Hi Charlie, I hope you don't take this personally but a lot of your content is now a regurgitation of previous videos/'Same old, same old'....don't get me wrong I think what you provide is of good quality, but am now finding I am returning less often, if others do this and you keep on the current path your audience may dwindle away without you realizing. What I think is now valuable would be: 1. FFFriday. 2. Economic discussions with Stig. 3. Q & A sessions; here for example you spent the majority of time repeating previous buying information whereas you could have spent this time on answering specific question, for which you can filter 'real time' for those "What is the average price drop etc" Hopefully you will take this in the 'spirit' it was meant, and not feel the need to offer a defensive rely or justification. Thank you.
Blue Monday is January 15th. It's cold and if like many you were paid early for Xmas, it's a while to pay day. I volunteer at a community centre and foodbank and it's a favourite time for employers to cut back as well. If you are doing well, please give a thought to others and be grateful for what you have. I wish you all knowledge, resilience and prosperity for 2024.
We were in the same boat 2021, I didn’t want to buy because I could see drama ahead. But with a baby on the way stability was important. Looking back rents have now gone crazy. We bought a modest place with a larger deposit so we had wiggle room should something happen in the economy. We couldn’t wait forever, I understand that now… just bought conservatively with a 10yr fix.
My advice is that when it is cheaper to purchase than rent, then it is time to buy. Some people can move with their jobs to cheaper areas. For first time buyers make sure you buy a 2 bed has a minimum because if you do get into financial difficulty, you have a room to rent until you can overcome it.
I saw Lewis Shaw a mortgage broker in my town post 90% LTV 4% although he doesn't think it'll stick around long. I think the biggest issue is the average 3 bed semi in my town with that deal it's about the same or slightly less to rent. Whilst when I first bought a house my mortgage was half the cost of the rent nextdoor to me.
Apparently, 3 bed family homes are still moving quickly in the more rural areas, it's the larger more expensive properties that are sticking and first time buyer homes that are much slower to sell than the family homes. The 2nd home market/holiday market is probably having an impact upon that too due to the anticipation of much higher council rates about to happen. I read today that the councils are also going to come down heavy on any empty homes. I think the 4% might be to invigorate the market, especially for the first time buyers. Unfortunately, most young people that would like to purchase don't have any or enough savings for a deposit and the key worker scheme finishes in 2024. We really have to help our key workers. Some of them are in their 40s now and still not on the property ladder due to low wages and high costs of purchasing. But due to the high rise in rents the last two years, those that are saving, might be able to make it in time to save on paying rents. @@Loundsify
Loundsify. I have a tenant paying £9,000 a year ago would qualify for that loan and it would cost him £3200 per year on that deal. Another tenant could do similar. Belief and motivation is key, though. I will wait and see. Meanwhile, my Romanian tenant is more motivated.
This is so refreshing ....love your humour ...I actually laughed out loud a couple of times. Buying is stressful - even with cash . There just aren't the places to actually fall in love with - hoping things will 'pick up' once the Spring arrives - or is that a myth too !! Susan
I asked a question about whether there had been any offers so far, and was told at the viewing that they were not allowed to reveal that information. My guess is that that was guff.
Yes they are. They don't have to tell you how much the offers were for mind! I hate agents showing properties..... Would much rather the owner did the viewings. They tend to be more honest!
@@stephfoxwell4620 really remortgage ? Or first time .I worked in a brokerage and still have friends there not mentioned this one will check now cheers
There could be one way to stop overvaluing, would be to do a percentage drop on payments to the estate agent like what you said about the person who sold above the asking price. The only problem if something came in that you pay more percentage over the asking price, is that all estate agent would value your property less, so they can claim the extra commission, but if you do it the other way below the asking price is that the market would push up the price or how much a person were willing to pay for it, and the estate agent would still get more commission. This is also a draw back for the estate agent if the seller doesn't want to budge on the price, even getting advice on what the price it should be on the market. This is when the commission base shouldn't apply to estate agent , as its the sellers doing.
GDP includes Government spending..take the Governments deficit spending out you get a completely different picture..when u said 10 mins Charlie I chuckled..nearly 38m he he 👍
If there have been multiple offers most cases the agents go to best and final offers in closed bids. If that's not the case then the offers are imagined
The bicycle industry is in trouble and a lot of guitar shops are struggling too. Ordinary people do not have disposable income to spend on goods and services. Surely this will lead to a recession?
I would love to work in a car showroom. Id wait for them to ask why the BMW they want to buy is £10,000 more than the similar BMW in the showroom across the road 🤣🤣🤣 rumbled
Three restaurants in Ludlow have closed over the past year. Many shops are also empty. This is in an affluent area. The only businesses that have opened are two Turkish barbers😂
Sellers over price. Agents with the bigger companies really intimidate buyers to increase purchase price significantly & reveal information. Lies are spun. It puts a person off from purchasing a property. If you don't know what you're doing you have to be real careful that you don't get screwed or have it completely messed up! Agents don't provide all the information, especially after a offer is accepted. They don't bother to communicate properly. My experience with agents has been really bad. 😢 12:13
Looking at the costs of the accommodation in the UK it is no wonder the industry is in trouble. Even Airbnb prices are so high now, so why would people want to visit the UK along with the high transport and meal prices? You even have low rating places charging huge prices. It will affect the GDP along with business rates, what is the government doing, anything?
Hi Charlie, how do you deal with the initial ‘budget’ question when talking to estate agents, especially when you want to view properties that you intend to bid 20% lower than asking price?
Just tell them your intended budget. It doesn’t mean you can’t go higher if you choose to. It also doesn’t bear any relevance to what you choose to offer.
Hi, new subscriber here. Bought & sold several properties over the last 30 years. Now hight end, southern SE England, rural, small country house (with some amenity land) looking to sell & downsize. We had several enticement letters from high end agents in last 6 months saying they have buyers looking for a house like ours. Fishing? Seems like now isn’t a good time to test the market with a large rural home? We are mortgage free & have funds to purchase (a smaller property) independently but don’t want to do so & then get stuck with our current house that struggle to sell or have to do a rock bottom sale to do so. We love our home of some 20 years. Should be wait a year or so? Also on your point about agent costs of buyers pulling out - it costs/annoys the sellers too. I’ve had this twice & you incur your own abortive costs & legal fees etc plus no buyer & potentially a broken chain! So it can affect vendor/agent relations too. I changed agents the last time as I felt the agents hasn’t done enough due diligence on the buyer (who I never met) after pushing them on an asking price offer only to change their minds some 6 weeks later for no apparent reason. Enjoying your channel thanks! 👍
Hi, welcome to the channel! Briefly: I'd instruct whoever you think is the most competent, experienced agent to get you 'off market offers' and see what the market for your home is now. I wouldn't wait, for all the reasons outlined in this video, the economy will be getting worse before it gets better. As a downsizer, time is not on your side, in my view. Waiting would likely be a mistake. You could also talk to the buying agents who represent wealthier buyers looking for off market homes and see what offers they may have.
I saw Lewis Shaw a mortgage broker in my town post 90% LTV 4% although he doesn't think it'll stick around long. I think the biggest issue is the average 3 bed semi in my town with that deal it's about the same or slightly less to rent. Whilst when I first bought a house my mortgage was half the cost of the rent nextdoor to me. So I still expect house prices to fall another 10% this year which would then make it a more attractive proposal to FTBs.
Good to know Charlie. Me and my partner hopefully will find a house we want to live and buy this year. We're being picky buggers but we have the fortune position to be that way (no kids, renting an affordable flat, secure jobs).
The real issue is not Pinterest rates or mortgages. The big scandal coming is pensions and how many people who have nice house and nice cars will be destitute when they come upto retirement. The UK is going to have affluent retired public sector employees and very poor private workers who cannot afford to retire ever.
@@LeeEverittProperty Even that could be misleading because my home was sold in mid august and rightmove still have it advertised as “STC.” Also was sold for 6% less than the asking price and prices will probably have dropped even more since then.
Oh yes, completely agree. That’s why I said rough price. You’d expect most owners to accept some form of offer between 5-10% of asking price. What the asking price shows is that the price that was asked was correct enough to obtain a sale. The property being left on is just the agent trying to advertise a sold property for longer than it should. You could report this to rightmove.
Also I just realised that my home sold in mid August was sold for just over 9% off of the asking price, not 6%. Still pleased to get rid of it when I did.
Property on the market for 10 months, seller never reduced, I contacted the EA and accepted viewing but said there is an offer, should I be suspicious that this is an EA tactic?
Should I still wait been waiting ages instead prices went up now looking at only 500k houses thar look decent in west bromwich. Which is a lot for west bromwich
0.08 I am going to try and do this in under 10 minutes. Looks down at play time 37.59!⏲⏲⏲⏲ The second part of the video was great. Really good advice The first part? Not so useful to people who need to move now. I cheered yesterday when you said you going to focus on people who need to move rather than on arguments over predictions and the economy etc. But if you spend the first 6 minutes of the video talking about news on the economy, demand falling and supply increasing and the impact on price etc etc then - guess what - people are going to chime in with their own predictions and challenge your assertions which is where you stated you do not want to go. I can't believe anyone watching this channel is unaware you believe prices are going to fall peak to trough by 35% Nominal and as you stated yesterday you might be right and you might be wrong. My suggestion is you focus on subject matter such as the second part of this video. It is where you can really add value to people who "have" to move now regardless of what the market is doing which, as you stated yesterday, is your primary focus.
th-cam.com/video/J5wrYwFObiI/w-d-xo.htmlsi=9chKpMGb5rprabuP Just watched this which shows how Irelands economy is really a lie and essentially how it’s gdp is not representative of the real economic health of the nation (people) was really interesting. It may be that something like this is happening in the UK which misrepresents our true economic health.
33 mins in: you nailed it! A property (or anything really) is only worth what someone is willing to pay for it.
Hi Charlie, I hope you don't take this personally but a lot of your content is now a regurgitation of previous videos/'Same old, same old'....don't get me wrong I think what you provide is of good quality, but am now finding I am returning less often, if others do this and you keep on the current path your audience may dwindle away without you realizing.
What I think is now valuable would be:
1. FFFriday.
2. Economic discussions with Stig.
3. Q & A sessions; here for example you spent the majority of time repeating previous buying information whereas you could have spent this time on answering specific question, for which you can filter 'real time' for those "What is the average price drop etc"
Hopefully you will take this in the 'spirit' it was meant, and not feel the need to offer a defensive rely or justification.
Thank you.
Been watching all your latest videos Charlie, has definitely helped me purchased my new home! Keep up with the great work !
Great to hear!
More gold from Charlie. Just the perfect practical steps on how to go about things from someone experienced and well informed. Thanks as usual.
Charlie you are a breath of fresh air mate. Thank you for your time.
Blue Monday is January 15th. It's cold and if like many you were paid early for Xmas, it's a while to pay day. I volunteer at a community centre and foodbank and it's a favourite time for employers to cut back as well. If you are doing well, please give a thought to others and be grateful for what you have. I wish you all knowledge, resilience and prosperity for 2024.
We were in the same boat 2021, I didn’t want to buy because I could see drama ahead. But with a baby on the way stability was important.
Looking back rents have now gone crazy.
We bought a modest place with a larger deposit so we had wiggle room should something happen in the economy.
We couldn’t wait forever, I understand that now… just bought conservatively with a 10yr fix.
My advice is that when it is cheaper to purchase than rent, then it is time to buy. Some people can move with their jobs to cheaper areas. For first time buyers make sure you buy a 2 bed has a minimum because if you do get into financial difficulty, you have a room to rent until you can overcome it.
I saw Lewis Shaw a mortgage broker in my town post 90% LTV 4% although he doesn't think it'll stick around long.
I think the biggest issue is the average 3 bed semi in my town with that deal it's about the same or slightly less to rent. Whilst when I first bought a house my mortgage was half the cost of the rent nextdoor to me.
Apparently, 3 bed family homes are still moving quickly in the more rural areas, it's the larger more expensive properties that are sticking and first time buyer homes that are much slower to sell than the family homes. The 2nd home market/holiday market is probably having an impact upon that too due to the anticipation of much higher council rates about to happen. I read today that the councils are also going to come down heavy on any empty homes. I think the 4% might be to invigorate the market, especially for the first time buyers. Unfortunately, most young people that would like to purchase don't have any or enough savings for a deposit and the key worker scheme finishes in 2024. We really have to help our key workers. Some of them are in their 40s now and still not on the property ladder due to low wages and high costs of purchasing. But due to the high rise in rents the last two years, those that are saving, might be able to make it in time to save on paying rents. @@Loundsify
Loundsify. I have a tenant paying £9,000 a year ago would qualify for that loan and it would cost him £3200 per year on that deal. Another tenant could do similar. Belief and motivation is key, though. I will wait and see. Meanwhile, my Romanian tenant is more motivated.
This is so refreshing ....love your humour ...I actually laughed out loud a couple of times.
Buying is stressful - even with cash . There just aren't the places to actually fall in love with - hoping things will 'pick up' once the Spring arrives - or is that a myth too !!
Susan
I asked a question about whether there had been any offers so far, and was told at the viewing that they were not allowed to reveal that information. My guess is that that was guff.
They lie and people fall for it and it causes Hardship
Yes they are. They don't have to tell you how much the offers were for mind! I hate agents showing properties..... Would much rather the owner did the viewings. They tend to be more honest!
Complete lie. If they have had other offers they are only too keen to tell you. What they can’t reveal is the details of who is offering.
If they also had offers at asking, why are they showing you the property. Never ever get into a bidding war.
Interest rates falling is good news but at the moment any decent rates at 3% + are 40 50% deposits .
Perfect for property investors.
@@RabJ208 this year will be but how long to wait before more props drop in price
Co-Op does 3.89% for a 15% deposit and £999 fee.
@@stephfoxwell4620 really remortgage ? Or first time .I worked in a brokerage and still have friends there not mentioned this one will check now cheers
@@stephfoxwell4620 just checked it's with a LTV 60% can't see any at 3.98 with a LTV 85%
There could be one way to stop overvaluing, would be to do a percentage drop on payments to the estate agent like what you said about the person who sold above the asking price. The only problem if something came in that you pay more percentage over the asking price, is that all estate agent would value your property less, so they can claim the extra commission, but if you do it the other way below the asking price is that the market would push up the price or how much a person were willing to pay for it, and the estate agent would still get more commission. This is also a draw back for the estate agent if the seller doesn't want to budge on the price, even getting advice on what the price it should be on the market. This is when the commission base shouldn't apply to estate agent , as its the sellers doing.
GDP includes Government spending..take the Governments deficit spending out you get a completely different picture..when u said 10 mins Charlie I chuckled..nearly 38m he he 👍
If there have been multiple offers most cases the agents go to best and final offers in closed bids. If that's not the case then the offers are imagined
The bicycle industry is in trouble and a lot of guitar shops are struggling too. Ordinary people do not have disposable income to spend on goods and services. Surely this will lead to a recession?
I would love to work in a car showroom. Id wait for them to ask why the BMW they want to buy is £10,000 more than the similar BMW in the showroom across the road 🤣🤣🤣 rumbled
Three restaurants in Ludlow have closed over the past year.
Many shops are also empty. This is in an affluent area. The only businesses that have opened are two Turkish barbers😂
Ludlow is in the Welsh Marches.
Herefordshire, Shropshire and Mid Wales are not wealthy areas.
Barbers with no customers ? And the boss drives a new ferrari ?
Fronts for drug money normally
Sellers over price. Agents with the bigger companies really intimidate buyers to increase purchase price significantly & reveal information. Lies are spun. It puts a person off from purchasing a property. If you don't know what you're doing you have to be real careful that you don't get screwed or have it completely messed up!
Agents don't provide all the information, especially after a offer is accepted. They don't bother to communicate properly. My experience with agents has been really bad. 😢 12:13
Looking at the costs of the accommodation in the UK it is no wonder the industry is in trouble. Even Airbnb prices are so high now, so why would people want to visit the UK along with the high transport and meal prices? You even have low rating places charging huge prices. It will affect the GDP along with business rates, what is the government doing, anything?
Thank you Charlie, really useful advice
Hi Charlie, how do you deal with the initial ‘budget’ question when talking to estate agents, especially when you want to view properties that you intend to bid 20% lower than asking price?
Just tell them your intended budget. It doesn’t mean you can’t go higher if you choose to. It also doesn’t bear any relevance to what you choose to offer.
Hi, new subscriber here.
Bought & sold several properties over the last 30 years. Now hight end, southern SE England, rural, small country house (with some amenity land) looking to sell & downsize. We had several enticement letters from high end agents in last 6 months saying they have buyers looking for a house like ours. Fishing? Seems like now isn’t a good time to test the market with a large rural home? We are mortgage free & have funds to purchase (a smaller property) independently but don’t want to do so & then get stuck with our current house that struggle to sell or have to do a rock bottom sale to do so. We love our home of some 20 years. Should be wait a year or so?
Also on your point about agent costs of buyers pulling out - it costs/annoys the sellers too. I’ve had this twice & you incur your own abortive costs & legal fees etc plus no buyer & potentially a broken chain! So it can affect vendor/agent relations too. I changed agents the last time as I felt the agents hasn’t done enough due diligence on the buyer (who I never met) after pushing them on an asking price offer only to change their minds some 6 weeks later for no apparent reason.
Enjoying your channel thanks! 👍
Hi, welcome to the channel! Briefly: I'd instruct whoever you think is the most competent, experienced agent to get you 'off market offers' and see what the market for your home is now. I wouldn't wait, for all the reasons outlined in this video, the economy will be getting worse before it gets better. As a downsizer, time is not on your side, in my view. Waiting would likely be a mistake. You could also talk to the buying agents who represent wealthier buyers looking for off market homes and see what offers they may have.
@@MovingHomewithCharlie Charlie, thanks for your reply & advice. It’s much appreciated. 👍
GDP per capita has been negative for about a year. High immigration has been boosting GDP.
Exactly, but most people don't realize it.
I LIKE your tea cup
I saw Lewis Shaw a mortgage broker in my town post 90% LTV 4% although he doesn't think it'll stick around long.
I think the biggest issue is the average 3 bed semi in my town with that deal it's about the same or slightly less to rent. Whilst when I first bought a house my mortgage was half the cost of the rent nextdoor to me. So I still expect house prices to fall another 10% this year which would then make it a more attractive proposal to FTBs.
He’s one of my mortgage broker partners 😎
Good to know Charlie. Me and my partner hopefully will find a house we want to live and buy this year. We're being picky buggers but we have the fortune position to be that way (no kids, renting an affordable flat, secure jobs).
The real issue is not Pinterest rates or mortgages.
The big scandal coming is pensions and how many people who have nice house and nice cars will be destitute when they come upto retirement.
The UK is going to have affluent retired public sector employees and very poor private workers who cannot afford to retire ever.
Whit mortgage you have to have not just a job but that job you working should generate right income for mortgage …
fantastic advice thank you sweetie xx
Glad it was helpful!
Best wishes Charlie.
could anyone tell me if the price that rightmove thinks a property is worth is close to real value/ thanks
Nope, online valuation tools are rubbish. Look for similar properties that are currently under offer. That will give you a rough idea 👍
@@LeeEverittProperty Even that could be misleading because my home was sold in mid august and rightmove still have it advertised as “STC.”
Also was sold for 6% less than the asking price and prices will probably have dropped even more since then.
Oh yes, completely agree. That’s why I said rough price. You’d expect most owners to accept some form of offer between 5-10% of asking price. What the asking price shows is that the price that was asked was correct enough to obtain a sale.
The property being left on is just the agent trying to advertise a sold property for longer than it should. You could report this to rightmove.
Also I just realised that my home sold in mid August was sold for just over 9% off of the asking price, not 6%.
Still pleased to get rid of it when I did.
Property on the market for 10 months, seller never reduced, I contacted the EA and accepted viewing but said there is an offer, should I be suspicious that this is an EA tactic?
Yes. Ask for clarification, when was the offer made? Is it still on the table?
Should I still wait been waiting ages instead prices went up now looking at only 500k houses thar look decent in west bromwich. Which is a lot for west bromwich
Have you been out viewing?
With proof of funds (I'll be a cash buyer), would it be okay if the agent photocopied my bank or building society statements, or would that be unwise?
It’s fine. Nothing to worry about with that.
@@MovingHomewithCharlie Thank you Charlie. As always, another excellent video - I've written most of it down. 👍
I would redact it. Need to know only. When playing poker don't put your cards out on display.
@@stephengreen8986 I have many building society accounts, so I would only show the accounts that will match an offer.
There's being transparent and being mugged off by some estate agents.
38mins is more than 10 😬
The issue of shipment delays will have a impact on q1 due to yemen attacks and gaza war.
Can we stop calling it "your dream home"? A true dream home is way over budget.
0.08 I am going to try and do this in under 10 minutes. Looks down at play time 37.59!⏲⏲⏲⏲
The second part of the video was great. Really good advice
The first part? Not so useful to people who need to move now. I cheered yesterday when you said you going to focus on people who need to move rather than on arguments over predictions and the economy etc. But if you spend the first 6 minutes of the video talking about news on the economy, demand falling and supply increasing and the impact on price etc etc then - guess what - people are going to chime in with their own predictions and challenge your assertions which is where you stated you do not want to go.
I can't believe anyone watching this channel is unaware you believe prices are going to fall peak to trough by 35% Nominal and as you stated yesterday you might be right and you might be wrong. My suggestion is you focus on subject matter such as the second part of this video. It is where you can really add value to people who "have" to move now regardless of what the market is doing which, as you stated yesterday, is your primary focus.
I hear you. But I have hundreds of new followers every week who haven’t heard my view on the market so it bears a reminder periodically
th-cam.com/video/J5wrYwFObiI/w-d-xo.htmlsi=9chKpMGb5rprabuP
Just watched this which shows how Irelands economy is really a lie and essentially how it’s gdp is not representative of the real economic health of the nation (people) was really interesting. It may be that something like this is happening in the UK which misrepresents our true economic health.