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anonguest

How Times Change!

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Jump straight to 5mins 10 secs in to this video clip to the relevant sketch.

I'm sure quite a few will get all misty eyed reminiscing over how sensible banks, and house prices, once were.

Pity character poor Tom Good, he was far too ahead of his time in trying to sell to his bank manager the idea of what we would recognise as an equity release scheme. He even failed to convince his bank manager over rising house prices (bearing in mind that was a highly inflationary era back then).

Edited by anonguest

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Guest absolutezero
Jump straight to 5mins 10 secs in to this video clip to the relevant sketch.

I'm sure quite a few will get all misty eyed reminiscing over how sensible banks, and house prices, once were.

Pity character poor Tom Good, he was far too ahead of his time in trying to sell to his bank manager the idea of what we would recognise as an equity release scheme. He even failed to convince his bank manager over rising house prices (bearing in mind that was a highly inflationary era back then).

"Mr Good, I've thoroughly enjoyed this excursion into fantasy".

Brilliant.

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crikey.

if they'd filmed that in this decade rather than the 70s, the 'bank manager' would have instead been a mortgage broker who would have given tom a conspiratory wink, popped his ipod headphones in whilst tom explained the business case, taken them out when the spiel was finished, adopted a concerned look on his face and asked something along the lines of, 'are you sure you don't need an extra twenty five grand, you know, maybe for a holiday of a lifetime, or perhaps to help a loved one get on the properdee ladder?'.

mind you the 70s were different, weren't they?

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crikey.

mind you the 70s were different, weren't they?

Although era specific references were few and far between (and so helping preserve the timelessness of the series) - there were occassionally a few bits of 'personal' info revealed.

I recall in an even earlier episode (mid-70's ?) in which neighbour Gerry, a relatively senior manager type, earned £18,000 per year plus expense account and a company car.

These characters lived in SW London large semis that today still go for more than £600,000 (?). The 1978 episode link claims Toms (less affluent) house to be worth £25,000. Assume Gerry and Margos house was worth £30,000 a few years earlier and one can see that such a house cost less than 2 times a managers earnings - and that was in an era when there typically was only one major breadwinner.

Today such a manager type might earn £100,000 ?? So his wages have risen nearly 6 fold BUT comparable houses have risen 20 fold plus!

This is why we have the ludicrous situation where 'professional' married couples that I know (e.g, in one such one a senior registrar hospital doctor and the other partner earning £30K) still need a ludicrously high mortgage to be able to afford something approaching that shown in this TV programme.

Edited by anonguest

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Although era specific references were few and far between (and so helping preserve the timelessness of the series) - there were occassionally a few bits of 'personal' info revealed occassionally.

I recall in an even earlier episode (mid-70's ?) in which neighbour Gerry, a relatively senior manager type, earned £18,000 per year plus expense account and a company car.

These characters lives in SW London large semis that today still go for more than £600,000 (?). The 1978 episode link claims Toms (less affluent) house to be worth £25,000. Assume Gerry and Margos house was worth £30,000 a few years earlier and one can see that such a house cost less than 2 times a managers earnings - and that was in an era when there typically was only one major breadwinner.

Today such a manager type might earn £100,000 ?? So his wages have risen nearly 6 fold BUT comparable houses have risen 20 fold plus!

This is why we have the ludicrous situation where 'professional' married couples that I know (e.g, in one such one a senior registrar hospital doctor and the other partner earning £30K) still need a ludicrously high mortgage to be able to afford something approaching that shown in this TV programme.

I forgot to also add the comment that todays twenty somethings watching this might respond with "Whats a bank manager?" :lol:

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...I recall in an even earlier episode (mid-70's ?) in which neighbour Gerry, a relatively senior manager type, earned £18,000 per year plus expense account and a company car.

These characters lived in SW London large semis that today still go for more than £600,000 (?). The 1978 episode link claims Toms (less affluent) house to be worth £25,000. Assume Gerry and Margos house was worth £30,000 a few years earlier and one can see that such a house cost less than 2 times a managers earnings - and that was in an era when there typically was only one major breadwinner.

Today such a manager type might earn £100,000 ?? So his wages have risen nearly 6 fold BUT comparable houses have risen 20 fold plus!

This is why we have the ludicrous situation where 'professional' married couples that I know (e.g, in one such one a senior registrar hospital doctor and the other partner earning £30K) still need a ludicrously high mortgage to be able to afford something approaching that shown in this TV programme.

the good life only ran from 75-78, which narrows it down considerably... but inflation was so rampant in that period that it makes a massive difference whether we are talking about 75 or 78, someone who was doing pretty well at work in those years [i'm not talking about getting a promotion, just doing well], certainly in 75/76, would certainly have been looking at a consolidated 20-30% payrise, no problem...

but, yeah, i suppose you're talking certainly no more than a £150k equivalent, possibly £100k or less if it was a 1978 episode.

not so long ago i put in an offer of what i guesstimated to be around 20-30% off peak for a house in a similar area and the EA in question reported back in a way that implied extreme offence had been caused to the vendor on account of it being insultingly low... my intelligence reveals the vendor to be an empty nester couple in their late 50s, occupations unknown, but my guesstimate is that my offer was between 10 and 20 times that household's [sole earner] annual income, and comfortably over 25 times the national average wage. and we're talking a nice but far from outstanding street here. as far as i can make out nobody on it is very likely to be earning as much as £60k. i can see why he was upset at being offered little more than loose change.

Edited by the flying pig

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1978 and his house was worth £75,000

I wonder how much it'd be fictitiously worth today.

They fictitiously lived at 53 The Avenue Surbiton, with the Leadbetters at number 55. I assume both were also fictitious numbers on the basis they aren't on Land Registry at houseprices.co.uk ... although it wasn't actually filmed there.

No semis there now: http://www.houseprices.co.uk/e.php?q=%22th...5+8jw&n=100

It was filmed though, elsewhere, Kewferry Road in Northwood ... where you'll see house prices are a lot higher:

http://www.houseprices.co.uk/e.php?q=Kewferry+Road&n=100 - and they're all detached, not semis.

So, I checked the Kewferry Road address, if one of those had been worth £75k in 1978, then it'd be worth £1,021,403 today, according to the calculator here: http://www.acadametrics.co.uk/CurrentHP.php

Edit: I stupidly misheard it, the house is £25k, not £75k ... so divide that £1mill by 3 :)

Eating biscuits here, means I can't hear much.

Edited by ScaredEitherWay

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In 1968 my father wrote to his bank manager asking for an overdraft of £50 to buy some furniture as he had just got married. The bank manager asked him round to his office. Thinking his luck was in, my father went to the meeting only to be given a stern lecture on the evils of getting into debt. :lol:

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http://news.bbc.co.uk/1/hi/entertainment/1251547.stm

The house was sold in 2001 for £570k.

dave

Looks like they accepted an offer of £475k, quite a big discount from asking price in those days. The peak price for these houses seemed to be around £850k. There are not that many similar houses in Surbiton itself, but I guess it would be about the same price there:

http://www.findaproperty.com/displayprop.a...amp;pid=4609009

Although these price increases have easily outstripped normal salaries, don't forget that Gerry worked at 'the bank'. As a senior manager in those days his bonus may have been a reasonable percentage of his £18k basic, but now it would be several times his c.£100k basic.

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