Back In 1967 ...

[SarahBell]

Have a 1967 Women's realm magazine

Husband earns £700 after tax

Mortgage £60

Rates £21 10s

Insurance (house and personal) £36 10s

Saving certs £52

Coal £35

Gas and Elec £52

Clothes £52

Holiday savings £52

Husbands pocket money £75

Total £436

Remaining is spend on food, cleaning materials and extras.

So today's salaries of £20k and a mortgage of £100k seem a bit out of line with that.

Where was the housing market in 1967?

THere's another page but CBA scaninng/typing that in.

(But an income of £413 pensions and £1 a week from son - they pay £75 a year on rent.

The Smiths get £676 income and pay £71 on rent)

[winkie]

Have a 1967 Women's realm magazine

Husband earns £700 after tax

Mortgage £60

Rates £21 10s

Insurance (house and personal) £36 10s

Saving certs £52

Coal £35

Gas and Elec £52

Clothes £52

Holiday savings £52

Husbands pocket money £75

Total £436

Remaining is spend on food, cleaning materials and extras.

http://www.flickr.com/photos/25345470@N02/4956612887/

So today's salaries of £20k and a mortgage of £100k seem a bit out of line with that.

Where was the housing market in 1967?

THere's another page but CBA scaninng/typing that in.

(But an income of £413 pensions and £1 a week from son - they pay £75 a year on rent.

The Smiths get £676 income and pay £71 on rent)

A three bed semi with garage and garden London n20 area cost £5k in 1965.......but you required £1k deposit and had to beg for a mortgage....the co-op were quite good at the time so I am told.

[corevalue]

Have a 1967 Women's realm magazine

Husband earns £700 after tax

Mortgage £60

Rates £21 10s

Insurance (house and personal) £36 10s

Saving certs £52

Coal £35

Gas and Elec £52

Clothes £52

Holiday savings £52

Husbands pocket money £75

Total £436

Remaining is spend on food, cleaning materials and extras.

http://www.flickr.co...N02/4956612887/

So today's salaries of £20k and a mortgage of £100k seem a bit out of line with that.

Where was the housing market in 1967?

THere's another page but CBA scaninng/typing that in.

(But an income of £413 pensions and £1 a week from son - they pay £75 a year on rent.

The Smiths get £676 income and pay £71 on rent)

... and he was a bus conductor, hardly the highest paid job in the Kingdom, although Boston has to be about the cheapest place to live. Neither were they benefits recipients, although they were buying their house from the council, were there "affordable" housing schemes around then?

[fellow]

So today's salaries of £20k and a mortgage of £100k seem a bit out of line with that.

At £60 per year, assuming a 25 year mortgage @ 6%, this equates to a mortgage of approximately £750, just over 1 times his salary.

[@contradevian]

House prices were rising strongly throughout the 1960's. My parents bought a brand new 3 bed detached home in New Duston, Northampton in 1963 for £3500. Dad was an engineer, not paid spectacularly well, but not bad, had a company Ford Cortina 1500 Mk1. Mum didn't work. They sold that house in 1970 for £12500 and couldn't believe their luck.

[erranta]

... and he was a bus conductor, hardly the highest paid job in the Kingdom, although Boston has to be about the cheapest place to live. Neither were they benefits recipients, although they were buying their house from the council, were there "affordable" housing schemes around then?

This is when the bankers/elites really started manipulating the housing markets in their favour!

A huge bribe to those richer, that could afford it, at the expense of/off the backs of the working poor!

(the same also got 'free tuition' off the backs of the working poor, at more or less 'exclusive' Universities!)

"MIRAS, was a scheme introduced in the United Kingdom by Chancellor of the Exchequer Roy Jenkins in 1969 in a bid to encourage home ownership; it allowed borrowers 'tax relief' for interest payments on their mortgage."

Edited September 4, 2010 by erranta

[miko]

House prices were rising strongly throughout the 1960's. My parents bought a brand new 3 bed detached home in New Duston, Northampton in 1963 for £3500. Dad was an engineer, not paid spectacularly well, but not bad, had a company Ford Cortina 1500 Mk1. Mum didn't work. They sold that house in 1970 for £12500 and couldn't believe their luck.

My parent's bought a 3 bed semi on the outskirts of London in 1961 for £3,750. Next door sold for £4,000 the next year. Today my Dad still lives in that house worth about £350,000. When they bought my Dad was an insurance clerk my mum did not work they had two children and went on to have another 2.

I was born in 1963 and can remember a conversation when I was very young about 4 or 5 so that would have been around 1967. The conversation was my mum telling my Dad that her sister and her husband were looking to buy a bungerlow for £10,000 and my dad replying with statment's like:- How much !! They must be mad !! Who would pay that for that place !! .

God knows what that place is worth today.

[@contradevian]

My parent's bought a 3 bed semi on the outskirts of London in 1961 for £3,750. Next door sold for £4,000 the next year. Today my Dad still lives in that house worth about £350,000. When they bought my Dad was an insurance clerk my mum did not work they had two children and went on to have another 2.

I was born in 1963 and can remember a conversation when I was very young about 4 or 5 so that would have been around 1967. The conversation was my mum telling my Dad that her sister and her husband were looking to buy a bungerlow for £10,000 and my dad replying with statment's like:- How much !! They must be mad !! Who would pay that for that place !! .

God knows what that place is worth today.

Well £10k would have been quite a lot of money. Bearing in mind that at that time a terraced house 70 miles up the M1 in Northampton would have been probably less than £500. They really didn't budge much in price from when they were built until around the 1970's. They wouldn't have been a particularly great investment.

I started looking in the late 70's and largish three floored terraced houses in Northampton were still around at the £3000 mark (I recall going to see one off Billing Road). I eventually bought in Abington, Northampton in 1981 for £11,500.

Edited September 4, 2010 by Sir John Steed

[Mrs Bear]

House prices were rising strongly throughout the 1960's. My parents bought a brand new 3 bed detached home in New Duston, Northampton in 1963 for £3500. Dad was an engineer, not paid spectacularly well, but not bad, had a company Ford Cortina 1500 Mk1. Mum didn't work. They sold that house in 1970 for £12500 and couldn't believe their luck.

My sister, 4 years older than me and married slightly younger, bought her first family home, new 3 bed semi, for about £3,500.

Our first (OK, slightly bigger) bought maybe 8 years later, was over ten times that.

It's not just lately that prices have gone bonkers.

[winkie]

....a house in Kings Avenue MH sold for £9k early 60's .........now probably bringing in £9k per month rental income.

[campervanman]

I startde working in 1968 on the princly sum of £300pa. My dad was on about £1000 a year at that time as a middle manager in manafacturing. He bought his first house in 1960 for £2600 when he was on a lot less.

[roger196]

"MIRAS, was a scheme introduced in the United Kingdom by Chancellor of the Exchequer Roy Jenkins in 1969 in a bid to encourage home ownership; it allowed borrowers 'tax relief' for interest payments on their mortgage."

Tax relief on mortgage interest goes back much much earlier. MIRAS was just a method of allowing it rather than the old yellow cards 13.

[bajista]

It is the percentages in the opening post that tell the story.

Housing 9%

Bills ( rates, coal, elect, ins) 20%

Clothing 7%

Hols 7%

save 7%

Entertainment 10%

Food etc 38%

Well, today, probably for an ordinary person, food is about 9% and housing 38%. And that is when everyone cooked at home. And bills actually aren't so much

although obviously it isn't clear how big the family might have been ( 10 kids to feed maybe?)

My split, for example is approx :

Housing 30%

Bills 8%

food 9% ( for 1 but shop in all the expensive places and rarely cook )

ents 9%

clothes 5%

hols 9%

save 14% ( pension)

car 5% ( running costs only)

sports 5%

when food costs soar again, housing prices will fall.

Edited September 4, 2010 by bajista

[easy2012]

Thanks all for sharing. It was good to know how it was like in the past.

[Guillotine]

So today's salaries of £20k and a mortgage of £100k seem a bit out of line with that.

Not to detract from your main point, but £20K is a huge underestimation of a current average family income.

[yorkshireman]

Have a 1967 Women's realm magazine

I was born in 1954 and my parents started to buy their first house in 1960 for £1100. Dad worked in a car factory and Mum never did any paid work. From memory, he earned about £650 a year, but he always ran a car, we always went for a holiday in summer and all of us ( I have 2 brothers ) were well fed and clothed. They never borrowed money as it was difficult to do that and always carried a bit of a social stigma.

If we contrast with more recent times. My wife and I bought our first house in 1989 for £42,000 and it was not easy, although I should point out we have 6 children. My wife has never done any paid work either, but we managed things and sold the house in 2003 for £97,500, which I thought was astonishing The asking price for that (first time buyers house) is now £165,000 which is way out of my league now even though we have only 2 children at home and I am MD of an engineering company. So, what chance has an FTB got ? Unless of course they borrow up to the limit and beyond. Everything is out of balance and it has to be corrected.

[Self Employed Youth]

So today's salaries of £20k and a mortgage of £100k seem a bit out of line with that.

Not to detract from your main point, but  £20K is a huge underestimation of a current average family income.

It is the average income though, nonetheless.Perhaps if people were not paid so little in comparison to the cost of houses our country would have a higher birth rate, currently it is below replacement level and has fallen with GDP.

[sleepwello'nights]

You middle class people, my working class parents couldn't afford to buy a house, they had to rent from the council.

Home ownership was a dream they aspired to but couldn't afford. It was only when councils were ordered to sell their housing stock that my parents were able to buy their family home.

[Self Employed Youth]

You middle class people, my working class parents couldn't afford to buy a house, they had to rent from the council.

Home ownership was a dream they aspired to but couldn't afford. It was only when councils were ordered to sell their housing stock that my parents were able to buy their family home.

I'm more than happy to live in council housing, I want the RTB (that I have) removed.Only problem is, there is a massive lack of it, and you have to play the system to get a council house.

[sleepwello'nights]

I'm more than happy to live in council housing, I want the RTB (that I have) removed.Only problem is, there is a massive lack of it, and you have to play the system to get a council house.

What's the difference between renting a house from the council and a house from a housing association? After all they were the direct substitute.

[wherebee]

The noteworthy point above is how much is spent on food - 38%. How much was spent on 'tat' (plasmas, iphones, etc etc) - zero obviously, as the consumer culture hadn't really got going. Shows how much dependancy we have on cheap food from overseas. Other posters on HPC complaining about rises in the cost of living via food and electricity might like to think that we are just 'reverting to the mean'.......

[porca misèria]

What's the difference between renting a house from the council and a house from a housing association? After all they were the direct substitute.

Is there supposed to be a difference? Same principle applies: there's only enough for a fortunate few.

[jay67]

My parents bought a 3-bed detached house in a village suburb of Stockport in 1954..for £1,600.Dad was a bank clerk;Mum didn't work.It's been extended a bit now,but is now worth about £280K,well out of reach of young bank clerks.

[Self Employed Youth]

What's the difference between renting a house from the council and a house from a housing association? After all they were the direct substitute.

Housing association are a bit more expensive. Why do you ask?

[Guest Elephant_In_The_Room]

My father bought his first house in 1967. He earned £1900/yr and the house was a 3 bedroom detached - £4300.