to compare salaries against house prices.

The difference is much less.

Hugh_Cumber

Not allowed or I posted in the wrong place ? 

Obviously I'm not after specific prices, the point I was getting at is how can everything constantly keep going up. At what point is it at the maximum.

Like I said I'm not that smart, maybe I've asked a childish question.
This is closer to what i was meaning..

When I was young a £1 note was a big deal - now it's just loose change.

user1977

Hugh_Cumber said:

Obviously I'm not after specific prices, the point I was getting at is how can everything constantly keep going up. At what point is it at the maximum.

Why should there be a maximum?

Things can go down as well, it's just not as frequent.

canaldumidi

In 1960 the French Franc was redenominated. 1 New French Franc was equal to 100 (old) francs.

Sorted!

Hugh_Cumber

canaldumidi said:

In 1960 the French Franc was redenominated. 1 New French Franc was equal to 100 (old) francs.

Sorted!

Thanks, that's what I was meaning

Silvertabby

My mum died in 1995, nearly a quarter of a century after we switched to decimal currency.

Right up until the time she died she blamed inflation on 'this new fangled money rubbish,' because everything was so much cheaper in 'proper money'.