Inflation

I happened to be passing an old friend's former family home in Summertown, Oxford, the other day. This was a house in which I'd spent many a night while I was at school. A For Sale sign notice was outside it and I wandered over to the estate agents opposite and saw it in the window going for £695,000.

I telephoned Jim who told me that his parents had bought the house in 1967 for £7,500.

That means that in 40 years, the house has increased by roughly 10,000%. Staggering!