Does anyone know what the minimum discount % was back in the early 70s, and how to find out how the discount was calculated back then?
2006-10-26 23:48:11 · 4 answers · asked by Anonymous in Politics & Government ➔ Law & Ethics
The minimum was 10% - the maximum was around £22,000 and still the same today. So if you have a house worth £120,000 and people tell you you get 60% off - forget it! The calculation was simple. The council valued you property at around 10% more than it's market value and then gave you a 10% discount!
2006-10-26 23:56:34 · answer #1 · answered by Mike10613 6 · 1⤊ 0⤋
Don't know about the early 70s, but my Mum & Dad bought their place in the early 80s. When Mrs Thatcher came to power, the Tories made it MUCH more attractive for people to buy their council properties.
It did help that they had lived in council property for more than 20 years and thus qualified for the maximum 50% discount, but the valuations at that time were rather low too. I think that the house was valued at around £14000 and they got it for £7000 (obviously), but my Mum reckoned that the place was probably worth about £28000 then.
(I know, the prices just sound ridiculous, don't they?)
Bfn
2006-10-27 06:29:44 · answer #2 · answered by Anonymous · 0⤊ 0⤋
The maximum discount was 60% of what the council deemed the market value to be. Invariably the the surveyor would call and say 'there's no way your house if worth £x... Mine was valued by the council at £78K but was actually worth £60K according to the building society surveyor which is probably why councils liked to offer mortgages as well.
2006-10-29 05:20:23 · answer #3 · answered by Anonymous · 0⤊ 0⤋
the maximun today is 26.000 pounds and it all depends on wear you live.
2006-10-27 00:02:22 · answer #4 · answered by nina c 1 · 0⤊ 0⤋