Welcome back friends to this months property update video, where we look at the impact on first time home buyers, morgage arrerars for those in the UK, specifically in certain areas, house price data from Nationwide and Halifax, predictions from experts about the housing market and so so much more!
Useful timestamps:
00:00 Introduction
00:29 Mortgage arrears
02:15 Statistics on Mortgage arrears
04:10 House Price Data
05:00 Mortgage rates impact on Housing Market
05:50 Halifax House Reports
05:55 Should you wait?!
07:00 Are we close to the bottom?
07:30 Regisions annual house price change
08:00 Recent mortgage changes
08:30 Halifax vs Nationwide
09:30 Buyer enthusiasm?
09:50 Renting Statistics
10:43 Housing market failure
12:00 Mortgage Brokers
12:30 First Time Buyer Issues
13:50 Income vs Household Mortgages
15:30 Housing Market Crash?!
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25 Comments
great video
I thought it would happened already…. next year will be a bloodbath!
Hope people have put plenty to one side, from ultra low interest for years & all the free covid money.
Great vid!
You are so wrong, in the land of the blind the one eyed man is king
House prices have continued to rise since forever. Charlie can verify that fact..ask him if ANY property he has purchased lost value on resale.
Spoiler it hasn't happened, they've alway risen in value.
Good to see you back brother, hope you’re good bro !!
Zombie apocalypse imminent 🧟♀️🧟♂️
I am personally trying to hold off until late 2024. Have an election on the horizon and I think this time next year, November – will be the perfect time
Basically, everybody to live in caves.
I think properties in London are heading up shortly and to the point of no return.
Downsizing causing the illusion. When wake up, optimists found themselves caught and trapped.
I know you have to include them for a balanced debate but when you read out these “everything’s good” type quotes from ppl in the mortgage industry, I just get reminded of the movie “The Big Short”.
They were all optimistic within the industry until it hit the fan.
I don’t think it will be 2008 type reductions but already see houses in West Midlands being reduced since Sept by around 5% here and there
One of the best videos I have seen on the housing market so far on YouTube and I’ve watched a lot. No scaremongering just facts. 👍
please rishi keep making house prices go up.
Thinks you have NOT done the MATH and are using the figures given by those with interests .
The more it carries on the Bigger the Bubble gets
Since WW2 there’s a 17-18 year cycle at work in the UK property market with cycle highs seen in 1972, 1990, 2007-8 and 2023-4 beginning. The power of the cycle has kept prices resilient despite mortgage rates rising from 0.5% towards 5% over the past 12 months. The cycle is close to timing out at this point and although prices are down around 3% nationwide and 9% – 10% if we factor in inflation, prices are likely to drop another 10% in ‘real’ terms over 2024. Each decline from the highs takes 2 years to work through the ‘system’. So we’re heading for another negative year but not much beyond that. Look to buy again in January/February of 2025.
We had years of low interest rates. People borrowed and invested in their homes. The increase in price with a low interest rate is less than the increase with a high interest rate. It may sound crazy but could it be the housing stock is undervalued? I understand that the ratio of earnings and prices are out of synch but there's a big number of cash only buyers and investors from abroad and incentives for first time buyers etc including the obvious that there isn't enough stock..
Long slide downwards
Too much downward pressure
No good news to change that coming any time soon
People seem to be expecting interest rates to go back down to close to zero. Don’t forget that the average interest rate over the last 25 years is over 5% so at the moment we have an average interest rate. Not a high interest rate.
Nationwide and Halifax data is seasonally adjusted. I’d be interested to know whether property prices actually increased in October as reported, or the ‘increase’ reported by Halifax and Nationwide was simply a result of their seasonal adjustment being applied to the data. I suspect that in reality prices are still falling and will continue to fall though remainder of the year and 2024.
Well, 2024 is in 2 months and things are not improving. I am beginning to look at high-yield dividend stocks. The bond market is not the most lucrative, and buying bonds as the only alternative after selling $370k worth of equities is stupid.
People don't have motivation to sell at the moment so they're trying to get what they can. Unfortunately, in the next year or two when houses get seized by the bank etc and people are forced to sell due to affordability that is when we'll see big drops in prices. Right now, I predict either wages will sharpely rise in line with house prices or there will be a giant drop. Right now affordability isn't in line with a healthy market.
Love This page keep the updates coming bro
I feel you are too positive re the property prices. There is a large supply of property in the market atm and this will be swelled even further by btl landlords selling up. Look at RM and see how many have no furniture !!! Interest rates will remain at this level for a prolonged period and the pound is weakening resulting in more expensive imports. Also energy prices, higher taxes and more companies going bust means property prices will weaken further I predict 20% over the next 2 years !!!
The avergae transaction price increased in October because more higher value homes sold so the HPI (which are also seasonally adjusted) are not portraying the truth