Hi all, Did not know which group best to ask in, I have searched but did not see anything that helped.
A relative left £224.12s in her 1898 will, what would that be worth now?
I am hopeless at Maths ! Thanks for any thoughts.
Mick.
Googling, too...
Google "inflation calculator", and the first result says "since 1900". Should be close 'nuff for these porpoises.
So, based on retail price inflation, £23,400 or so.
Although it's going to massively vary according to what was done with the money, of course. That would have been more than adequate for a nice house in a nice area. If you picked right, easily half a million quid's worth or more.
According to this website
its complicated because different things, wages, house prices, food prices have risen at different rates through the years. And so there's no one real measure of "worth" at any point which has remained consistent over any period. So that during some periods property prices are high, at other times there's a slump.
However according to a consumer price index cobbled together from various statistical series (none of which cover the entire period
In terms of house prices in London that seems to make sense.
Or beer. Say that beer in the pub was 1 old penny a pint in 1913 So 224 - (240 +12) would buy 53772 pints.
220000/53772= 4.09 per pint today -So not that far off by the looks of things going by more upmarket pub prices for beer anyway.
michael adams
...
yes. Inflation index doesn't really help.
parents house built in 1950 for £3000 sold for £400,000 in 2003 that's 130:1 inflation.
a lowly wage when I were an apprentice in the 60s was £10 a week, now its £10 an hour..
40:1 inflation.in 1898 I would expect that £200 a year was enough to live on. Now its £20,000 so 100:1 again.
In Jane Austens novels (1815 or so) £200 a year was enough to live a modest life with one or two servants, for a large family.
That's why 'Spoons is packed to the rafters I guess
Oops!
Looks like I'm bad at maths as well, as that should read 22,000. Which means if beer was 1 old penny per pint in 1913 the present day equivalent is 40p per pint. And a house bought for 224 in 1913 would only be worth 22,000. Shome Mishtake Shurly.
michael adams
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£224 would have bought two small Victorian terraced houses in the east of London, with plenty of change to spare. Today they sell for upwards of £325k each....
..but do have central heating electricity running water and inside toilets..
From which you need to subtract maintenance, improvements, taxes, insurance , and the risk of bomb damage in WW2...
Is that why no-one invests in property? I did wonder.
Less than that - £230k buys a nice 2/3 bed in Plaistow.
I've not done the maths, but apparently UK house price inflation is about 2 or 3% since 1975:
(from Hamnett 2009, Madness of Mortgage Lending, or something like that)
Rightmove has a couple of these at £350k:
Yeh, you're right - that'll make all the difference between twenty-odd grand and two-thirds of a million quid...
BTW, don't forget to add on the rental income over the last hundred and fifteen years.
£224.12s if kept under the mattress.
Yes, that's near identical to the house I used to live in. Go a mile south prices drop £100k+
Although they have gone up about £20k since I last looked, about a year ago.
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