You might think £4975 is a bit steep – but a corner house was £500 more expensive, as you could always build a nice big extension in the side garden.
You might think £4975 is a bit steep – but a corner house was £500 more expensive, as you could always build a nice big extension in the side garden.
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About 100,000 EUR adjusting for inflation and currency conversion in today’s money.
And purchased at a time of huge outward emigration with feck all jobs in the country
Parents got a IR£5,000 mortgage in 70s and were repaying £40/month throughout the 80s and 90s which was next to fuck all.
And there was still an acute shortage of housing. Some very familiar themes in [this report](https://www.rte.ie/archives/2017/0206/850512-dearth-of-dublin-dwellings/)
House built in early 70s and cost £3.5K or so.
Now cost €500,000.
Corner house is more likely to get egged or nick-nacked though so…
These houses had Single glazing, no central heating, very primitive electrics,very limited number of electrical outlets in each room and were very poorly insulated. You could spend another 100k just to make it acceptable to live in.
At a guess:
Zero insulation. Single glazing. No en suite. *Possibly* a downstairs loo. One electrical socket per room. Oil central heating.
Anyone know where this is?
EDIT: Caherdavin Heights, Limerick, Ireland
Looks like the house I grew up in.
Right I’ve got a rope who wants to hang them selves after me?
My brother just spent almost half a million on a very similar size new build except it doesn’t have a garage!
Did Ireland historically use dots to group digits instead of commas or spaces?
Entire generation of people that don’t realize they got a 200-300k equity injection.
They don’t understand why people can’t just buy a house.
Those mortgages lasted 20-30 years of course. My dad bought the house they still live in in 1975. By 1995 he was paying more on the car loan than the mortgage. I’m 8 years in paying the same percentage of my income as ever, and the trend is up.
Old ass houses from the 70’s
These old ass houses are so ugly, and the interiors are always poorly “redone”
My folks live in one of those. No insulation in the walls, always fucking freezing. They got the wrap insulation recently, made a massive difference.
Funny enough that’s the current rent on it also
My parents bought their house for 20 grand in 1980. It’s crazy how expensive houses have become in comparison to wages.
£4,975 is £63,659.30 in todays money
Most people’s mortgage term back then was 15 – 20 years, the standard 35 year term now was unthinkable.
Ah yes love the ‘who needs oxygen anyway?’ windows that open just a tiny bit
Average industrial wage in 1970 was about £953 per annum (from here: https://www.cso.ie/en/releasesandpublications/ep/p-hes/hes2015/aiw/) so that house was about 5.22 times the average industrial wage.
Average industrial wage today is €51k according to here: https://take-profit.org/en/statistics/wages/ireland/ so the equivalent price of that house today would be 5.22 * 51k= €266k / Of course interest rates were a lot higher in those days so that would impact the mortgage repayments a lot.
Hmm what if I were to buy the entire neighborhood and charge skyrocket rent? Ho ho ho delightfully devilish Mr Vulture
Imagine how many garage bands you could be in with s garage like that.
the houses were cheaper but the interest rates were off the chart. Tax for PAYE workers was also really high – there was widespread tax avoidance for self employed people, which they tightened up on in the 90/00s.
Either way, in the 80s most people had no money, way less than people tend to have now.
But housing at the moment is well and truly broken and it wasn’t back then.