to cry over lost money?

[cozietoesie]

I just reviewed some documents. I was earning some £970 a month. (1990) My mortgage was £913.12 a month. I remember bursting into tears on London Bridge (in a bus) because I saw an Evening Standard hoarding on the street that interest rates had gone up. My then husband didn't work. I could have bought a plentitude of jewellery, handbags .... you name it.

Oh Lordy. I suppose it was good practice though.

A few questions:

1. How much is that property worth now?
2. How much did you pay for it?
3. How many multiples of your salary was that at the time of purchase?

Not sure how much empathy I can feel otherwise.

swanker

No idea. It cost £80k. I moved and then rented it out. Made a fair profit later on when I sold it. The former husband took the money for his hobby.

PS - the 'fair profit' would be £40k. That's a lot of money to me.

80k for a property in/near London?

Imagine being young and trying to buy something like that now? If you'd said you were scared because you were trying feed your children, maybe I could muster a shred of sympathy, but 'handbags and shoes'? [piteous]

And bear in mind that I spent a fair bit on renting it out. Tax, maintenance etc etc,.......

Salary multiples were still roughly the same back then.

swanker

This was 1990.

Really Ninky?

This seems to suggest that multiples in 1992 were 3 times london salary, whilst in 2007 (height of property market) multiples required were 7 times salary for London. House price to earnings ration in 1990 were just under 3, now is 4.5 (at height of market, 5.5)

Ninkynonker

Obviously - or I couldn't have got a mortgage. Remember interest rate though????

This thread is like a blunt pencil.

Well hey, chippy. Thanks for the 'welcome' on my first thread here.

Sorry Cozy, I was talking to Swanker. My dad bought our family home in the late 80ies and it was on a 3 or 4 times multiple...can't remember which. We're in the process of selling/buying and will be on approx 4.5x salary, on the South Coast. So roughly the same.

Obviously my folks then experienced the meteoric rises we won't, but such is life.

Such is life indeed.

I've now got a house from my Dad, who passed earlier this year. Lucky or what?

PS -I wasn't lucky to lose my Dad.

Well, there are three kinds of people in this life: those who can count and those who can't.

@ Tethers!

This thread is all type of confusing. Exits

yup I'm confused. Why are you posting this, are you still sore at what you had to pay in 1990? It's 2011 nearly 2012, surely you must have other things on your mind?

But yeah that rate hike was nasty.