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10 years ago.....
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thats not the arguement here.
Well, with all due respect, I didn't think it was either, but you raised it.if we had current house-prices but the same level of affordability (i.e. everyone was earning more) then would there be these discussions?
No, there'd be very different ones, but it would require wage inflation of 20 per cent a year for four or five years, and stagnant house prices. I'm not clear how that's even on the radar.Hurrah, now I have more thankings than postings, cheers everyone!0 -
The Nationwide's handy calculator told me that this would be worth £308k now.
http://www.nationwide.co.uk/hpi/Default.asp?calculate=true
You had a £25k salary, you paid 4 times your salary for the flat. This was probably pretty difficult.
Someone on a £35k salary would need to pay nearly 9 times their wage for the flat. This would be impossible.
Or, to look at it another way, to get affordability back to a similar level, people doing the kind of job our pal ItsGotToStop was doing back then would have to be on £77k.
What are they actually on?Hurrah, now I have more thankings than postings, cheers everyone!0 -
Well according to that calculator my place should be worth 189 thousand. Like I say, two years ago next door but one to me (identical) sold for 325.0
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The Nationwide's handy calculator told me that this would be worth £308k now.
http://www.nationwide.co.uk/hpi/Default.asp?calculate=true
You had a £25k salary, you paid 4 times your salary for the flat. This was probably pretty difficult.
Someone on a £35k salary would need to pay nearly 9 times their wage for the flat. This would be impossible.
That flat is now worth 240k0 -
No sorry 248k asking now0
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itsgototstop wrote: »No sorry 248k asking now
7 times the 35k then. Still pretty much impossible.0 -
itsgototstop wrote: »No, west london 10 years ago was not affordable...has got worse but as my post says it was hard even 10 years ago in london for a ftb
The flat we rent was bought in 1997 for £175k - 3 beds, bath, living room, and kitchen, in central London.
It's now valued ITRO £600k. That's a big change!...much enquiry having been made concerning a gentleman, who had quitted a company where Johnson was, and no information being obtained; at last Johnson observed, that 'he did not care to speak ill of any man behind his back, but he believed the gentleman was an attorney'.0 -
dolce_vita wrote: »i've done the sums (as required as part of my job) and i found that over a rolling 10yr period house price growth was always positve..i'll pm you the numbers on monday if i remember.
1990 to 2000? I don't think that was positive?...much enquiry having been made concerning a gentleman, who had quitted a company where Johnson was, and no information being obtained; at last Johnson observed, that 'he did not care to speak ill of any man behind his back, but he believed the gentleman was an attorney'.0 -
neverdespairgirl wrote: »1990 to 2000? I don't think that was positive?
Yeah it was - nominally, not necessarily in real terms. Prices peaked in the Summer / Early autumn of 1989, and fell from there, reaching their lowest point in late 1995. They picked up quite sharply after that, they were at 1989 levels again by 1999.
But you were still a lot better off if you bought in 1995 than if you bought in 1989!Hurrah, now I have more thankings than postings, cheers everyone!0 -
Yeah it was - nominally, not necessarily in real terms. Prices peaked in the Summer / Early autumn of 1989, and fell from there, reaching their lowest point in late 1995. They picked up quite sharply after that, they were at 1989 levels again by 1999.
But you were still a lot better off if you bought in 1995 than if you bought in 1989!
Real terms is what matters here, though.
ISTR that in terms of average wages, the 1989 price wasn't re-gained in real terms until c.2002....much enquiry having been made concerning a gentleman, who had quitted a company where Johnson was, and no information being obtained; at last Johnson observed, that 'he did not care to speak ill of any man behind his back, but he believed the gentleman was an attorney'.0
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