Dulwich etc property prices in 1997 - Burnet, Ware & Graves

[Dogkennelhillbilly]

Someone on Reddit found Burnet, Ware & Graves's property listings for April 1997. 5 bed on Aynella Rd for £245,000? Don't mind if I do...

See image here: 

https://www.reddit.com/r/london/comments/1scyk4g/house_prices_29_years_ago_se_london/

 

[NewWave]

I brought my First house in 1997 in a then unfashionable part of  West London for...£75.000. 

To be fair I'd grown up a mile away knew the area was on the edge of an already gentrified part of Notting Hill and though it was still a bit sketchy I knew it was a good shout.

I was bored recently and looked up the address to see what it would be worth now..it last sold a couple of years ago and the selling price was 1.4Mil 🤯!!!! Granted its been extended and 'modernised' but it still blows my mind to think that modest Victorian terrace in a mediocre street could ever be worth that.

But its funny to think its worth way more than the house I currently live in.

[Jacqui5254]

Yes, we owned a house in Eynella Road, with 175ft garden, bought in 1983 for £54,000. 

 A lot of the properties on Eynella were split into two council-owned flats before being sold to be converted back into one big house.

Idyllic times.  A lot of the properties around there [ Woodwarde, Court Lane, etc] were owned by social workers and doctors.

Not any more, I guess.

 

[sandyman]

We've got similar paperwork from agents from when we bought a house in 1995 - even cheaper as there had just been a crash. We actually had some money left over & considered buying a flat in Herne Hill for our daughter - it was £15,000! 

[CPR Dave]

The most expensive, a 5 bed detached house in Alleyn Road, is listed there  for £465k.

 

That's a F*ck ton of money in 1997. 

[magdelaquizfan]

It sure is.  The bank of England inflation calculator says that is 929£ in current money. 

What do those places on Eynella go for?  2.75M£?  Something has gone wrong.

[Spartacus]

If I knew then, what is known now about property price inflation, I would have sold my aunty Fanny to buy the street up for relative peanuts and been.a multi millionaire 🤣

[malumbu]

My parents bought the family house for £4k, I bought an ex council house for £28k etc etc.

£245k in 1997 was a fair wack, family houses in my neck of the woods would be 150k or less.  75k definitely a bargain.  Interest rates were getting on for 10%, lenders still limited mortgages to around 3 x salary (+ 1 of second salary or 2.5 x joint) so people could neither borrow relatively huge amounts or afford to meet repayments.

Most of us would have endowments - whilst generally failing to deliver my experience was not a complete disaster.

Two other factors are those say under 40 who were fortunate to make decent returns as they moved up the housing ladder, and those (not always the same) with boomers as parents or grandparents helping out whilst alive or passed on.

Conversely there are those who were not fortunate enough to have access to significant family money and many who will never be able to afford their own place.  So much for Thatchers dream.  We can still blame her for much of what is wrong in our world.  I'm sure Zac will sort it all out!

[alice]

The only reason  Thatcher wanted us to have our own properties was to stop the power of the unions for workers rights. I thought everybody knew that.

Edited 3 hours ago by alice
Spelling

[malumbu]

Nope, it was because she thought people who owned houses were good Tories.  Yes, she didn't want workers being represented by workers.  She believed that the individual should take responsibility for their own pay and conditions, whether that was possible or not.

I'll talk more about the lessons of Thatcher another time, one of my faves is energy policy (ie let's use much of our North Sea gas to generated electricity rather than save some for future generations....)

From AI (a longer piece on objectives, pros and cons so there is some sort of balance) 

Ideological Transformation & Voting Patterns: By turning working-class, often Labour-voting council tenants into homeowners, she sought to shift their political loyalty to the Conservative party, which she believed was rewarded.

[CPR Dave]

 

3 hours ago, magdelaquizfan said:

It sure is.  The bank of England inflation calculator says that is 929£ in current money. 

What do those places on Eynella go for?  2.75M£?  Something has gone wrong.

 

I'm not convinced that BoE calculator tackles house prices. I think it's only goods and services - e.g. I think 465k in 1997 would buy you the same amount of bananas as £929k would now. but it can't include house prices. Or bitcoins or shares or other investments.