Inheritance Tax

[ravenrover]

I guess that anyone that bought a house in the 1970s rather than the 50s or 60s was very lucky indeed, unless of course you were able to predict the market.

''Average UK house prices hit a record high in June, making today’s average house price 65 times more expensive than in 1970''

In 1950, the average cost of a new house was around £65,224 in today’s money
In 1960, the average cost of a home was approximately £55,784
At the start of the 1970s the average house price was £4,057
In 1980, the average house price shot up to £20,268
In 1990, it rose again to £58,153
In 2000, the average cost of a home reached £89,597
In 2010, this almost doubled to £170,365
In 2020, the average property in the UK valued at £249,633
And now in June 2022, house prices have reached a record high of £271,613

https://www.openaccessgovernment.org/uk-house-prices-are-65-times-higher-today-than-in-1970/138813/

This of course doesn't take into consideration where wages were over that period.

For the 1st 15years of married life my Mum lived in Pit houses.
She and my stepdad somehow managed to save up to buy their own semi detached 2 bed 1 living room, kitchen and bathroom bungalow on what was known as The Drury Estate behind where the Tally Ho was at Woodlands. After she died I found the attached which might help when looking at those figures quoted

[ravenrover]

In 1975 we bought our 1st house 9 Rotherwood Close Scawsby, a newish build semi 3 beds living room dining room kitchen and bathroom £7800

[normal rules]

When my nana on my mums side passed away, we, as a family had the opportunity to buy her house on Princess Ave, Stainforth. A pit house she had lived in all her married life. My mum was brought up there. They were pretty much giving it away. Not one of our better financial decisions.

[Filo]

When my nana on my mums side passed away, we, as a family had the opportunity to buy her house on Princess Ave, Stainforth. A pit house she had lived in all her married life. My mum was brought up there. They were pretty much giving it away. Not one of our better financial decisions.

Princess Avenue is not a desirable place to live these days