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
Category: Blog
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.
Everything’s Fine! No. No it’s not.
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/
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”.