Sunday, Jul 27, 2008
Many interesting similarities to the problems we face now
Liberal Manifesto: October 1974: Why Britain Needs Liberal Government
I came across this little gem whilst surfing this morning.
I was amazed at how similar some issues were in 1974 to those we face today.
“ In ten years the price of an average new house has risen three times, the cost of a mortgage has risen five times whilst the proportion of an average family's income spent on mortgage repayments has increased from 25 per cent. to 50 per cent. The average price of a new house at over £10,900 is well beyond the reach of over half the population and unless steps are taken soon to alleviate the situation, home ownership will become a thing of the past.”
Posted by wdbeast @ 10:41 AM (789 views) Add Comment
9 Comments
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1. taffee said...
nice post..seems like the liberal...'add 1p on income tax' prior policy is looking prudent now.
that vince cable seems to speak sense imo
2. Mikelivingstone said...
Interesting how much more detailed these thing used to be. Now all the parties put out is sound bites, presumably to pander to whims of chav electors.
3. mark wadsworth said...
They scrapped Schedule A taxation of imputed home owner rents (i.e. roughly equivalent to a property value tax) in 1963 - is it any surprise that this sparked off the first housing bubble since 1948?
4. dohousescrashinthewoods said...
What I think is cute there is the talk that "home ownership will become a thing of the past" - there has been talk of something similar this time around too.
Didn't happen last time, I reckon it won't happet this time either.
5. Dbcreed said...
Notice they get the house price inflation problem right and also opt for site value rating( the local form of Land Value Taxation). Pity they Liberals were n't in power but everybody was voting for the Conservatives who got rid of Schedule A and also served up a give-away budget (in '72?) which put up house prices by 70% in two years.You youngsters dunno what you're talking about when you talk about HPI! (only kidding)
6. amjidk said...
what sort of a crash was around 1974??
7. alan said...
@ amjidk
Prices had risen more than double from two years earlier. Prices dipped severely 2 years after we bought, only to rocket up in 1980 (see graph on the homepage) about 4 years later.
A bit of a roller coaster, really. October '74 was a time when money was tighter than usual. Not really the best time to get married (I did). We bought the house a few weeks earlier with a mortgage of £7,750 on a £11,150 house. The most LTV we could manage.
The same houses sold for about £215,000 2 months ago. Havering was about the only place we could afford and still stay in London.
8. nooneo said...
If they make Vince Cable leader, and bring back their dedication to proportional representation you might get me out of Booze Village and down to the bleedin pollin' station next general election instead of whingin' and moanin' about the chuffin tories back in and i might, just might, vote for a former Uk ballroom dancing champion and his partie of Libs.
Vince "bites ya cleggs" Cable ...... (in honour of Norman "Bite Yer Legs" Hunter - the scariest defender ever!)
9. mark wadsworth said...
DBCR, well spotted
Liberals would introduce site value rating to replace the current rating of property by a rate geared to the value of the land on which the building stands. This would redistribute the burden of rates more fairly between domestic and industrial rate payers.
That's LVT, isn't it?