LJAR Posted May 5, 2011 Report Share Posted May 5, 2011 So, taking the plunge and starting to look at property with a view to buying (if the price is right of course) we need a bigger place (to start a family) and the mortgage would actually be less than rent on the houses we are looking at. Anyway - long story short - I was talking to the mortgage broker and just mentioned that I am from Canada so london house prices are mad to me. so he says: "we don't have much land" "its an investment" "prices double every ten years" "I bought in '96 - mine has tripled" gotta love it. Quote Link to post Share on other sites
The Knimbies who say No Posted May 5, 2011 Report Share Posted May 5, 2011 So, taking the plunge and starting to look at property with a view to buying (if the price is right of course) we need a bigger place (to start a family) and the mortgage would actually be less than rent on the houses we are looking at. Anyway - long story short - I was talking to the mortgage broker and just mentioned that I am from Canada so london house prices are mad to me. so he says: "we don't have much land" "its an investment" "prices double every ten years" "I bought in '96 - mine has tripled" gotta love it. I'd love to know what you said in reply.. "Prices double every 10 years" is ripe for a 'Oh really? So in 100 years from now the average house price will be £160 Million pounds?' Quote Link to post Share on other sites
LJAR Posted May 5, 2011 Author Report Share Posted May 5, 2011 I'd love to know what you said in reply.. "Prices double every 10 years" is ripe for a 'Oh really? So in 100 years from now the average house price will be £160 Million pounds?' unfortuntely I am dreadfully polite - so I just rolled my eyes. Quote Link to post Share on other sites
miko Posted May 5, 2011 Report Share Posted May 5, 2011 I'd love to know what you said in reply.. "Prices double every 10 years" is ripe for a 'Oh really? So in 100 years from now the average house price will be £160 Million pounds?' I Don't see the £160k house worth £160 m in 100 years , however 50 years ago my parents bought a house for just under £4k if it had doubled every 10 years it would be worth £128 k now. Current value about £320 - £330k Quote Link to post Share on other sites
ralphmalph Posted May 5, 2011 Report Share Posted May 5, 2011 I Don't see the £160k house worth £160 m in 100 years , however 50 years ago my parents bought a house for just under £4k if it had doubled every 10 years it would be worth £128 k now. Current value about £320 - £330k My parents bought the family home in 1972 for 2500 quid. They go for 400K now and that is not London either. I would love to know what my father was earning then. Quote Link to post Share on other sites
MC Fur Q Posted May 5, 2011 Report Share Posted May 5, 2011 In answer to your question: No, I do not. Quote Link to post Share on other sites
miko Posted May 5, 2011 Report Share Posted May 5, 2011 My parents bought the family home in 1972 for 2500 quid. They go for 400K now and that is not London either. I would love to know what my father was earning then. When my Dad bought he was earning £80 a month take home and the mortgage was £20 p.m. they put down a £1000 that had taken them 6 years to save and included weddding present money. They had two kids and I popped out a few years later and one more followed , my Mum did not work and My Dad was an insurance clerk. Remember a conversation my Dad had when I was a kid and he was gobsmacked that a cousin was getting married and paying £90 a month mortgage. Quote Link to post Share on other sites
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.