My home is probably the oldest house in my village, incorporating stone almost certainly nicked from shortly after the dissolution of nearby Sawley Abbey likewise the beams are said to be scrap timber from the Spanish Armada.
It will suffice to say that ownership came into my mums side of the family in the 1950s and after selling some of the land to build a petrol station stood them at £500, it was modernised and we rented it to a woman who worked in our shop for the princely sum of £1pw. The rent remained the same up to 1985 when we gave notice to her son and we had it ” modernised ” to move into when my mum retired and we sold the shop, uncovering the beams and fireplace with beehive oven. The original sandstone slates were replaced with second hand Denorwig Welsh Slate, central heating, new kitchen plus upstairs loo cost around £30k, not decorated since.
We did get UPVC doors and windows fitted in 1995 just after my mum died and previous to that a burst pipe under the floor produced plenty of hassle requiring a good bodge with a new plastic pipe from the front garden into the kitchen. Apart from that hardly spent a penny on it, a few minor DIY repairs but we did get a new modern boiler to save on the mega gas bills, circuit breaker for the electrics new shower unit.
My late dad had a bee in his bonnet about it needs decorating but my argument against won the day in that ( if the place was all done up ) I would end up paying more inheritance tax. HMRC did quibble on how the valuation could be so low, but by the time my dad died it was intermittently raining in in the kitchen as a delayed result on my car outside being ” torched ” one weekend in 2001.
Real world economics must prove that the theoretical benefits of house price inflation are Fools Gold leading to False Economic Growth which in turn increases the Financial Apartheid between rich and poor. At this point I have to say that I can’t take our UK Office for National Statistics seriously anymore, fiddled inflation figures yesterday and today unemployment down 8.600 perhaps mostly due to people retiring. I can recall when wholesome Corned Beef was removed from the ” Inflation Basket ” and replaced by Chicken Nuggets, the contents of which may often be what once went into cheap pet food like minced up bone and gristle. The price of corned beef almost doubled overnight, probably to bail out Wall Street loans to Argentina, plus encourage the destruction of the rain forest in Brazil ?
Its clear that the Supermarkets and other Corporate Retail outlets have been manipulating the inflation figures at least since Gordon Brown was Chancellor and introduced CPI for benefits increases to replace RPI. Now there are moves to put company pension ” Index Linking ” onto CPI in the vain hope that it may may stop pension fund deficits taking the FTSE company down with them.
Perhaps the only realistic option is an annual cap on company pension benefits, £23k as with state benefits would be fair, and most wealthy retiree’s live overseas most of the time anyway thus stealing from our own UK GDP. Even then interest rates would probably need to go up to at least 5%, so perhaps high time to take back democratic control of our Bank of England and Cast Out the Goldman Sachs & other Wall Street Puppet Technocrats !