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As Armoore say the 80's were the really high inflation and I do remember interest rates went up to 14% or maybe a little more.
One reason for the increase was we lived in Market Deeping just across the county boundary from the Soke of Peterborough. At that time the Peterborough Development Corporation had just got up and running to develop the city into a large London overspill area. Local planning permissions were all geared to the PDC so if you didn't want to live in a "new town" environment you needed to buy outside the area in Lincolnshire where the PDC influence was non-existant. Market Deeping was the nearest village to Peterborough and so property values accelerated. The only time I benefited from property inflation
 

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Just checked and it sold in 2016 for £210k and last September the other semi sold for £233k Nos 1&2 The Woodlands (ours was 2)
 

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As Armoore say the 80's were the really high inflation and I do remember interest rates went up to 14% or maybe a little more.
One reason for the increase was we lived in Market Deeping just across the county boundary from the Soke of Peterborough. At that time the Peterborough Development Corporation had just got up and running to develop the city into a large London overspill area. Local planning permissions were all geared to the PDC so if you didn't want to live in a "new town" environment you needed to buy outside the area in Lincolnshire where the PDC influence was non-existant. Market Deeping was the nearest village to Peterborough and so property values accelerated. The only time I benefited from property inflation
My parents were apparently paying 21% on their mortgage - not sure if that's true or not but that is as my mum remembers it. It was their first house and so they didn't put down a huge deposit, but they bought fairly close to the bottom of the market before everything started to take off.
 

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I remember that one year when pay rise time came round inflation was running at 16%. The company said they could not afford that sort of level of increase so they changed (permanently) the holiday entitlement from 20 days to 25 days but allowed us to commute 5 days for cash after the end of the holiday year. Pay rise that year was, from memory, 12%. Some years later a new MD decided that every one was working too hard and, being unaware of the background, decided that we should take our full holiday entitlement and no longer be able to commute it.

Thinking about it again it may be I was wrong on the sale price for the bungalow. £8,500 may well have been the purchase price at Kings Lynn so the bungalow would have been less (but not a lot less perhaps £7k+). The KL house was sold in 1977 at a time when property sales were very slow. I had been made redundant again and moved to Scunthorpe. Sale was £10,500 and purchase £11,250. Eighteen months later the prices in Lynn had risen significantly faster than Scunny and we could not have afforded to move back. When moved once more after that and the current 4 bed detached (where we have been 34 years) is probably worth 75% of that original 3 bed bungalow and likely to fall in value if the steel industry suffers a further recession on the back of Covid-19 and the Chinese owners give up on the Scunthorpe Plant.

Did your parents ever mention mortgage rationing. At times it was difficult to get a mortgage which prevented house price inflation exceeding general inflation. However once the government lifted financial controls house prices rocketed hence the situation we find ourselves in today with young people unable to afford a home. That original bungalow was less than 4x my salary at 21. At it's current value that would mean a 21yr old earning over £60k pa
 

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I remember that one year when pay rise time came round inflation was running at 16%. The company said they could not afford that sort of level of increase so they changed (permanently) the holiday entitlement from 20 days to 25 days but allowed us to commute 5 days for cash after the end of the holiday year. Pay rise that year was, from memory, 12%. Some years later a new MD decided that every one was working too hard and, being unaware of the background, decided that we should take our full holiday entitlement and no longer be able to commute it.

Thinking about it again it may be I was wrong on the sale price for the bungalow. £8,500 may well have been the purchase price at Kings Lynn so the bungalow would have been less (but not a lot less perhaps £7k+). The KL house was sold in 1977 at a time when property sales were very slow. I had been made redundant again and moved to Scunthorpe. Sale was £10,500 and purchase £11,250. Eighteen months later the prices in Lynn had risen significantly faster than Scunny and we could not have afforded to move back. When moved once more after that and the current 4 bed detached (where we have been 34 years) is probably worth 75% of that original 3 bed bungalow and likely to fall in value if the steel industry suffers a further recession on the back of Covid-19 and the Chinese owners give up on the Scunthorpe Plant.

Did your parents ever mention mortgage rationing. At times it was difficult to get a mortgage which prevented house price inflation exceeding general inflation. However once the government lifted financial controls house prices rocketed hence the situation we find ourselves in today with young people unable to afford a home. That original bungalow was less than 4x my salary at 21. At it's current value that would mean a 21yr old earning over £60k pa
My parents never mentioned it but I've read about it. There were lots of weird things like that in the 80s to keep inflation under control, or one aspect of inflation like house prices or salaries. But really the problem was too much demand in the economy and constrained supply. Increasing interest rates to prevent borrowing-to-spend and to promote the saving rather than spending of earned-income is only ever slightly effective in reducing demand. And it has the negative effect of increasing the costs of borrowing for capital expenditure (expensive and risky to borrow to invest in productive capacity), so the rate of growth in supply slows at the same time as the rate in demand growth slows. Dealing with this was all new for bankers in the Eighties, they had little experience in the fiat-money system, being used to banking in a world of the Gold standard and Bretton Woods fixed exchange system.

Ironically we have been struggling with deflation (in a sense) since 2010, where interest rates have been low worldwide which has allowed the supply of goods to keep growing faster than demand has grown in the economy.

With regard to the differences in house price inflation in different areas, the house I sold in Leighton Buzzard in 2014 made more money in the two years after I sold it than I did! The house I bought in Cumbria in 2014 barely changed price at all in the time I owned it, from 2014 to 2018. If I'd stuck in my ex council house in Bedfordshire for another 4 years, I'd have been able to buy my current house in Cumbria outright in 2018. Hindsight eh?!
 
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During the 70's, well before I came along, my eldest sister had health issues resulting in being partially sighted amongst other things. Becuase of this, needing special schooling and other expensive things my parents defaulted on their mortgage and spent a short while living in a caravan in my grandparents garden. I can't remember the exact figure they told me, but the overall value of that mortgage was around the £1500 mark. That's what you could easily have for a monthly repayment these days! Ad it was enough to be unpayable for them. That's always the example (I guess because it's somewhat personal) that really speaks to me about the different world it was then.
 

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Discussion Starter #27
Should've been 35 years, my error, which makes it 1976. The shelter wasn't a corrugated steel one covered with earth but a 4" thick reinforced concrete one with a blast blocker and I think was made in 1941.
Had one of those shelters in the back garden of our home in the late seventies. Initially thought it was ridiculous, then found out we were on the edge of Croydon aerodrome....
 

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Mine was in Bromley. Nothing of importance nearby but along the road there were newer properties to replace houses bombed during the blitz. As you're near Orpington you might know of the significance of Kynaston Road and the final bombing by a V weapon.
Where we used to go scrumping at Scadbury there was a line of bomb holes, now gone, and the only two nearby possible targets were Queen Mary's Hospital (old site) and Crittal Windows where my mum operated a lathe making fuse caps for shells. I don't think she took it personally!
 

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Discussion Starter #29
After a triumphant two weeks operating under the toughest conditions, I can now reveal Sterzo's Patented Bowl Dangler, the solution to all cracked sinks.

Plastic washing basin, fitted with the cheapest available plastic basin waste. The threaded part of the waste has been sawn off so the pipe dangles in the sink plug-hole. Separating the metal plug-hole from the plastic waste by the thickness of the bowl (2mm) meant there's not enough thread on the cheap screw to tighten it up. Why would that stop a genius? Upper and lower parts are glued in place with bathroom sealant. British engineering at its best.


IMG_2658.JPG

and the dangler, with Sellotaped sink crack behind:

IMG_2660.JPG
 

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After a triumphant two weeks operating under the toughest conditions, I can now reveal Sterzo's Patented Bowl Dangler, the solution to all cracked sinks.

Plastic washing basin, fitted with the cheapest available plastic basin waste. The threaded part of the waste has been sawn off so the pipe dangles in the sink plug-hole. Separating the metal plug-hole from the plastic waste by the thickness of the bowl (2mm) meant there's not enough thread on the cheap screw to tighten it up. Why would that stop a genius? Upper and lower parts are glued in place with bathroom sealant. British engineering at its best.


View attachment 936375

and the dangler, with Sellotaped sink crack behind:

View attachment 936374
Cap doffing (y)
 
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