Not much suggests good things ahead for the home moving market, as the end of Q1 2024 nears. RICS shows biggest rise in new properties coming to market since before the pandemic. https://www.rics.org/news-insights/market-surveys/uk-residential-market-survey Rents in London fall 10% https://www.standard.co.uk/homesandproperty/renting/london-rent-feb-2024-chestertons-b1144821.html Job Vacancies fall almost 25% https://www.bloomberg.com/graphics/2024-03-reed-jobs-report-falling-vacancies-endangers-recovery/ Jeremy Hunt confirms to Parliamentary Committee that he expects house… Continue reading 5 Fact Friday the Ides of March
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A “cult” of kindness.
When unscrupulous debt-brokers call it a “cult” for wanting affordable homes for everyone, you can see the nature of the real problem society faces. These are the ones who don’t see the problem. They’re also the ones who cry “buyer beware” as they sell overpriced lifelong obligations to people and call it “target”. Then there… Continue reading A “cult” of kindness.
5 Fact Friday 8 March – Great news
5FF 8 March 2024 Jan 2024 Transactions fall 10% on year earlier, 20% on December. https://www.gov.uk/government/statistics/monthly-property-transactions-completed-in-the-uk-with-value-40000-or-above/uk-monthly-property-transactions-commentary 2023 Mortgage Lending lowest in 50 years – UK Finance https://ukfinance-newsroom.prgloo.com/news/affordability-pressures-push-down-mortgage-lending-and-savings-in-2023 UK Spring Budget 2024 – CGT Cut from 28 to 24%, Stamp Duty holiday ends, Holiday Lets tax break ends https://www.gov.uk/government/publications/spring-budget-2024/spring-budget-2024-html#:~:text=a%20timely%20manner.-,6.6%20Housing,-Barking%20%E2%80%93%20The OBR: 2026 before house prices rise https://www.telegraph.co.uk/money/property/house-prices/falling-interest-rates-to-drive-house-price-recovery… Continue reading 5 Fact Friday 8 March – Great news
2024 Spring Budget Boost for Affordable Housing
The lack of help for first time buyers or other government stimulus is the best thing that could have happened. What goes up, must come down. Except house prices, it would seem. The chances of buying a home have continued to escape more and more would-be home buyers. The average age of a first time… Continue reading 2024 Spring Budget Boost for Affordable Housing
If we fix housing first, we will be better placed to fix everything else.
Why today’s budget won’t fix the housing crisis (and what will). Today is budget day. An opportunity to help the housing crisis. The housing crisis is a social crisis. It started with selling off social housing, then not replacing that social housing. So now we don’t have enough social housing. As a result, we the… Continue reading If we fix housing first, we will be better placed to fix everything else.
Five Facts for Frustrated First-Time Buyers
5 Fact Friday 1 March 2024 99% taxpayer backed mortgages scrapped https://www.telegraph.co.uk/business/2024/02/29/hunt-scraps-99pc-mortgages-backlash-banks/ HPI Clown show Continues: Feb Zoopla DOWN and Nationwide UP https://www.zoopla.co.uk/discover/property-news/house-price-index/ https://www.nationwidehousepriceindex.co.uk/resources/qmn1j-hqwj8-ti2s7-y4bq3-rlicr Public HPI Spreadsheet: Up v Down: https://docs.google.com/spreadsheets/d/1tm4EzSBXTifKIRjPAoTUGW7td62SrPKee4jELjUxgzk/edit?usp=sharing January Mortgage Approvals up on Dec, but still -30% below long term norms https://www.bankofengland.co.uk/statistics/money-and-credit/2024/january-2024 https://www.bankofengland.co.uk/statistics/tables#:~:text=Number%20of%20approvals%20(NSA) 8 New House-builders being investigated by CMA for Price… Continue reading Five Facts for Frustrated First-Time Buyers
How we stop the ripoff corporate sharks: Be aware of their tricks.
Here’s how large-volume corporate estate agency (with in-house financial services) serves itself, at the expense of its customers: Sellers lose out. Cash buyers lose out. Mortgages buyers overpay. Corporations cash in. Good agents lose out. The ones who don’t overprice or lock seller in. Rinse. Repeat. With. Every. New. Seller. And. Buyer. It’s time to… Continue reading How we stop the ripoff corporate sharks: Be aware of their tricks.
The Week in Housing: Up, 99, Up, Nothing, Boom.
5FF Feb 23 2024 Rightmove’s “Asking Price” Index Up: https://www.rightmove.co.uk/news/content/uploads/2024/02/Rightmove-HPI-19th-February-Final-.pdf Hunt mulling 99% taxpayer-guaranteed mortgage lending https://www.ft.com/content/ce643bfa-d4a9-4d85-b28c-6cc0fceba62f Lenders Raise Rates https://www.bbc.co.uk/news/business-68374500 Bank of England nothing burger makes big headlines https://www.reuters.com/world/uk/bank-englands-bailey-sees-signs-uk-economy-upturn-2024-02-20/ BestAgent “People’s” open source House Price Index targets overvaluing culprits and beats hackers https://bestagent.property/hpi
Sellers: Beware Agents with In-House Mortgage Brokers. (Email Template)
Your agent may be withholding offers and viewings without your knowledge. This is mainly for sellers who have instructed large corporate agents, but any agent with in-house mortgage brokers. Your agent may be withholding offers from you. Some of the worst offenders will use your property to force buyers to take a mortgage with them… Continue reading Sellers: Beware Agents with In-House Mortgage Brokers. (Email Template)
The Week It All Changed.
5 Fact Friday – 16 Feb 2024 ONS December House Price Index continues to be confuseless. https://www.gov.uk/government/statistics/uk-house-price-index-for-december-2023/uk-house-price-index-summary-december-2023 January Inflation Unchanged Again at 4.2%: https://www.ons.gov.uk/economy/inflationandpriceindices/bulletins/consumerpriceinflation/january2024 GDP – We’re officially in Recession: https://www.ons.gov.uk/economy/grossdomesticproductgdp/bulletins/gdpfirstquarterlyestimateuk/octobertodecember2023 GDP Per Capita – We’ve been in recession for 2 years already: https://www.ons.gov.uk/economy/grossdomesticproductgdp/bulletins/gdpfirstquarterlyestimateuk/octobertodecember2023#:~:text=%2D0.2-,Source%3A%20GDP%20first%20quarterly%20estimate%20from%20the%20Office%20for%20National%20Statistics,-Notes Commercial Property Debt Time-bomb close to detonating: https://www.businessinsider.nl/commercial-real-estate-is-in-big-trouble-and-the-problems-may-have-major-financial-fallout/ Bonus fact, for… Continue reading The Week It All Changed.