Posted by Peter Ceresole on February 25, 2015 at 05:24:24 user PeterC.
In Reply to: Re: Currency conversions posted by Mike Dennis on February 25, 2015 at 02:42:47:
You need to go here
I did. But the caveats remain- in large print...
There are tremendous distortions from the mad Brit property market, and which affect everybody whether they are buying or renting.
I entered the price of our three bedroom house, which we bought when we got married in 1967 for £5500- I was earning £1600 a year, and we borrowed £500 from my mother in law to top up the maximum mortgage that we could obtain.
The present value calculated by the web site is £89,390 40p (40p being 8 shillings in heavy money).
The reality is that actual house sold in 2013 for £725,000, and according to the estimate now, by Zoopla, would be worth around £905,570.
First; that's ludicrous, and is due to London housing becoming an investment vehicle on the international market, nothing to do with housing as such, and also due to the failure of successive governments to take housing seriously. But as far as prices in general are concerned, I suspect that the price of bullseyes, of a jar of Marmite, or a serving of fish and chips is concerned, it would be much more in line with the increase in wages...
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