Should You Buy a House Now, Or Wait Until After The Election?
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- Опубликовано: 20 июн 2024
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Should you buy a house now with inflation rates and a high bank of england bank rate or should you wait until a crash is going to happen in the property market. We explore data from Rightmove, Zoopla and more to understand what's happening in the market and get behind the headlines so you understand the reality of interest rates, houses and more.
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this is a pyramid scheme
The best time to buy a house is always 5yrs ago
Lucky I was in that bracket then been a home owner last 6 7 yrs
😂
Yep...The old houses in my area 3miles from city centre are up about £50k to £70k and most are snapped up quickly..next door neighbour less than a week and sold stc. Even the rental are up by £300-£500.
Anybody hoping for a crash like 2008/09 will be disappointed as there is a small correction going on currently. The big issue is that the wealthy class of society are currently earning higher interest on their savings. When interest rates start to drop they will buy more assets e.g houses and demand will drive up prices again I’m afraid. Until housebuilders are regulated properly and planning policy’s reformed to build enough houses then the market will ultimately & depressingly get worse for mortgaged buyers.
Gary Stevenson fan?
So basically we are fucced either way. Great
This country is becoming a joke. We don't make anything anymore and have been a retail country for years. The time when two salaries were needed to buy a house at a time when the average length of a marriage in this country is 7 to 11 years is when it began to go wrong. We could create more housing and give people more jobs but those in parliament have way too much of a vested interest in inflated housing. Disgusting!
Vote the bastards out and pressure Labour to enact radical investment in the UK. Stop subsidising the rich - start investing in the ppor - shore up the middle. @@Happy-Me.
This comment is a huge piece of misinformation. Interest rates are high for borrowing money, not for savers. The banks are not giving extra money away. This is the reason business owners, like myself and landlords, like myself are up in arms. The banks are robbing us twice, their profits are breaking records because they charge extortionate amounts to borrow money, and your money is shrinking as a result of inflation so keeping it in the bank is pointless for most. Most of the accounts with access to the best savings are from private banks and equity management specialists but be prepared for exorbitant fees.
At the minute, cash buyers are having a great time in picking up properties for slightly below value. As the market picks up again, which it will over the next 6-18 months or so due to gearing for elections and inflation management, we’ll see demand for properties increase because interest rates for lending will reduce marginally. This will see a steady stream of home buyers enter the market again so those who bought property for lower cost will see the returns.
If you’re not a cash buyer right now who can achieve at least 6% net yield to counter inflation, you’re in a pickle. It’s time to find other investment options with similar returns but there aren’t many that are truly safe or accessible.
Estate agents overvaluing properties is a big part of the problem.
As an estate agent we do not receive commission until a property is sold, so we need to sell. The problem is that home owners do not accept our valuations and always cite examples of neighbours who sold at such and such price two years ago and they want that as a minimum starting price. We try to talk them down but if we push too hard they will just look around for another agent who will agree to their unrealistic price. We have many properties on the books that have not even been viewed in person for 6 months and the sellers still do not want to adjust their prices.
@@kevinsyd2012 so sellers only pay the commission on the sale? nothing else?
@@BAmalakas correct, estate agents do not get paid until the property transaction is completed and nothing else before that
@@kevinsyd2012this is a big problem. Why do people have to dig themselves a pit just to have your salary. This shouldn't be a business. Govt. Should scrap housing as a business. This is basic need of shelter
@@ary6039 It's a free market that the government should not mess with. The core problem is the UK's obsession with home ownership
I think you should wait for 3d printed houses of under 50k
Won’t happen mate.
They have a choice, pass the saving on or increasing their margins.
It’s the same with EVs now, they cost less to manufacture than proper cars but they charge more! Mainly because of all the grants & tax breaks but that won’t last forever.
They have to be forced to sell them at a fair price.
@@Thesomersetgimp shame
Maybe they can 3D print the land too
Estate agents are useless
How so? Love to see you try and sell your own house ya whopper 😂😂
@@chrishardy3473 Houses will be sold with any estate agents, not because the agent is clever but because there's someone out there (buyer) who needs the house. I have never asked a question and the estate agent gave me the answer straight away, they just advertise the houses to be sold and rarely when they do their homework. They are money collectors 😄
Actually my intention is to sell my house myself and will do this easily.
Also recruitment agencies are the same, useless and have no clue about the role they advertise, and all they do is advertise the role and send CVs to the employer and most of the time they send funny CVs that are irrelevant to the role. One day there will be a new platform that will eliminate the middle man.
Hopefully someone creates a standardised tech service where people can advertise their properties and negotiate with buyers directly. With the intermediary software producing the contracts etc.
Having ‘real estate agents’ is a waste of time and money.
@@chrishardy3473houses sell themselves
@@chrishardy3473 their plans are not true, area sizes often overestimated. No information on "specs" of the house.. fixtures, fittings.. overall very relaxed approach. People get more spec information when buying a second hand bicycle, than they do when shopping for a house..
As stated in the video - no skill has been required to sell the house in recent years.. that's because the market has been so hot. As someone who was looking for a house in that time, I found it surprising how disengaged agents have become.. they know it'll go anyway, so why waste the effort - next!
In my experience it’s never a good or bad time to buy a house, just get on the ladder when you can.
I bought my house this year moving out of rented. 205k got a 4.5% and the house next door to me was for rent at the same cost as my mortgage. Rent will always prop up house prices. There's 1 property to rent in my village now.
Congratulations on your purchase, I got mine during COVID dip where everyone were saying we gonna have a crash as well, people are delusional willing to pay thousands for a number on a computer screen (bitcoin) because its increase in price but when real goods that provide utility do increase in price then it should go down despite the fact there is a large undersupply every year
In my town they're building thousands of flats. I hate flats myself.
Hi where is that ?@@fishing-gardening-travelling
Been waiting to hear from you! All the best for the new year, hopefully you can keep making content
Thanks! Very busy with the renovation and other bits, have a few filmed and just not edited!
Same here, been looking for your videos a few times. All the best with the reno and balancing the time for your yt channel (a bit selfish with this wish😊)
If you pay rent.. any purchase of a mid priced house will be beneficial.
At least you'll gain some equity by the end of your fixed term. With rental - you just waste £12k-£24k per year paying someone else's mortgage.. 🤷🏻♀️
There's so many variables to think of.. but if you want to buy, just buy..
but if rent is cheap you can continue to save for a better house whilst waiting for interest rates to come down
Maybe, but mortgage interest is also "dead money" The stock market outstrips housing easily over time. Investments can build up and you can then buy with a reduced mortgage or no mortgage at all.
This is very I'll informed. Do you know how to calculate the true profit on a property? You need to do sale/ current price - purchase price - ALL maintainence, reno, stamp duty, interest, transaction fees, insurance & other owning related fees...
In my current flat, I'd be £1k worse off per month...that's £1k that I can invest in the stock market that returns 10% pa instead of 3% that UK property returns..
In exchange for being £1k better off and benefitting from compound growth on that money, I'll glad pay off someone else's mortgage and get a lovely flat to live in, in a wonderful area
There are other payments involve when taking out a mortgage that you don't hav Renting
Incorrect I'm afraid. A large part of the mortgage payment is interest that will often match or exceed rental prices. A mortgage just means you're paying much more money out which could be saved.
Inflation falling 😂 go to shop and check prices 10-20 % up every 6 months
A fall in inflation is still a rise in prices.
Negative inflation is something you will not see without some very strange circumstances.
I have £15k saved. £24k salary. Live on the south coast (with the parents fortunately).
I have no choice but to wait. When I do buy I'll still have to move at least 50mi from my family to get anything affordable.
Perhaps you need to vote for a political party that will get a sensible handle on mass immigration.
@@fredmercury1314 They've been saying they'll cut it for a decade and it only increases year on year 😭😭
@@fredmercury1314 predatory multinationals*
Thank the tories for record high immigration. 700k net new people last year who all need to live sonewhere.
@@quillo2747No: Thank all the politicians and unelected civil servants.
If you think 700k was a record, wait until we have a Labour gov... lol
Agreed, estate agents know very little, seems supply and demand means they can take a huge cut for doing very little. Most in South East are charging £6k+ for selling fee then some asking for additional 10% for sales above asking price and some then saying that price didn't include vat. Its a joke, for doing very little
10% for sales above asking price seems somewhat reasonable, if they get e.g. fixed fee they are incentivied to sell as soon as possible even if next ther may be someone to largely outbid the offer and for a seller Usually it is worth to wait one more day for 5k pounds isn't it?
@grzesiekniemogecipowiedzie7142 sorry if I wasn't clear. That is at least their £6-8k fee plus 10% for anything over asking price. The percentages like 1.5% may have made sense when houses were 100-250 in price but now they are 400+ estate agents are getting greedy
I sold last year in Kent for 1.5% commission plus VAT. What's wrong with that?
@kevinsyd2012 means as house market has gone up 20-30% so has their fee, given they do very little, sometimes don't even show around the house. It's an extra big chunk of change spent and as with stamp duty, you pay more for no reason. So much wasted money to move
@@MarlonKingShow You clearly have a chip on your shoulder. I'm happy to pay for good service, and if you don't want to pay stamp duty then don't buy a property. If you don't want to pay tax then don't work, if you don't want to pay VAT then don't buy anything etc etc...!
I’m so glad I done a 5 year fixed in 2021 at a mad 1.49%. Fingers crossed by the time it’s due it’ll come down.
sure dude it will come down to 4.9%
Make sure you are overpaying your mortgage payments. You will never get a rate that low ever again most likely.
glad? only 5 year fixed LOL why not 30 year. After 5 year you will see a massive increase in payment.
@@HermanWillems Very few lenders in the UK offer 30 year fixed rates, it's not like the US
When i was looking for a house in 2020-2022 which was the pinnicle of the crazy house boom, estate agents were so rude, treated you like a number and the agents who showed me round were agency workers who knew nothing aboit the house and had a sheet of paper. It was an awful time. I finally got my house at end of 2022 (the worst time i know) but i compromised on area and size and payed a higher interest rate but i budgeted this in as i out a higher deposit down. Theres never a perfect time to buy, becayse those who bought 350-400k houses on a 2% rate mortgage meant massive hikes in payments after their fixes ran out! Just save save save and be reasonable and never overpay! Houses are still in demand, so there won't be a crash because people still need a decent place to live and raise a family. City apartments aren't feasible or secure.
So true 😊
This is not true. You bought your house at the worst time, in the peak of interest rate rises, in poor lending options, for more than you could’ve bought it for previously, how are you giving advice?
I agree there’s never a ‘perfect time’ to buy and also in that demand will continue to prop up house prices (I’m a property investment consultant and we say the same). However, for the same reason city centre apartments are feasible and really the only logical answer because they are built to suit the same demand you have acknowledged is fuelling prices.
Great video, Matt! I'm bolstering my finances and viewing the market as you mentioned at the end of the video - waiting for the right house that I like and then I'll pull the trigger!!
Love it - if you're there for the long term and don't go silly with the bid
Good luck 😊
As long as you can deal with the monthly mortgage payments, buy now. Interest rates will fall back down to close to pre-pandemic levels and house prices will increase aggressively in line with that fall, as the rich move their COVID savings from savings accounts into real assets.
House prices likely won't ever fall as long as financial inequality within societies continues to increase
They have already fallen a lot in real terms. Those who bought after 2016 have on average lost money in real terms.
Well yeah, in real terms, house prices peaked in 2007 lol, but there's no reasonable way to escape inflation beyond chucking all of your savings into decent index funds. Plus, when you deduct your rent minus relative mortgage interest payments from your stock gains, you may still have been better off just buying a property. It's dependent on how much capital you have to invest in the first place obviously, but given that the average level of individual cash savings in the UK is less than £20k, I think getting on the property ladder is still the smartest move for most people.
@beechomper: 5 million people can 'deal with' their current fixed rate mortgage but they will be in for a shock when they need to re-mortgage during the next two years as interest rates will not fall through 2024.
@@kevinsyd2012 yeah agreed, didnt consider it in my original comment but the red sea crisis impact on shipping routes will likely cause another wave of inflation.
So we're house hunting at the moment and 1 of the agents was saying he used to do valuation back in the day but now it's all done on an AI app, which could be why some of the pricing is just unrealistic and houses gets stuck on the market due to such unrealistic expectations
Some people are waiting for affordable houses to be built or thinking of moving out of rip off Britain. Wages have increased, but so has the cost of everything else. If wages increased the same as utilities, we would all likely build our own homes with the extra cash. The current matchboxes are not worthy.
Me and my girlfriend work full time and we cant afford anything decent
Not at the moment maybe but the market is falling apart the cracks are obvious just hang on and dont be fooled into buying a ridiculously expensive house at the moment. Wait.
Prices are still too high despite seeing falls of 200-300k on properties that were once valued at £1m
South East, just outside London? I looked on Rightmove today. 5 houses in London less than £1,000,000. Crazy prices going on in London as super rich manopolise housing. If that was the just houses I don't want to know flats which are not worth buying due to maintance fees.
Good tips!
Garys economics youtube channel thinks house prices are going to shoot up as soon as interest rates start falling. He makes good arguments for it.
He’s not wrong, I work in the property investment sector and we’re preparing for a great period as prices shoot in the next 12-18 months.
Interest rates dropping increases accessibility and boosts demand so, it does make sense.
Did he say the FCA were giving banks a hard time? 🤣🤣🤣
The people who work at the FCA used to work at banks and vice versa. It’s a cartel. 🤣🤣🤣
Missed your vids - I realise u are very busy 🎉🎉 Thanks Sue 😊
Thanks Sue! Didn't realise it had been so long! Few to come over the next few weeks
Great video, for anyone concerned about remortgage rates, Mortgages are not 6% anymore, they have been coming down weekly for about 4 months now, majority can remortgage to a fixed rate of at around 4.5% now :)
With a large product fee that increases APRC to 7 - 8%
Rates between 4.6-8% for next 5-10 years 😢
Yeah, product fee fools people.
Netherlands they are at 3.6% already and still going down.
@@HermanWillems everything I view in Netherlands says from 4.5-5% you have access to a "special lender" :)
This is very helpful thanks. I'm just getting my head around all of this stuff and it can feel overwhelming at times. I too noticed Estate Agents knowing nothing about properties I viewed, they almost shrugged their shoulders whilst vaguely saying they could maybe find out, it was weird because I'd want to know everything about a property before buying it.
House prices will rise significantly over the next five years for definite!
How can i know this? Because i build the bloody things. New building regs including heat pumps, solar etc mean our build cost are up by 22% over the last 18 months. The worst part of the regs is the increased labour cost because the clowns in charge have never built a house and just dont understand the mechanics of things like full fill cavity rigid insulation. If new builds increase the used market will follow.
Just try asking a self build wannabe how much they are quoted for their project. Add in the land cost and self build has all but disappeared. The only way is up.
Don't disagree with the increased costs, I don't know how long you are building, back below the GFC particularly 2002-06, the cost of land, labour and materials skyrocketed, and then a crash. The costs never came down then either it was just nothing was built for a number of years
@@jimbobarooney2861 Agreed very rarely do any of our costs come down. Been building all my life but new houses since 1990. I've seen the end of the world profecied numerous times but we just keep rolling on. Have done since the first cave man dug out his own cave then became a builder developer.
Dont forget the massive demand increase for housing from 1 million immigrants a year.
So just say NO
This is so helpful, thanks Matt 👍
Thing is, the longer you wait things maybe get better yes. But then so does the competition. Where you potentially end up in bidding wars. Get in now ride the 2 year fixed rate and then see where we are.
We are in the process of buying. We got the house for a great price. On the same road... A another house Sold for £50k more, but the sellers had to reduce the house. We secured a rate on 4.97%, interest rates is falling and we are buying now as we have avoided getting into a bidding war. While the interest rates are high, it atleast prevents bidding wars I have seen. People can wait for the market to crash but can't see that happening....
The industry has driven tax too high for most. The wisest thing that should be on everyone mind currently should be to invest in different streams of income that doesn't depend on the govt.
Especially with the current economic crisis around the word. This is still a good time to invest in Gold, silver and digital currencies(BTC, ETH, XRP……
I see your point some people have the money and are willing to invest, the question is where to.
I agree, that's the more reason I prefer my day to day invt decisions being guided by a invt-coach, seeing that their entire skillset is built around going long and short at the same time both employing risk for its asymmetrical upside and laying off risk as a hedge against the inevitable downward turns, coupled with the exclusive information/analysis they have, it's near impossible to not out-perform, been using a invt-coach for over 2years+ and I've netted over 1.5million
@@Nicholas.Durante Do you have a recommended advisor?
Where i live in London prices not risen for 5 years, but salaries gone up by 20%, so going 2% to 6% will have little impact and the soft landing already come and gone.
Why doesn't the government just buy people who can't afford a house a reasonably priced house, and in return they can just increase your taxes long term? Uni students literally have to pay 3% extra taxes. Just do this but for houses. Put the increased tax rate to a reasonable level that evens out over people's lives. And no fear of being kicked out as well.
The government is broke as it is. If the government started buying up housing stock it would spiral prices even higher.
The government cant fill in potholes, why on earth would you think they can manage housing stock.
Council owned houses exist, and they are overwhelmingly given to immigrants over uk citizens.
best common sense video for current housing situation
You also need to consider the fact that while house prices have remained somewhat flat in the last couple of years (in nominal terms), when adjusting for the high levels of inflation, the prices of houses have fallen substantially.
Approximately to pre 2007 financial crash levels.
As such, I personally think now is a very good time to buy before reduced interest rates inevitably drive prices up again
People was content years ago with a council tendency these get rich quick schemes don't always pay off private landlords have a bad name 50% tax on private landlords
The OBR isnt seeing the economy through inequality... According to Gary Stevenson he predicts more increases and no dips... Maybe check his videos out on garys economics
5-6% is the real rate! Goodbye to low rate mortgages! It will be now impossible to buy a house for new generations!
Lots of older properties in my area massively overpriced, pensioners who will wait it out on estate agents advice yet doing absolutely nothing to renovate the properties.. meaning unless I want to spend a fortune redoing an ex council or bungalow, I gotta go new build and they are refusing to drop in price...
New builds that have carpets for grass and a garden the size of a prison cell.
the biggest key factor here is rich people are still buying up properties in cash from all the money they made in 2020/2021....also banks are now buying up most of the properties so interest rates will remain high and property prices will skyrocket over the next 2 years. MARK IT!!
New builds are a no go so expect to spend tens of thousands modernising any house you do buy.
Which you can do over the period of your 30-year mortgage.
@@fredmercury1314 I think heating and insulation you would want to do in the first year and even better, before you move in.
Always offer less than the estate agent price. They inflate the sellers expectations to win business
As an estate agent we do not receive commission until a property is sold, so we need to sell. The problem is that home owners do not accept our valuations and always cite examples of neighbours who sold at such and such price two years ago and they want that as a minimum starting price. We try to talk them down but if we push too hard they will just look around for another agent who will agree to their unrealistic price. We have many properties on the books that have not even been viewed in person for 6 months and the sellers still do not want to adjust their prices.
Husband and i have been saving for 10 years to buy a house, it has been like the film Up lol, and it's always just out of reach. No bank of mum and dad to give us anything. In that time, our needs have changed and they might once again this year. A decade ago, we'd have been happy in a flat. Now we need a proper house. We are hoping that this year might be our year and maybe we can afford our forever house come October, but we are in an expensive area. We just keep saving our deposits and waiting...
keep saving your time will come
Have you considered moving to an area where housing is cheaper, provided you could still continue your careers, then once you're on the housing ladder, it'll be easier to sell up and return home - if that was something you wanted to do by then of course.
Affordable houses are like jobs - sometimes, you have to leave home to find them.
@cgo225 we moved away from home for work, so no, not possible. Where we lived before was way too expensive too and we're in a slightly cheaper area. We're of the age now where roughing it in a shithole is not something we are prepared to do either. We've done that before. Especially as we have a kid on the way. Comes down to a good quality of life for our family vs owning a home. Owning is still ideal, but not worth living somewhere that makes you miserable. Especially as the reward for saving for years!
I suppose you could say me and my wife are one of the lucky ones, we fixed at 1.95% in November 2020 for 5 years so we still have just under 2 years left, not to mention our house has appreciated by a significant amount. Currently building up extra money for 2 massive over payments this year and next financial year (penalty free) which should see our LTV drop to about 40% at which point any and all increase in interest rates will be nullified. With both our salaries rising in very secure jobs I don't expect our mortage to exist by 2030. We know this is a large amount of luck on our part but we had planned on having the mortgage gone from overpayments since 2018 when we decided to save up an enormous deposit.
That is the way to do it. I wish you well on being Mortgage free within 10 years of purchase. Your timing worked out well.
I reckon over the next twelve months the UK interest rate will go up to 8 - 8.5%
Do we need estates agent to buy a house
I first bought about 11 years ago.
People had been predicting the 'great crash' for a while at that point.
I'd be in an awful position now if I had listened to them, instead if having about £200K in equity.
My 1.7% 5 year fixed ends in mid 25 I'm hoping it's comes down 😢
We had that as well, same with car sales. No shame in people knowing Nothing basic about the expensive items they are selling and not getting back to you with answers to questions. I’d be sacked if I did that in my job!!!!
I see lots of houses for sale in auction. That’s a good idea at all ?
Obviously houses are over priced , if there not affordable there overpriced. 2022 people were over bidding based on 1% rates which will never return as the pound would crash with such low rates. Expect 3-4.5 rates for next five years. Remembering that although interest rates are falling it’s only high rates which are causing this. Remove the higher rate and inflation increases again.
In rich countries people can effort houses, in poor countries they cannot, UK house prices are not overpriced, UK is poor now
If someone is buying them, they're affordable, which means they're not overpriced. ¯\_(ツ)_/¯
One way to speed up the drop of the housing market is all buyers go out actively viewing but give no or low-ball offer.😂
The question is how much dip would be by the 2024?
Note sure why people still invest on houses instead of building projects and businesses which they will have more gain in short/long run and you can always run a nice flat
Honestly, just guarantee everyone a house when they leave home. People don't need 50 + houses. There are enough houses for every person to own 2-3 each. Considering average household of 4 people, I'm sure we can do it easily. Not everyone can/wants to leave home but for those who do we should just give them a house. In return for this the government can tax us an extra 10 or 20% literally don't care.
Buying a house today, so it's too late for me boys.
I will say a mortgage advisor for first time buyers is a very helpful thing, at least mine was.
My solicitors have been garbage though, failing to tell me the most basic facts and leading to unnecessary delays that have almost left me homeless.
I would recommend doing more research than I did, when I found out that the director of my solicitors works from home I was mortified, but it was much too late to switch.
You can either buy and long term the investment will go up, or you can rent and buy the house for someone else,
Valuations are pulled out of somewhere the sun doesn't shine
Remember if you’re locking in a new rate you can choose a new rate at any time!
Thank you for making this video
Last year houses were up 7.2% so let's add that -4.7% this year . So that's a 11.9% decrease in house prices in real terms . That's a headline you won't see
Please redo the math
Indeed a headline you will not see as your maths is broken!
@@CaptainShonko In fact it is not that off, year to year price dropped but it was not at the highest point in Jan 2023 it was higher by 7.2% in that year (June?). So from highest point it did fall 11.1%. House costing 100k in Jan 23 went up to 107.2k in June 23 and now is 95.3k in Jan 24. So y to y is -4.7% but from highest price it will be 11.1% drop.
Thank you, someone who understands real terms. UK property has already fallen by 20% + on average when accounting for the devaluation of the £ since Brexit. The government and mortgage industry are taking advantage of the ignorant public.
I question whether my estate agent has more loyalty to the buyers than us as their client, who will be paying their exorbitant fixed fee if our house ever sells. All they seem bothered about is getting a sale regardless of how much we are happy to sell it for…I’m not desperate to move and am not giving my home away but my estate agent just doesn’t want you to accept it!
If you can handle higher mortgage interest rates wait for 2025. Probably house prices will be a bit lower because of the higher rates this and (probably) next year.
If you can get a mortgage now and pay of you mortgage fairly easy, just buy now and have a fixed (lower) interest rate for 30 years.
Or inflation goes down and they start lowering the interest rates again. Who knows. 🤷
Why are you talking about house prices at a Nominal value and not real?! If inflation is 30% over last 3 years (as you say) and house price increases are less, then their real value is falling fast.
True point - previous videos have shown 'real' house prices when factoring inflation into house price growth. But it's a misleading figure when comparing to things like earnings to house price ratios because it assumes wages increase at the same rate, which they do not.
I bought a house recently for £330 not far from London and full renovation is required. I came from different country. Of my experience I can tell you comparing UK and my origin country is not so perfect accurate as different economy etc but don’t expect big fall in house price . In my origin country at least 50 procent of people can’t afford even surviving cost but property prices still go up every year becoming only a dream for people. This is main asset for people and necessary to live and specially in UK where is overpopulation I don’t expect big fall specially also in busy areas, if you are buying for yourself for long term as long you can afford your mortgage for next 5 years don’t wait, buy now . Cheers
We can't expect a big fall in house prices because people from a different country keep coming here and buying houses.
@@fredmercury1314 😅
@@fredmercury1314😂😂😂
Same British raised house market all over Europe now is become expensive UK and Europe too.
@@fredmercury1314 What's to stop Brits from buying houses abroad?
I got 1.6% mortgage , now best offer I got is 4.3% for 5years. 😒
I'd wait 10 years If still around by then.
I've been looking for a year. It's very clear that far too many house owners have invested in structural improvements in hope of selling at a profit. Unfortunately, so many properties are now maxxed out in their potential they are too expensive, with nothing left for poorer buyers or buyers expecting to flip. In my opinion, this trend is the fault of property developers who borrow too much money and consequently can't sell (or rent) at a fair or affordable price. It should be ILLEGAL to buy surplus properties using borrowed finance. You can't fix the property market until you kick all the usurers OUT.
Wait! 💯 wait.
Never trust anyone wearing a three-piece suit
A short recession isnt some death sentence, 2 quarters of 0.1% growth is worse than a recession followed by 2% growth
I listen to your videos on 1.25x as you're very slow. AT 1.25x you sound normal
Not every Estate agent is professional
all your predictions are wrong
All depends on immigration, so as our government and next want to sink Britain prices may dip slightly temporarily but simple supply and demand will always determine prices .
We all know that wont stop
Sunak is a bell-end.
House prices are outrageous,people need to wake up and smell the coffee.
House prices have already crashed in real terms
I am in minus
New normal is a decade of decay in prices. You want them to stabilise because you overpaid.
Should You Buy a House Now, Or Wait Until 2025?
Should You Buy a House Now, Or Wait Until 2026?
Should You Buy a House Now, Or Wait Until 2027?
When will it end?
SURE MUST BE NICE TO HAVE A CRYSTAL BALL.................EXPECT A HOUSING CRASH IN 2024 AND INTEREST RATES DO NOT MATTER WHEN MOST PEOPLE ARE NOT BUYING
Discovered your RUclips channel and thoroughly enjoyed your content! I'm interested in connecting and exploring potential opportunities. Would you prefer a direct message, or is it more suitable to reach out via business email?
Buy a land got to raw material hardware buy equipment and build material and build it self
If only "Back to normal" meant making housing a right again and not sold to the highest bidder
And a right buyer would be you?
Im saying either there’s too few homes or the chunk of people that lease multiple properties bought for investment is too high @@grzesiekniemogecipowiedzie7142
And how would you put such policy in place, when there are too many people and not enough houses? Expect of course for the houses you can pick up for £30k up North, which you don't want because it's not convenient.
Nurses have lost 25% of their salary since 2020. We also haven't had a single payrise since 2008 in line with inflation.
Doctors and nurses need huge payrises of 30+%
Nothing huge! they are down 11% in real terms. The days of making profit on houses is over for a very long time
Houses are overpriced. House prices will decay for a decade. Terrible investment and use of capital.
Everyone wait until 2026
House prices will always go up over long term, we import over a million people a year and don't build much. Simple as that.
Not really, mortgage affordability is mortgage affordability. A £300k 1 bed flat can only rise by so much if nobody can afford it, unless a new influx of rich people migrate over
Economics not your thing sparky 😂😂
@@chrishardy3473 sparky doesn't understand supply and demand. Sparky thinks that 1 bed flats will eventually cost £600k when people wanting them only earn £40k
@myafrosheen the past 30 years of house price increases compared to wage growth laughs at your comment.
House prices will rise as long as we don't build homes and keep importing 1 million+ a year. Simple as that
Loads of jobs cuts happening and people moving onto new rates(much higher rates) will see people being forced to sell their houses and people defaulting on their rents. Can't see how prices will do anything but decrease especially in the short term.
Rents aren’t coming down either
Rents never come down
Demand our corrupt government stops importing millions of people a year. Then rents will come down.
Banks want our business and they voluntarily reduce their mortgage rates. The so much discussed crisis didn’t materialise and house prices adjusted just 1.8% and are expected to go up in 2024 as soon as the Bank of England starts cutting rates in next 2-3 months.
Your graphs are a few months OUTDATED.
The property market data lags behind depending on whether you look at sold, listing or mortgage data.
Should ask why transaction prices are so outdated in UK. Why it takes months???
I'm feeling sorry for the british people: they think buying a house is the best investment they can do lol
I know! It's sad
The government pumped £450 billion in quantitative easing. Until this money is taken from the market and sunk into something else, like government investments in social hosing, renewable project, or even HS2, etc. this money will keep propping up inflation for the foreseeable future.
Its time for wealth redistribution. Tax the rich to save them from themselves.
I suggest any one looking to buy a home/investment check out GarysEconomics channel on YT to understand how the property market prices will trend upwards.
He's amazing and he is English so he's talking to us!
It'll be worth your time to understand property in the broader geopolitical and economics. ❤❤
If you waited to the best time you would never own a house.
Don’t buy a house now. I’m struggling to pay for the one I’ve owned for 15 years.
Struggling here too! But could never afford to rent now either
Avg salary is 35k. Until avg house prices come down to at least 175k (5x), ideally £105k (3x) unaffordability will continue.
We can talk about a few percentage points here or there but unless we get right down to 3-5x salary, all we're doing is finding ways to artificially prop up an unsustainable market. The country is massively overleveraged, eventually that going to collapse, like the caldera of a volcano.
Collapses when unemployment rises, those bills won't be serviced.
Collapses when unemployment rises, those bills won't be serviced.
We have too many people, and they all want to live in the same area of the country (i.e. not North Wales, or North anywhere).
We need a redistribution of industry, which will increase house prices in the North while decreasing them in the South, as the population redistributes away from Londonistan.
We also need a significant reduction in mass immigration. When you concrete over the land we use to grow our food, to build 200,000 houses in a year, then import 700,000 people...
Well, at some point someone has to work this out, have the cahones to say it on the BBC, and actually do something about it.
Average vs median...?
Prices of most buildings materials rise up to 100% do not expect prices fall sorry