Great vid guys but you had a good point, Phil, which Henry didn't fully consider. If property values drop by £15k (or even more) but there's stamp duty to pay, it means people need more hard cash because you cannot add stamp duty to your mortgage. For example, a home that cost £500k with no stamp duty would need: 10% deposit = £50k (cash) 90% mortgage = £450k (loan) Stamp duty = £0 Total cost = £500k Total cash required = £50k A home that cost £485k (£15k less) with stamp duty would need: 10% deposit = £48.5k (cash) 90% mortgage = £436.5k (loan) Stamp duty =£14.25k (cash) Total cost = £499.25k (£750 cheaper) but: Total cash required = £62.75k, £12.75k more cash required because you can't add stamp duty to a mortgage and so more unaffordable Even a home that cost £470k (£30k less) with stamp duty would need: 10% deposit = £47k (cash) 90% mortgage = £423k (loan) Stamp duty =£13.5k (cash) Total cost = £483.5k (£16.5k cheaper) but: Total cash required = £60.5k, £10.5k more cash required
How did these "property experts" miss this? The only way it wouldn't make a difference is if you didn't require a mortgage. That Henry guy doesn't seem to know what hes talking about. Plus who wants a sink in the bedroom?
The mistake you made, rather than Henry, is that the mortgage can be used for anything including stamp duty. I guess that’s why he’s the expert and you are a bloke like me commenting on RUclips.
I was lucky enough to personally speak with Henry last year regarding the market which has been utterly heartsinking as a potential FTB watching values skyrocket. Such a nice guy, super generous with his time - enjoyed this exchange too
It is madness that the government is even considering extending the stamp duty holiday on houses. How can any decent person in the the UK say money should be given to the rich to buy houses (I own 2 houses) when we are going to have 3 million out of work and the poor going to food banks. It is the craziest thing I have ever heard in my life. I do not like people that have a better car and lifestyle then me whilst on the dole but this would be bewildering and I would not accept it.
Thanks for doing this. Even though we are cash buyers ,we feel quite demoralized as we can't find anything at all. No new properties coming onto the market. All the good properties were snapped up in the autumn. Just hope it picks up soon.
So glad I found this channel. Someone who finally agrees with me that this stamp duty break isn't all it's cracked up to be. Absolutely priced me out of the houses I could have afforded before Corona. An first time buyers now have a harder task getting on the market. I feel that Rishi Sunak and the government should make their intentions on stamp duty known before March. The market near me has died of death all of a sudden this week.
I completely agree with you. I'm a FTB and have been rejected 4 times in the past 6 weeks for the houses I would love to buy. I have offered about £13 000 more than the desired asking price for two of them and still got rejected. There must be something that I am doing wrong or maybe there's just big fishes buying everything as there is no stamp duty fee. Very frustrating for me but i just gotta continue looking.
@@taimoorhassan5727 I feel your pain. I got rejected on a house 2 weeks ago. I went 10 grand over the asking price. It really is hard at the moment. Hope you find something soon.
Unlike most of your peers, it was really interesting and refreshing you talked about the financial divide. Most property channels and gurus think of the finiancial divide as something superfluous. In addition, let's get real, the dislocations that are occruing will also begin to impact professional jobs eg financial services.
This is a brilliant conversation, Phil and Henry. I am a first-time buyer who had the prospects of getting on the property ladder vanished by my being put on furlough for lockdown 3. I would love to hear more analysis on the first-time buyer market (and it's prospects for 2021) as I assume that, due to first time buyers not being able to get mortgage applications through (like you both discuss), the first-time buyer market is fairly stagnant and isn't "booming" like the rest of the market. Move iQ is a great tool, Phil. Thank you for everything you do. Take care!
It’s very hard for you man, good luck. I have owned for 4 years now but made 0 money on my first home in Surrey (2 bed terrace). Prices seem the same since 2016. But currently there seems to be all these house up for absolutely disgraceful asking prices, I want to drop notes into these peoples letter boxes saying you are overvaluing your home and destroying the housing market. We are talking about homes that people bought for 400k in 2018 haven’t worked on and now asking for 500-600k. The whole thing is an atrocity for first time buyers. Hold strong I believe we are seeing the start of the market crash buy at a good time and you will be happy.
Missing the huge point that a large body of renters in big cities are moving slightly further out to buy. You only need to look at what is happening in Cambridge and Norwich from London renters. I'm sure its the same story in all areas commutable to London in < 1 1/2
Yes local people are being priced out of the area they grew up in, house prices in cambridge are still ridiculous. Communities are slowly be chipped away at.
Superb insight ,sharing views and knowledge like this can only benefit people ,having met Phil at the ESTAS I can assure those who r negative about this that he genuinely cares about the youth getting on the ladder and empathize with them
We were looking to buy a house in 2020, even before the stamp duty holiday, but once we say prices going up and houses selling within days of being put on the market, we just gave up. Too messy for my liking. We're just sitting back, waiting for the stamp duty holiday to end, and then look towards the end of this year.
Why is buying a house from an estate agent is like a auction ? I mean if why are buying played off against each other even tho the have offered the asking price ?
House prices are grotesque !! The old people have these houses that are far to expensive. Ok you are a young couple a bedsit should be around say 15,000 then you get married so you sell your bedsit and buy a 1,2 bedroom flat around 25,000 then you have a family but you are doing alright in your career so you buy a semi detatched with a garden around 50,000 then as you are older you buy your detached house 75,000 then as you get really old you downsize to a small cottage say 40,000 and enjoy your last years .BUT this is all F^%Ked up The house price is not about living in a house its about GREED . not the way of life .you Phil Spencer .....you ask 1 young person if they want your advice to put a noose of mortgage debt around their necks when they have a minimum wage job THIS HAS TO END!!
I didn't realise that Phil had his own channel in Move IQ, I was really interested to come here and see him have a good conversation about today's housing market... I will have to find a video where he can get a word in edgeways to fulfil that interest 😄.
😂 There is always a good conversation to be had with Henry. Our website (also founded by Phil) is at moveiQ.co.uk. We have another interview with Phil out tomorrow - subscribe so you don't them. Thanks for tuning in.
I like Henry's arguments, but always conscious and wondering if I have confirmation bias. There is also a longer term risk factor to house prices, the normalisation of central bank interest rates (which have seen an unusual overall decline over the past 35-40 years), but the timinig for this normalisation is very difficult to predict. Very useful interview. Thanks Move iQ team
Most I know who have bought the last few years are having support by family members. As far as I see it, the harder it gets, the more people step into help their young ones get “on the ladder” as the parents are the ones that believe in the never ending price growth. Also what’s the odds that these schemes are extended and extended, or new ones created or banks now allow 45-55 year mortgages instead to bring the affordability inline with the people. I am all for a correction, I’ve been waiting a long time and saving. But as people have said before, property is the economic saviour and those in power need it to carry on. If the market was left to its own devices, it would have normalised years ago. You can’t predict a market that’s had so much manipulation, and will do in the future 🤷♂️. That said it’s nice to see Henry’s understanding of the position on both sides (existing homeowners and first time buyers), and sympathy for those now. Most i speak with talk like geniuses for how much they’ve made over the last 20/30 years, and are keen to brag about it.
They are not taking intp account, bad interest rates at banks, and possibly zero interest rates on savings and even the threat or charges on any savings and also the collapse of currancy
If you're buying to have a home to live in for the rest of your life, market fluctuations shouldn't bother you. If you're buying to "climb the ladder" or "investing", best wait the next 2 years out.
How about a couple aged in their 50s privately renting being told to move out in 6 months time with never having a house before so class as first time buyers... but they either earn too much to be considered for affordable housing or the debt criteria for properties is quite low compared to the debt the couple have? Will they just end up homeless?
I think Henry is wrong here regarding the stamp duty and his suggestion that everyone could simply reduce their prices if the deadline is missed. There is always an end to the chain and many are selling homes to downsize and release equity in order to support families at these difficult times.
I want a dining room! Sitting in the living room to eat is horrible and it’s important for family time. I don’t think it’s a good idea to disown dining rooms just because it’s not “fashionable” - it’s as much a part of the house as the kitchen and bathroom. All the more important now when people are cooking more at home and spending time with family for longer.
If stamp duty ends in March 2021 and there is a backlog. Surely as a buyer who has been told there is no chance you'll beat the deadline that you would pull out of the deal? Thereby it start to show the effects of the deadline now? On the flipside, are they banking that the stamp duty deadline would be extended by Sunak?
Wait it out, you wont part with any more money until close to completion, pulling out at that point you'll nothing to lose other than your initial fees. And your Hope's and dreams maybe....
Why on earth are estate agents considered essential in this so called lockdown. Ridiculous, I cannot visit my aren't yet if they wanted to sell, it would be acceptable for an agent to visit value and market, probably a professional photographer. It would then be acceptable for actual physical viewings to be arranged and so on, valuers, surveyors etc. WHY? & How is this essential except in a very few cases, anyone marketing right now must be crazy with no thought of Covid transmission.
How is allowing people to move legal? Well, there are people who’s houses are being repossessed, others on the brink of bankruptcy and their only hope is to sell, some need to sell the family home for their parents to go into care, divorcing families still need to separate, people have to relocate for new jobs, etc. How are people still able to go shopping? The risk is minimal and sadly, as much as you think the world has stood still, life still has to go on. Housing is essential unless homelessness is an option. No one thought about transmitting the flu before when viewing a property.
Just a thought.. if we down size in older age.. why not get interest only.. so payments are low.. when it comes to the end of the 25 Yr term.. sell the home and downsize.. hopefully in 25yrs houses prices will have gone up?
Sorry but not sure I’d listen too much to what Henry has to say. I believe Phil is right because having a cut off period on stamp duty could have a worse effect, yes possibly people could reduce but that would probably take even more administrative time. Also Henry’s point on sinks in rooms yuk Ensuites yes and dining room not needed lol might be for you but not for everyone. I’m sure families like the idea of dining rooms as another room to either entertain or to relax for some peace and quiet. Stamp duty obviously had an effect as the market has slowed down completely now. As others have said I feel sorry for the younger generations, this greed of pushing up prices isn’t helping your children unless you give back !
Love the updates. I got a bit confused for the message for FTB though. The amount banks will lend has dropped significantly which has made a huge impact on my chances of buying. SO is the advice to just take our time and wait for this to improve this year ... or do we have no hope of lending going back up this year?
Some banks are lending at 90% LTV again but their criteria has changed. If you are confident you meet the criteria and are in a good position and you want to get on with buying your first home then there is no reason why you shouldn't. 95% LTV may come back but when and what the criteria might be we don't know. At the end of the day its down to how you feel about buying at this time. For more help as a FTB do check our website www.moveiq.co.uk/advice/first-time-buyers
@@MoveiQ Sorry I may have been mistook. The issue is that banks have dropped from offering 5x to less than 4.5x times salary, so I wondered if that part would change this year.
What a ghastly thing to say....no dining area....Are you suppose to eat and have family time on sofa with TV killing conversation? Dining area is not just for entertaining....its to have family time together. Perhaps the speaker lives alone and the subtlety of eating and doing things together around dining area is lost on him. Also open plan works great if it is large area with distinct areas to eat, cook and leisure activities.....not in crammed new builds which are a joke .....not designed to have designated areas and certainly not big enough for safe distancing.....instead they are geared to line the pockets of the property developers in order to maximise the profits. Its no winning for hard working people.
Raazia - I think this suits the developers' ideas on the smallest conceivable flats, preferably with no separate kitchen, but calling the lack of space "cutting edge" and "contemporary", rather than their true description "rip off"! best wishes
Did anyone else see the large elephant in the room no one mentioned? Our economy is based on the housing market. Can you honestly see any government squash the main stay of the economy? Not one word on this? Sadly this video missed this completely.
The more I looked at the house prices now adays are too high.Especially in London and surrounding area which mostly are having so much refurbishment or repairs.
Not sure about sinks in bedrooms and no dining rooms. Sounds like to bed sit living... no thanks. Dinning rooms to me are great family spaces for families to reconnect. Not just guests. Bathrooms are easy to walk to. I do agree however that the market is about to correct significantly - opportunities for buyers in 12 months, sellers should accelerate before the correction and tax raid comes. So many tax implications for property owners for sure. We have one buy to let which we will retain as a pension investment, but had plans for another which is on hold. May consider a holiday let so we can use it, but the tax concerns have made us wait and see
Holiday lets are discussed in an interview from a few months ago based on property investment. Here is the video link and the time stamp is 21mins in ... ruclips.net/video/5bmotTSxCiA/видео.html
I’d their something that I don’t know I’m shocked at the amount of houses going on sale in my estate a few years ago no one wanted to sell and now everyone trying to sell at ridiculous prices
BUY NOW OR WAIT hi we are first time buyers and have been saving hard for many years to get a large deposit each month watching the market increase I feel a huge recession is due with fiat and also cant consider investing or gambling our hard earned in crypto or stocks When it crashes does our savings plummet in value and therefore cant afford a house or if house prices are lower the interest rate rises out of our control we are so confused we dont know what to do for the best any advice would be appreciated
Me and my partner are looking at getting a joint mortgage. Our joint incomes are £46k and looking at properties around £230k. We have deposit of £25k do we stand a chance as first time buyers.
You should speak to a mortgage adviser to determine affordability based on the most suitable mortgage available to you both. If you need one we can connect you www.moveiq.co.uk/tools/buying/mortgage-quote/ Best of luck.
You should be able to get something but your deposit is lower end. On 46k salary you can get homes for a lot more than 230k. Banks LTV is the issue right now and it’s 15-20% so 34,500 to 46,000. You also have all the fees so set a slide 5k for that, so I would suggest checking and saving more.
No. You need to save for more deposit or look for cheaper properties. So many costs that you have not factored in, such as solicitors and furniture. Also this is not a climate to overstretch your self.
@@ldn876 i am well aware of those things. Wouldn't be using all our savings. I have some money aside to cover solicitors fees. And i have furniture already
We needed minimum 15%. Allow for 20% in case you get to the offer stage and you dobt pass affordability. Offer in principle is so much of a guarantee with high street lenders
Disagree with sinks in a bedroom. not needed. Disagree with getting rid of dining room. Still need to sit and eat at the table. Never liked open plan. the housing boom is because of low stock from estate agents and stamp duty. We all know the housing market will crash in the next 18 months. Great video.
@@MoveiQ lol - the big one behind your head! (which other one could I possibly be talking about :) ! - In case there is any confusion - that beautiful landscape photo that has a white frame :) ). Many thanks Phil - love your videos :)
Stamp duty- the chancellor will probably say if people who have stared buying a house a house will be given time to complete, and still get their Stamp Duty entitlement.
Will have to strongly disagree with Henry here and the manner in which he is speaking suggests he isn’t actually on the ground and understanding the implications that the stamp duty has had. Just expecting everyone in a 5-7 link chain to drop their price by £15k and explain the maths to them is ambitiously optimistic at best.
He suggested that if the top buyer became due foe 15k stamp duty in a chain of 3 transactions, then each of the 3 would contribute 5k to avoid the chain collapsing. Totals 15k tax shared between the 3 parties.
No more dinning rooms, your crazy man, nobody is having a BBQ in freezing England. And Henry you dodged the question on your advice on buying now, it’s a yes or no question.
"Nice and creative Videos，I can see A lot of thought has been put into the content and editing of the video， This is really my favorite channel.:) .🌴🌴🌴excellent 👍👌👍👌👍 🌴🌴🌴 🌴🌴🌴 🌴🌴🌴 🌴🌴🌴 " Summersville Nicholas 2021
GET PHIL SPENCER'S ADVICE DIRECT TO YOUR INBOX ✉ www.moveiq.co.uk/newsletter-signup/
Interesting, Stamp Duty has been a disaster for FTB, it's eroded our LTV and allowed buy to let and those already on the ladder to benefit.
gov wants a piece whenever money changes hands in society so it is a standard rather than to help ftb
Great vid guys but you had a good point, Phil, which Henry didn't fully consider.
If property values drop by £15k (or even more) but there's stamp duty to pay, it means people need more hard cash because you cannot add stamp duty to your mortgage.
For example, a home that cost £500k with no stamp duty would need:
10% deposit = £50k (cash)
90% mortgage = £450k (loan)
Stamp duty = £0
Total cost = £500k
Total cash required = £50k
A home that cost £485k (£15k less) with stamp duty would need:
10% deposit = £48.5k (cash)
90% mortgage = £436.5k (loan)
Stamp duty =£14.25k (cash)
Total cost = £499.25k (£750 cheaper) but:
Total cash required = £62.75k, £12.75k more cash required because you can't add stamp duty to a mortgage and so more unaffordable
Even a home that cost £470k (£30k less) with stamp duty would need:
10% deposit = £47k (cash)
90% mortgage = £423k (loan)
Stamp duty =£13.5k (cash)
Total cost = £483.5k (£16.5k cheaper) but:
Total cash required = £60.5k, £10.5k more cash required
How did these "property experts" miss this? The only way it wouldn't make a difference is if you didn't require a mortgage. That Henry guy doesn't seem to know what hes talking about. Plus who wants a sink in the bedroom?
The mistake you made, rather than Henry, is that the mortgage can be used for anything including stamp duty. I guess that’s why he’s the expert and you are a bloke like me commenting on RUclips.
@@shorehambeach I stand corrected. You can add stamp duty to your mortgage. My mistake!
That's pretty impressive maths...even if the stamp duty added to the mortgage was misunderstood..
@@tanvirahemd8938 Thanks Tanvir 😅
I was lucky enough to personally speak with Henry last year regarding the market which has been utterly heartsinking as a potential FTB watching values skyrocket. Such a nice guy, super generous with his time - enjoyed this exchange too
Thanks for sharing!
Great conversation and would be good if this could become a more regular event
Thanks for the suggestion .... we'll definately be doing more fo these.
It is madness that the government is even considering extending the stamp duty holiday on houses. How can any decent person in the the UK say money should be given to the rich to buy houses (I own 2 houses) when we are going to have 3 million out of work and the poor going to food banks. It is the craziest thing I have ever heard in my life. I do not like people that have a better car and lifestyle then me whilst on the dole but this would be bewildering and I would not accept it.
Thanks for doing this. Even though we are cash buyers ,we feel quite demoralized as we can't find anything at all. No new properties coming onto the market. All the good properties were snapped up in the autumn. Just hope it picks up soon.
Glad it was helpful! Hope you can move soon.
Do you feel prices will drop this year? Similar position to you Shirley, that's why i ask.
@@David-yn5bs not sure, it's just frustrating looking on right move and nothing new coming on
What area you guys looking at?
@@steveinstamford Hey Steve, i'm looking at London. What do you think on whether it'll dip..
So glad I found this channel. Someone who finally agrees with me that this stamp duty break isn't all it's cracked up to be. Absolutely priced me out of the houses I could have afforded before Corona. An first time buyers now have a harder task getting on the market. I feel that Rishi Sunak and the government should make their intentions on stamp duty known before March. The market near me has died of death all of a sudden this week.
So true....
I completely agree with you. I'm a FTB and have been rejected 4 times in the past 6 weeks for the houses I would love to buy. I have offered about £13 000 more than the desired asking price for two of them and still got rejected. There must be something that I am doing wrong or maybe there's just big fishes buying everything as there is no stamp duty fee. Very frustrating for me but i just gotta continue looking.
@@taimoorhassan5727 Well now the stamp duty window is over...so lets hope things turn around now. 💙
@@taimoorhassan5727 I feel your pain. I got rejected on a house 2 weeks ago. I went 10 grand over the asking price. It really is hard at the moment. Hope you find something soon.
Unlike most of your peers, it was really interesting and refreshing you talked about the financial divide. Most property channels and gurus think of the finiancial divide as something superfluous. In addition, let's get real, the dislocations that are occruing will also begin to impact professional jobs eg financial services.
This is a brilliant conversation, Phil and Henry. I am a first-time buyer who had the prospects of getting on the property ladder vanished by my being put on furlough for lockdown 3. I would love to hear more analysis on the first-time buyer market (and it's prospects for 2021) as I assume that, due to first time buyers not being able to get mortgage applications through (like you both discuss), the first-time buyer market is fairly stagnant and isn't "booming" like the rest of the market.
Move iQ is a great tool, Phil. Thank you for everything you do. Take care!
Thank you for the feedback Elliot. We'll be sure to provide more insight for FTB over coming months as things evolve. Stay tuned!
It’s very hard for you man, good luck. I have owned for 4 years now but made 0 money on my first home in Surrey (2 bed terrace). Prices seem the same since 2016. But currently there seems to be all these house up for absolutely disgraceful asking prices, I want to drop notes into these peoples letter boxes saying you are overvaluing your home and destroying the housing market. We are talking about homes that people bought for 400k in 2018 haven’t worked on and now asking for 500-600k. The whole thing is an atrocity for first time buyers. Hold strong I believe we are seeing the start of the market crash buy at a good time and you will be happy.
Missing the huge point that a large body of renters in big cities are moving slightly further out to buy. You only need to look at what is happening in Cambridge and Norwich from London renters. I'm sure its the same story in all areas commutable to London in < 1 1/2
Yes local people are being priced out of the area they grew up in, house prices in cambridge are still ridiculous. Communities are slowly be chipped away at.
I was looking to buy in Bristol. Many house prices have gone up by £20k - £30k. So I’m now looking further out
Superb insight ,sharing views and knowledge like this can only benefit people ,having met Phil at the ESTAS I can assure those who r negative about this that he genuinely cares about the youth getting on the ladder and empathize with them
Young people have been totally screwed
We were looking to buy a house in 2020, even before the stamp duty holiday, but once we say prices going up and houses selling within days of being put on the market, we just gave up. Too messy for my liking. We're just sitting back, waiting for the stamp duty holiday to end, and then look towards the end of this year.
Thanks for sharing!
That’s exactly been our experience too sadly💙
Exactly my own views, having retired from financial services and having no axe to grind either! Glad you guys are having this conversation.
By the time most people will be able to draw on their pension pot, they will probably be dead, the way the retirement age is creeping upwards
That’s the plan - more money for the gov
So can we expect housing crash in Q2 or Q3 of 2021 or little later than that ?
Why is buying a house from an estate agent is like a auction ? I mean if why are buying played off against each other even tho the have offered the asking price ?
House prices are grotesque !! The old people have these houses that are far to expensive. Ok you are a young couple a bedsit should be around say 15,000 then you get married so you sell your bedsit and buy a 1,2 bedroom flat around 25,000 then you have a family but you are doing alright in your career so you buy a semi detatched with a garden around 50,000 then as you are older you buy your detached house 75,000 then as you get really old you downsize to a small cottage say 40,000 and enjoy your last years .BUT this is all F^%Ked up The house price is not about living in a house its about GREED . not the way of life .you Phil Spencer .....you ask 1 young person if they want your advice to put a noose of mortgage debt around their necks when they have a minimum wage job THIS HAS TO END!!
Great comment the youth off today have been screwed by these bar@@ards
I didn't realise that Phil had his own channel in Move IQ, I was really interested to come here and see him have a good conversation about today's housing market... I will have to find a video where he can get a word in edgeways to fulfil that interest 😄.
😂 There is always a good conversation to be had with Henry. Our website (also founded by Phil) is at moveiQ.co.uk. We have another interview with Phil out tomorrow - subscribe so you don't them. Thanks for tuning in.
I like Henry's arguments, but always conscious and wondering if I have confirmation bias. There is also a longer term risk factor to house prices, the normalisation of central bank interest rates (which have seen an unusual overall decline over the past 35-40 years), but the timinig for this normalisation is very difficult to predict. Very useful interview. Thanks Move iQ team
You are welcome.
Most I know who have bought the last few years are having support by family members. As far as I see it, the harder it gets, the more people step into help their young ones get “on the ladder” as the parents are the ones that believe in the never ending price growth. Also what’s the odds that these schemes are extended and extended, or new ones created or banks now allow 45-55 year mortgages instead to bring the affordability inline with the people. I am all for a correction, I’ve been waiting a long time and saving. But as people have said before, property is the economic saviour and those in power need it to carry on. If the market was left to its own devices, it would have normalised years ago. You can’t predict a market that’s had so much manipulation, and will do in the future 🤷♂️. That said it’s nice to see Henry’s understanding of the position on both sides (existing homeowners and first time buyers), and sympathy for those now. Most i speak with talk like geniuses for how much they’ve made over the last 20/30 years, and are keen to brag about it.
They are not taking intp account, bad interest rates at banks, and possibly zero interest rates on savings and even the threat or charges on any savings and also the collapse of currancy
If you buying a house now , I feel sorry for you . 2022 is going to be painful .
The writing is on the wall.
If your buying fir rental cash flow the house price going down has no effect on you
If you're buying to have a home to live in for the rest of your life, market fluctuations shouldn't bother you. If you're buying to "climb the ladder" or "investing", best wait the next 2 years out.
They said that in 2020. Let's see.......
How about a couple aged in their 50s privately renting being told to move out in 6 months time with never having a house before so class as first time buyers... but they either earn too much to be considered for affordable housing or the debt criteria for properties is quite low compared to the debt the couple have? Will they just end up homeless?
Hi Phil, could you have more content for first time buyers who are self employed/sole traders?
Thanks for the suggestion - we'll look into this for sure 👍
I think Henry is wrong here regarding the stamp duty and his suggestion that everyone could simply reduce their prices if the deadline is missed. There is always an end to the chain and many are selling homes to downsize and release equity in order to support families at these difficult times.
Thanks for sharing your thoughts.
I want a dining room! Sitting in the living room to eat is horrible and it’s important for family time. I don’t think it’s a good idea to disown dining rooms just because it’s not “fashionable” - it’s as much a part of the house as the kitchen and bathroom. All the more important now when people are cooking more at home and spending time with family for longer.
Thanks for sharing.
If stamp duty ends in March 2021 and there is a backlog. Surely as a buyer who has been told there is no chance you'll beat the deadline that you would pull out of the deal? Thereby it start to show the effects of the deadline now? On the flipside, are they banking that the stamp duty deadline would be extended by Sunak?
Wait it out, you wont part with any more money until close to completion, pulling out at that point you'll nothing to lose other than your initial fees. And your Hope's and dreams maybe....
Why on earth are estate agents considered essential in this so called lockdown. Ridiculous, I cannot visit my aren't yet if they wanted to sell, it would be acceptable for an agent to visit value and market, probably a professional photographer. It would then be acceptable for actual physical viewings to be arranged and so on, valuers, surveyors etc. WHY? & How is this essential except in a very few cases, anyone marketing right now must be crazy with no thought of Covid transmission.
for houses that were on sale before the pandemic and need to be sold for people to live? there is a backlog already
My daughter’s house is on the market. They leave the house. The viewers and agent go round the house with masks on.
How is allowing people to move legal? Well, there are people who’s houses are being repossessed, others on the brink of bankruptcy and their only hope is to sell, some need to sell the family home for their parents to go into care, divorcing families still need to separate, people have to relocate for new jobs, etc. How are people still able to go shopping? The risk is minimal and sadly, as much as you think the world has stood still, life still has to go on. Housing is essential unless homelessness is an option. No one thought about transmitting the flu before when viewing a property.
Henry won't shut up and let Phil get a word in 😂
Just a thought.. if we down size in older age.. why not get interest only.. so payments are low.. when it comes to the end of the 25 Yr term.. sell the home and downsize.. hopefully in 25yrs houses prices will have gone up?
Hi Henry - loving the Rockstar hairstyle!
Sorry but not sure I’d listen too much to what Henry has to say.
I believe Phil is right because having a cut off period on stamp duty could have a worse effect, yes possibly people could reduce but that would probably take even more administrative time.
Also Henry’s point on sinks in rooms yuk Ensuites yes and dining room not needed lol might be for you but not for everyone.
I’m sure families like the idea of dining rooms as another room to either entertain or to relax for some peace and quiet.
Stamp duty obviously had an effect as the market has slowed down completely now.
As others have said I feel sorry for the younger generations, this greed of pushing up prices isn’t helping your children unless you give back !
Insightful Video! 🙏
Glad you think so!
At the end Henry mentioned if your willing to pay to get good advice. How much would someone like him charge?
Here is his website with list of services and associated fees henrypryor.com/services/
looks like its been extended with the holiday stamp duty till july
It has: www.moveiq.co.uk/blog/news/spring-budget/
Love the updates. I got a bit confused for the message for FTB though. The amount banks will lend has dropped significantly which has made a huge impact on my chances of buying. SO is the advice to just take our time and wait for this to improve this year ... or do we have no hope of lending going back up this year?
Some banks are lending at 90% LTV again but their criteria has changed. If you are confident you meet the criteria and are in a good position and you want to get on with buying your first home then there is no reason why you shouldn't. 95% LTV may come back but when and what the criteria might be we don't know. At the end of the day its down to how you feel about buying at this time. For more help as a FTB do check our website www.moveiq.co.uk/advice/first-time-buyers
@@MoveiQ Sorry I may have been mistook. The issue is that banks have dropped from offering 5x to less than 4.5x times salary, so I wondered if that part would change this year.
@@TheAngelicbabysam - hard to tell at this moment in time. We are keeping our ear to the ground though so do stay tuned.
Im looking to Buy to Let as a first time landlord. Is it best time to buy to let now??
This video might help you with your decision: ruclips.net/video/rmLVIUeBPbQ/видео.html
What a ghastly thing to say....no dining area....Are you suppose to eat and have family time on sofa with TV killing conversation? Dining area is not just for entertaining....its to have family time together. Perhaps the speaker lives alone and the subtlety of eating and doing things together around dining area is lost on him. Also open plan works great if it is large area with distinct areas to eat, cook and leisure activities.....not in crammed new builds which are a joke .....not designed to have designated areas and certainly not big enough for safe distancing.....instead they are geared to line the pockets of the property developers in order to maximise the profits. Its no winning for hard working people.
Raazia - I think this suits the developers' ideas on the smallest conceivable flats, preferably with no separate kitchen, but calling the lack of space "cutting edge" and "contemporary", rather than their true description "rip off"! best wishes
@@TheOwlsarewatching606 true that💙
Not sure I agree with scrap the dinning room and install sinks in bedrooms because of COVID changes. I plan to get back to the proper normal in 2021🙂
Did anyone else see the large elephant in the room no one mentioned? Our economy is based on the housing market. Can you honestly see any government squash the main stay of the economy? Not one word on this? Sadly this video missed this completely.
This was great 👍🏽
Glad you thought so. Thanks for the feedback.
thanks guys.
Our pleasure!
Very good information thanks
Thanks for liking...we do these regularly so do stay tuned.
I so wanted to hear the news on housing market but Henry went on and on and on....I'm no wiser and zoned out!!
Sorry to hear that.
I kind thought that too
The more I looked at the house prices now adays are too high.Especially in London and surrounding area which mostly are having so much refurbishment or repairs.
Renting isn't much better in fact renting can cost more than a mortgage.
Prices are Still an all time high in the Northeast and houses are flying off the market. Not good if your a buyer
Its a crazy market for sure!
Not sure about sinks in bedrooms and no dining rooms. Sounds like to bed sit living... no thanks. Dinning rooms to me are great family spaces for families to reconnect. Not just guests. Bathrooms are easy to walk to.
I do agree however that the market is about to correct significantly - opportunities for buyers in 12 months, sellers should accelerate before the correction and tax raid comes. So many tax implications for property owners for sure. We have one buy to let which we will retain as a pension investment, but had plans for another which is on hold. May consider a holiday let so we can use it, but the tax concerns have made us wait and see
Holiday lets are discussed in an interview from a few months ago based on property investment. Here is the video link and the time stamp is 21mins in ... ruclips.net/video/5bmotTSxCiA/видео.html
@@MoveiQ awesome thanks so much - fab channel 👍🏻
Insya Allah, i could buy a house there, Ameen 🌐🇬🇧❤️
thank you
You're welcome.
21:43, Guys, government just printed whatever they promises... no need to come from tax payers... form of MMT...
I’d their something that I don’t know I’m shocked at the amount of houses going on sale in my estate a few years ago no one wanted to sell and now everyone trying to sell at ridiculous prices
BUY NOW OR WAIT hi we are first time buyers and have been saving hard for many years to get a large deposit each month watching the market increase I feel a huge recession is due with fiat and also cant consider investing or gambling our hard earned in crypto or stocks When it crashes does our savings plummet in value and therefore cant afford a house or if house prices are lower the interest rate rises out of our control we are so confused we dont know what to do for the best any advice would be appreciated
THAT IS THE PREDICAMENT. the system is not designed to benefit the working people....the rich and richer get the fruit.
My full income is disability benefits, what are my chances of getting a mortgage? I have a small deposit.
We would advise you speak a mortgage adviser who can review your options based on your circumstances.
Me and my partner are looking at getting a joint mortgage. Our joint incomes are £46k and looking at properties around £230k. We have deposit of £25k do we stand a chance as first time buyers.
You should speak to a mortgage adviser to determine affordability based on the most suitable mortgage available to you both. If you need one we can connect you www.moveiq.co.uk/tools/buying/mortgage-quote/ Best of luck.
You should be able to get something but your deposit is lower end. On 46k salary you can get homes for a lot more than 230k. Banks LTV is the issue right now and it’s 15-20% so 34,500 to 46,000. You also have all the fees so set a slide 5k for that, so I would suggest checking and saving more.
No. You need to save for more deposit or look for cheaper properties.
So many costs that you have not factored in, such as solicitors and furniture.
Also this is not a climate to overstretch your self.
@@ldn876 i am well aware of those things. Wouldn't be using all our savings. I have some money aside to cover solicitors fees. And i have furniture already
We needed minimum 15%. Allow for 20% in case you get to the offer stage and you dobt pass affordability. Offer in principle is so much of a guarantee with high street lenders
No sinks in a bedroom
Disagree with sinks in a bedroom. not needed.
Disagree with getting rid of dining room. Still need to sit and eat at the table.
Never liked open plan.
the housing boom is because of low stock from estate agents and stamp duty.
We all know the housing market will crash in the next 18 months.
Great video.
You can still entertain, for heaven's sake.
I love that picture behind Phil - please Phil, do tell me more about that photo? Thank you :)
Which one?
@@MoveiQ lol - the big one behind your head! (which other one could I possibly be talking about :) ! - In case there is any confusion - that beautiful landscape photo that has a white frame :) ). Many thanks Phil - love your videos :)
Stamp duty- the chancellor will probably say if people who have stared buying a house a house will be given time to complete, and still get their Stamp Duty entitlement.
Will have to strongly disagree with Henry here and the manner in which he is speaking suggests he isn’t actually on the ground and understanding the implications that the stamp duty has had. Just expecting everyone in a 5-7 link chain to drop their price by £15k and explain the maths to them is ambitiously optimistic at best.
wasn't Phils idea, Henry mentioned it. Sounds like a nightmare though
@@plummetplum sorry you’re right. I misspoke and meant Henry but wrote Phil instead 🤦🏾. I will correct
He suggested that if the top buyer became due foe 15k stamp duty in a chain of 3 transactions, then each of the 3 would contribute 5k to avoid the chain collapsing. Totals 15k tax shared between the 3 parties.
Phil u r legend
No more dinning rooms, your crazy man, nobody is having a BBQ in freezing England. And Henry you dodged the question on your advice on buying now, it’s a yes or no question.
"Nice and creative Videos，I can see A lot of thought has been put into the content and editing of the video， This is really my favorite channel.:) .🌴🌴🌴excellent 👍👌👍👌👍 🌴🌴🌴 🌴🌴🌴 🌴🌴🌴 🌴🌴🌴 " Summersville Nicholas 2021
Thank you very much!
You guys have reciprocal haircut.
creeps .
Why?
It's rigged, the same as at any other time
Henry has already assumed we are a CCP country and need rooms for isolation 😩😩😩😩