Author Topic: How much is it worth now?  (Read 392 times)

Offline Jayson

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How much is it worth now?
« on: Tuesday 05 February 19 12:58 GMT (UK) »
I'm looking at a document (dated 1721) where a piece of land in the centre of the town where I live (measuring 48ft in length and 28 feet in breadth) was sold for 5 shillings. What would 5 shillings be worth in today's prices.

There was a website where one could convert but I can't find it now.

Many thanks

Jay 
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Online Ruskie

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Re: How much is it worth now?
« Reply #1 on: Tuesday 05 February 19 13:00 GMT (UK) »
There are a few currency converters around, and different ways to 'measure' the value of money. This one shows 'purchasing power':

http://www.nationalarchives.gov.uk/currency-converter/

Added:
This might be better:
https://www.measuringworth.com/calculators/ukcompare/

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Offline Jayson

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Re: How much is it worth now?
« Reply #2 on: Tuesday 05 February 19 13:08 GMT (UK) »
Thank you, Ruskie
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Offline Redroger

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Re: How much is it worth now?
« Reply #3 on: Tuesday 05 February 19 21:35 GMT (UK) »
Apart from the size of the plot it will depend very much on its modern location within the country, north or south, small rural town or now centre of a modern city.
Ayres Brignell Cornwell Harvey Shipp Stimpson Stubbings (all Cambs) Baumber Baxter Burton Ethards Proctor Stanton (all Lincs) Luffman (all counties)

Offline Malcolm33

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Re: How much is it worth now?
« Reply #4 on: Tuesday 05 February 19 22:00 GMT (UK) »
I'm looking at a document (dated 1721) where a piece of land in the centre of the town where I live (measuring 48ft in length and 28 feet in breadth) was sold for 5 shillings. What would 5 shillings be worth in today's prices.

There was a website where one could convert but I can't find it now.

Many thanks

Jay

     That would have been quite a lot of money in 1721.   Just being given a penny at the end of the 1930's felt great and then come the 1940's it was a tanner, and so we had the song, 'I've got sixpence'.

     But you can get some idea of land and property values from the 18th and 19th century land taxes.    My Hutton's were on the same large stretch of land in Eccleshill, Bradford from about the mid 1600's.    By the mid 1800's they owned a dozen or so cottages at each end of the 4 large Crofts or Closes, plus a pub, The Smiling Mule.

    The land tax they paid on the whole lot was 5s 10d in 1782, and there was clearly much inflation as it rose to 6s 7d by the end of the 1700's.    We can even tell what the tax was on just one of the cottages as in some years a cottager was shown below paying 7d or 8d and this amount came off the full amount that my ancestors then paid.

     Then there are the land memorials which valued the land according to the value of the Tithes on Corne, Grasse, Hay and Promises whatever promises might have been.

      For example from a 1829 memorial - "all those three several closes or parcels  of land situate in the same township and to the said messuage belonging and  occupied (and now divided into four) known by several names of RADFIELD and  the two crofts containing together by estimation eight days work (be the same  more or less) and all and every the tithes of corn, grain, and hay and all  other the tithes whatsoever existing upon the same several closes or parcels  of land or any of them or any part thereof with the appurtenances which said  memorialising indenture as to the execution thereof ...."

      I always thought that Tithes were purely a tax due to the local Church, but have recently learned that the Church usually sold them off to Farmers quite early on.   The land dispute between William Hutton and Edward Ackroid in 1684 and again in 1685 was all about who owned the Tithes.

      Today we look at acreage but then they valued land by the Tithes it could produce and how much work it took. 
Hutton: Eccleshill,Queensbury
Grant: Babworth,Chinley
Draffan: Lesmahagow,Douglas,Coylton, Consett
Oliver: Tanfield, Sunderland, Consett
Proudlock: Northumberland
Turnbull:Northumberland, Durham
Robson:Sunderland, Northumberland
Dent: Dufton, Arkengarthdale, Hunstanworth
Currie: Coylton
Morris and Hurst: East Retford, Blyth, Worksop
Elliot: Castleton, Hunstanworth, Consett
Tassie, Greenshields

Offline Andy_T

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Re: How much is it worth now?
« Reply #5 on: Thursday 14 February 19 01:13 GMT (UK) »
To Jayson: Another way to look at this is to find out the average price per sq foot for land in your area.

Your plot 48 ft X 28 ft = 1,344 ft sq and in central London average price is 34 per square foot
Therefore in Central London 1,344 ft sq X 34 per square foot = 45.969
The above 5 bob investment in 1721 based on the above scenario would give a return of 1/184,00
(original value X 184,000)

This answer is totally different to using one of the inflation calculator links.
Example on measuringworth.com calculating 5/- in 1721 is only 5,310.00 using the GDP (to 2017)

Andy_T
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Offline Malcolm33

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Re: How much is it worth now?
« Reply #6 on: Thursday 14 February 19 01:50 GMT (UK) »
    I have noted the cost of the average suburban house through the years from 1936 when my parents bought their new home in Durley Avenue Pinner - some 12 miles from the City Centre, for 685 pounds and also wages.     Overall both have doubled every ten years.   On the odd time when one or the other didn't double, then it tripled, and caught up until they were both on the same track again.   I have a file with all the prices and average wages from 1936 up until around 2000 and it has been exactly the same in Australia as it was and is in the UK.
Hutton: Eccleshill,Queensbury
Grant: Babworth,Chinley
Draffan: Lesmahagow,Douglas,Coylton, Consett
Oliver: Tanfield, Sunderland, Consett
Proudlock: Northumberland
Turnbull:Northumberland, Durham
Robson:Sunderland, Northumberland
Dent: Dufton, Arkengarthdale, Hunstanworth
Currie: Coylton
Morris and Hurst: East Retford, Blyth, Worksop
Elliot: Castleton, Hunstanworth, Consett
Tassie, Greenshields