I'd be very surprised if they stay the same in 2024 as in 2022, especially the swish ones, but yeah, lets see. Predicting the future is one of my less successful hobbies to be fair but with this i think you can see the fault lines really clear.
All those new builds on the fringes of the city are going to have a colossal drop in value if this is sustained, they’re usually overpriced and drop in value, and a 5 year old new build is no longer new so is perhaps caught a bit between two stools?
Yeah, that podcast i linked to earlier had a bit about new builds in, and its something i never thought about before:
what are these legal changes? i hadnt heard about this
a friend in building trade was saying that theres not big profits of the constructions (not sure how true that is) - i presume if it was council housing then the council would get rent for ever and it wouldnt matter about finding whatever immediate profit you can from putting these buildings up
Two main things, one is an end to 'no fault evictions' (i don't know any detail on this) and the other is that very soon (2025) it will be illegal to rent out a property unless it has an EPC (energy performance certificate) rating of C or above, which the majority of uk privately rented properties do not currently have (and it costs loads of money to insulate double glaze etc which is what will be required to try to get there).
this was the original intention of council housing but that law where people cam buy their council homes skewered it
mortages going up will help a lot to make house prices go down; if people can't afford the mortgage the asking price has to be cheaper, plus a load of recent buyers in negative equity forced to sell, flooding the market reducing prices further. says my crystal ball.
But no one really benefits in the end from that do they? The same amount of money is required on the buyer's end (unless they're paying in cash)
idk it depends how far prices fall, if i'm right and it's 40% then you're still better off buying next year than last year?
It’s happening already, have a google. Rents are massively up and house prices are like that Coyote hovering in the air above the cliff.
It's worth thinking about the maths
www.landlordzone.co.uk
Depends on the landlord. I agree with you to an extent and I think the reason the Conservatives are doing this is ideological to protect the interests of what they'd deem to be a true landlord class, ie people who own outright and will have the cash to throw around at the moment
I think its become obvious to them that their core demographic is too old & too small now to keep them in power, and thats why these changes are happening under their watch. The abolition of no fault evictions (section 21 notices) was in their 2019 manifesto (!)
But in a lot of cases they can't unless someone will give them a mortgage.
Most big house builders will just stop developing their sites rather than cut asking price. We've been to see a few new builds in the south west recently and they are all offering deals of one sort or another (mortgage payments, stamp duty, landscaping, kitchens, flooring etc etc).
that does prove the point doesn’t it, the podcast dudes were saying that when they start offering free cars as an inducement that might be the right time to buy (but with a cash discount, not accepting the freebies).
Can you explain why not?
www.reuters.com
Yeah but all those people with the money / property, they will not buy a house which they think will be worth less tomorrow than they’re paying for it today, they’ll wait and then offer low offers wont they, it changes everything once people reassess from the assumption that house prices are only going to go up & instead have to act within what they think is a falling market.
