Doom and gloom in the British property market or clickbait doom-mongers?
Newspapers and clickbait 24-7 news websites, desperate for clicks, are peddling a story of a doomsday time for the economy, particularly the property market, as interest rates and inflation create the perfect storm for the UK property market.
Well, that was quite a week for the property market! Although it’s always a hot topic in the press, the amount of coverage last week was completely off the scale.
However, as the dust begins to settle after the mini budget, you might be wondering what it all means if you’re planning to sell your home, either now or early next year.
A few weeks ago, the Bank of England increased interest rates to 2.25% and they are expected to be 3.25% by early next year. This increase will make the monthly mortgage payments more expensive for first-time buyers, an issue dubbed by some as the ‘property affordability crunch.’
Weekly round up on what’s driving the Fife Property market including a look at recent listings, sales and coming soon:
Article, Podcast and TV Show written and produced this week are:
Imagine if your income was based purely on your ability to perform. Without an income stream, you will fail. A simple fact. Many people have a single income stream, such as employees and people that are self-employed. Having multiple streams of income is a good way of safeguarding you against a downturn in one area. It can give you stability and the opportunity to grow your wealth long term.
PODCAST: https://anchor.fm/fife-properties/episodes/ZOOPLA-UK-House-Price-Index-Aug-2022-e1oiat3
Executive summary
The Housing market is transitioning to a buyers’ market as higher mortgage rates are set to cut buying power by up to 28%
The jump in house prices over the pandemic is compounding the affordability challenge, especially in southern England
Some regions have seen 10 years of house price growth compressed into two years
New sales are holding up with no sudden drop in demand in recent weeks but buyer interest is weaker than a year ago
Asking price reductions are at the highest levels since before the pandemic as sellers adjust to more price sensitive demand
Stamp duty changes will support regional markets and first buyers in southern England at a low cost to the exchequer.
Nothing is more important than getting the right tenants for your rental property – because the choice you make will have a profound impact on your peace of mind and finances. (more…)
Weekly round up on what’s driving the Fife Property market including a look at recent listings, sales and coming soon:
Article, Podcast and TV Show written and produced this week are:
“Learn from the mistakes of others. You can’t live long enough to make them all yourself.” A quote from Eleanor Roosevelt, First Lady of the United States from 1933 to 1945. This great piece of advice is equally relevant to investing, where mistakes can cost us financially. So, what better way of learning, than taking some tips from an experienced investor?
Looking at the newspapers with their doom and gloom headlines, you would think that the Fife property market (and the British property market) would be on its knees.
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Leven,
KY8 4HJ
Sales: 01592 75 2000
Lettings: 01333 424 188
Find Us on Facebook
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