So What Was A Ftb Place In Years Gone By peoples and parents real experiences
Posted 18 January 2005 - 06:33 PM
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
Posted 26 January 2005 - 02:48 PM
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 !
Posted 13 February 2005 - 06:28 PM
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.
Posted 15 February 2005 - 06:59 PM
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.
Posted 15 February 2005 - 07:46 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:
Posted 15 February 2005 - 11:01 PM
zzg113, on Feb 15 2005, 07:50 PM, said:
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...
Posted 23 June 2009 - 03:47 PM
Posted 23 June 2009 - 10:51 PM
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
Posted 24 June 2009 - 05:51 PM
A similar sized house on a private estate nearby at that time would have cost around £20k.