Five Fact Friday – 9 Feb 2024 House Prices Up! *NOT* https://www.halifax.co.uk/media-centre/house-price-index.html RICS – “The worst is over!” *NOT* https://www.rics.org/content/dam/ricsglobal/documents/market-surveys/uk-residential-market-survey/January-2024_RICS-UK-Residential-Market-Survey.pdf Mortgage Rates UP. https://www.forbes.com/uk/advisor/mortgages/2024/02/08/mortgage-updates/ Mortgage Arrears UP. https://www.ukfinance.org.uk/news-and-insight/press-release/mortgage-arrears-and-possessions-figures-q4-2023 Valuation Requests Record High https://www.rightmove.co.uk/news/articles/property-news/home-valuations-hit-new-record/
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Response to Russell Quirk’s accusation of “doom mongery”
I’ve been asked by an estate agency news publication for my response to Russell’s criticism of my house price expectations. I’ve sent the following to them: “Here’s my response to Russell’s video (which I didn’t watch, but heard about): My sole objective throughout my entire career has been to make it easier to move home… Continue reading Response to Russell Quirk’s accusation of “doom mongery”
The 7 Deadly Signs of Negative Equity
It’s here. Get help: https://www.moneyhelper.org.uk/en/homes/buying-a-home/negative-equity-what-it-means-and-what-you-can-do-about-it This blog is to accompany the video. Links to the articles shown in this video: 1. https://www.tiktok.com/@plaughterers/video/7326958670451854624?_r=1&_t=8jKgp7AwOw4&social_sharing=1 2. https://www.bbc.co.uk/news/business-68096905 3. https://pbs.twimg.com/media/GEIg_FDWgAALGuB?format=jpg&name=large 4. https://www.ons.gov.uk/economy/grossdomesticproductgdp/bulletins/gdpmonthlyestimateuk/november2023#:~:text=Monthly%20index%2C%20January%202007%20to%20November%202023%2C%20UK 5. https://www.bankofengland.co.uk/statistics/money-and-credit/2023/september-2023 6. https://www.dailymail.co.uk/news/article-12965287/Families-face-uncertain-future-dream-homes-work-halted-newbuild-estates-housebuilder-goes-bust.html 7. Overpricing Stalemate https://twitter.com/moving_charlie/status/1750483666361364556/photo/1 More: https://www.theguardian.com/commentisfree/2023/mar/06/millennials-older-pensions-save-own-home
“Charlie what’s an acceptable below asking price offer in this market?”
It’s impossible to answer this question without knowing: 1. Whether there are other offers or not 2. The location and it’s market (eg every London borough is showing different market behaviour) 3. How realistic the initial asking price is 4. Whether it’s leasehold or freehold 5. Whether the seller is in a chain or not… Continue reading “Charlie what’s an acceptable below asking price offer in this market?”
Negative equity is “doom”.
“A home for everyone” is my target. This includes the eventual eradication of homelessness. People losing their homes due to negative equity is obviously moving away from this target. The risks of negative equity are currently very high, especially for anyone who bought a home in 2022. People buying homes now with a large LTV… Continue reading Negative equity is “doom”.
The 8 things I’d do if I needed to sell my home in 2024
If I was about to try and sell my home in 2024, given the tricky conditions, I would be allowing up to 12 months for the whole process, and hope to do it in six. If your deal falls through, you’re back to square one. Roughly speaking (and excluding talking to an independent mortgage broker… Continue reading The 8 things I’d do if I needed to sell my home in 2024
2024 New Rules for UK Home Sellers from National Trading Standards
The National Trading Standards Estate and Letting Agency Team (NTSELAT) are implementing new requirements for material information to be included in property listings. Part A came into place in 2022 and requires information that, regardless of outcome, is always considered material for all properties. Such as council tax banding, tenure, and price/ monthly rent. Parts… Continue reading 2024 New Rules for UK Home Sellers from National Trading Standards
Halifax v Rightmove?
Halifax says “house prices” rose in December 2023, monthly, quarterly and yearly. Rightmove’s December 2023 index says they fell, monthly and yearly. Question: Why would sellers be lowering asking prices across the board if actual house prices were rising? Think about it. Then you decide. My view: You are being gaslit by the debt salesmen.… Continue reading Halifax v Rightmove?
What hope for housing?
The highly-deserved undoing of the Conservatives won’t be Labour. It will be their own shambolic incompetence. A government can only function well if the team running it actually behaves like a team, not like a bunch of posturing glory-seekers. There is a time for individual jostling in politics, a bit like transfer season. Maybe for… Continue reading What hope for housing?
How much should you offer on a home?
Could you sell it again for what you’re offering? If not, it’s too much. Never pay more for anything than you are sure you could sell it for the next day. Especially a home. Exceptions: