2006-08-12 23:16:57 · 13 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
This is a regional question alright.
I use an online calculator at:
http://www.nationwide.co.uk/hpi/
to work out the changes based on their data.
2006-08-12 23:19:19 · answer #1 · answered by 'Dr Greene' 7 · 0⤊ 2⤋
Out here in belgium, the evolution of the prices of the houses when you purchased it back in the early 90s raised to about 200-300% over 10years period whereas the ground/lot went really sky high to the extent of tripling the purchase price due to the scarcity of space.
So now you can imagine for a 9acre house& lot back in the early 90s,you easily pay about more or less 4million belgium franks<+/-100 thousand euros> compared to a 9acre house& lot now in 2006 costing +/-300 thousand euros.
Life is expensive,huh?!
2006-08-12 23:38:10 · answer #2 · answered by cascadingrainbows 4 · 0⤊ 0⤋
On average, from two to five times what the price was then, depending on locations.
The average salary of workers has only gone up about 25%.
Used to be a rule of thumb that you bought a house based on your earnings from a job.
You could mortgage out two times your annual income.
Example:
House costs $120,000.00 Your annual iincome is $55,000.00
Banks would lend you about $110,000.00
The difference you had to come up with of $10,000.00
People would beg, borrow or steal that $10,000.00
In above illustration, that house today may be worth $300,000.00
The difference is your equity, which many people borrow against since jobs don't pay living wages.
Either house prices have to drop considerably now that rates are heading higher, or workers' salaries need to rise due to raises.
Since most businesses shun pay raises, something has to give.
I'm hoping the entire economy goes into a tailspin.
2006-08-12 23:29:47 · answer #3 · answered by Anonymous · 0⤊ 0⤋
about 8-10 times
2006-08-12 23:18:57 · answer #4 · answered by jp shahani 2 · 0⤊ 1⤋
I live in Surrey, and My house was worth £142.000 in August 1991, it is now worth £300,000.
Hope that helps! lol
xxx
2006-08-12 23:21:40 · answer #5 · answered by Rose 3 · 0⤊ 0⤋
Much enough that you cant buy a house with the same many you had 15 years ago
but .. if you kept your money in a bank or Something i am sure it can buy a house ..
2006-08-12 23:19:53 · answer #6 · answered by Anonymous · 0⤊ 1⤋
In 1991 i was buying 6 pack coke for $1.50. I dont live in US now. Inflation is :1-Currentprice of coke/1.50
2006-08-12 23:20:16 · answer #7 · answered by Anonymous · 0⤊ 1⤋
Depends in which areas, check out the land registry site, it will give you a rough guide.
2006-08-12 23:21:32 · answer #8 · answered by brogdenuk 7 · 0⤊ 0⤋
depends where you are my house in So Florida was bought in 1994 for $46,000 and just appraised for $363,000 so not dropping here!
2006-08-12 23:37:56 · answer #9 · answered by flchell 3 · 0⤊ 0⤋
40%
2006-08-16 04:34:53 · answer #10 · answered by Anonymous · 0⤊ 0⤋