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So What Was A Ftb Place In Years Gone By


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#91 Jesus

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Posted 18 January 2005 - 06:33 PM

Bought a huge (compared with today) 3 bed terrace in 99 for 39000 with no deposit. My wage them was not giving me enough for my cigarettes smoking and bills, let along for a mortgage which were £230
I was earning £12000 year working 12 hours 7 days a week

Could have hardly afford them 1 bed flat in edinburgh

I dont know where I got the inspiration from but had the vision to buy on the outskirts of Edinburgh then, as thousand of people has done in the last couple of years, and did the following:

Rented out two of the bedrooms upstairs (to same person as bedroom and livingroom).
Like living on my own downstairs but without costing me a penny in mortgage. All it was shared was the kitchen

Today it worth almost £100000

So what?, this is false money - I have nothing, as if I sell I cant buy nothing better so I wish my house and everyother of course would go back to 99 prices so I could look forward to improve quality of life without debtiting myself to the neck

#92 Lenny

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Posted 26 January 2005 - 02:48 PM

My mum and dad bought their first house (two up two down terrace with outside loo) in or around 1978 for £6k. No bank would give them a mortgage cos the house they wanted had an outside loo?? so they got their mortgage from the Council ?? The Council gave my parents the mortgage on the condition they got an inside toilet!!! - Has anybody heard anything like this?? I didnt know Councils could arrange mortgages?? Their mortgage was not a shared ownership! :blink: :)

In 1999, the same year I decided to leave the country for 5 years to work abroad, my sister and her fella aged 23 bought a lovely 2 bed semi on a nice estate on a 100% mortgage for £45,000.00. Their house is now worth £130,000.00. :)

Me? I am back to renting and waiting for a crash !

#93 Bluelady

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Posted 13 February 2005 - 06:28 PM

Missed this one, still better late than never.

Bought my first property in 1991 at the age of 38. It was a 2 bed mid terrace, which cost £70k, at the time I was earning £21k and I bought it on a 100% mortgage.

Sold it in 1995 for £75k and bought another mid terrace, three beds this time due to a job move. That one cost £80k but I was earning £28k by then.

Another job move meant moving again at the end of 1996, bought another 2 bed mid terrace, this time it cost £57k (much cheaper part of the country), salary then £30k.

My parents bought their first house in 1967 when my dad was 51 - he'd been in the RAF and living in married quarters up until then - they paid £3.5k, sold it in 1995 for £84k. A nice three bed chalet bungalow. No idea what he was earning but, as a bank clerk, I suspect not a lot. He did have his RAF pension as well, though.

#94 mercsl

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Posted 15 February 2005 - 06:59 PM

First home was a large 2 bedroom loft apartment in SE1 in mid 1995, price 80K including bit of garden and carspace. London was still coming out of the 90s recession. Was on 24K at the time and luckily back was willing to lend me a bit more given that I was a professional . My deposit was 5K . SE1 was not popular at the time , although all the gibes seemed to be from people who commuted into london living in the 'country' (in reality a 'dollhouse' housing estate with next doors big vans parked next to you). Given the inflation busting rise of rail fares over last 10 years(it was nearly 3k for me back then..god knows now) and its unreliability it was a good move...mortgage payments rather than giving money to britsh rail.

Get in the time machine to 2005 and its worth around 325k even in todays market.
I really like the area so got a BLT in December 2003 when prices dipped a bit for 238K (valued around 290k now) and then another in January this year for 250K.

I much prefer doing BLT that trading up. I don't really fancy giving the government nearly 20K(price of a family saloon) buying a larger place over 500k. Rather use the money as a deposit for other flats.

So what if prices go down a bit, for anyone reading their pension statements they are in for a worse shock than property, especially if they do their annuity sums of what they will get a year for every 100K..oh and does not go up with inflation unlike rents.

#95 zzg113

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Posted 15 February 2005 - 07:46 PM

they do their annuity sums of what they will get a year for every 100K..oh and does not go up with inflation



It is perfectly possible to get an annuity that rises in line with inflation; they are called index-linked annuities. See the PDF below:

http://www.williambu...wbabrochure.pdf
Al Greenspan, who facilitated the birth of world-wide HPI with irrationally exuberant interest rates

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#96 mercsl

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Posted 15 February 2005 - 11:01 PM

It is perfectly possible to get an annuity that rises in line with inflation; they are called index-linked annuities. See the PDF below:

http://www.williambu...wbabrochure.pdf

<{POST_SNAPBACK}>



Yes, but comes at a price ....and you get less if you wish to have the annuity paid to your other half if you die....the words 'Equitable Life' should scare every one on here...

http://money.telegra.../cmretire05.xml

#97 Dorkins

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Posted 23 June 2009 - 03:47 PM

My parents bought their current 4 bed detached house on a 1970s estate in an agreeable London dormitory town in 1996 for just under £120,000. An equivalent house on the same street was put on the market this year for £420,000. It's possible that the current zombie-like market further up the ladder (older people with a lot of equity buying and selling to each other at 2007 prices plus or minus 10 percent) will persist for a while, but with no FTBs underneath it will surely all have to come down sooner or later. I think the owners of the 420k house are hoping to get a fat pot of treasure for their retirement, I just hope nobody younger is stupid enough to sign up for decades of wage slavery to give it to them.

#98 worried1

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Posted 23 June 2009 - 10:51 PM

My parents bought their current 4 bed detached house on a 1970s estate in an agreeable London dormitory town in 1996 for just under £120,000. An equivalent house on the same street was put on the market this year for £420,000. It's possible that the current zombie-like market further up the ladder (older people with a lot of equity buying and selling to each other at 2007 prices plus or minus 10 percent) will persist for a while, but with no FTBs underneath it will surely all have to come down sooner or later. I think the owners of the 420k house are hoping to get a fat pot of treasure for their retirement, I just hope nobody younger is stupid enough to sign up for decades of wage slavery to give it to them.


I'd missed this thread first time around.

I think your example is fairly typical. The Ourproperty sold prices show that 4 bed detached houses in good SE towns like Cobham or Sevenoaks sold for as little as £175k in 1995-1996. Some of these houses would be as much as £750k now. Nominal salaries (excluding City) may have increased by 20% in that time, but house prices seem to have gone up 400'''''5

#99 MattW

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Posted 24 June 2009 - 05:51 PM

I don't think my parent's first time buy is a good reflection on the market because they bought their council house in 1982/3 for £13k! A nice discount after 13/14 years of being a tenant. :blink:

A similar sized house on a private estate nearby at that time would have cost around £20k.
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