Is Now A Good Time To Buy A House UK?

Is Now A Good Time To Buy A House UK?

In this video, James explores the current real estate market in the UK, focusing on whether now is the right time to make that big decision and invest in a new home. Join James as he shares valuable insights and expert advice to help you navigate the housing market in the UK. Whether you’re a first-time buyer or considering an upgrade, this video will provide you with the information you need to make an informed decision. Don’t miss out on this essential discussion about buying a house in the UK!

Let me know your thoughts, comment below, any questions also post them below.

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Hey my name is jam neton and welcome to my YouTube channel in this video I want to talk about is now the right time to invest in property or to buy your own property maybe as a firsttime buyer or maybe you’re looking to go up the market

Or down the market we’re going to cover all of that and more how you could potentially protect yourself and make money in today’s market now before we do that as always if you haven’t done already do smash subscribe and hit the Bell notification you have a look around

This video we are so close to 19,000 subscribers so help me get that number easily by Smashing over there and while you here make sure you smash the like button or tickle the like Buton do something to the like button guys that really helps this video get more views

And helps with the YouTube algorithm I know it upsets a few of you asking but it really does help so I appreciate get over that and press that button over there so what’s going on in the market well it’s been an uncertain market for a few years now we had the pandemic and

Logically during that time it made sense that house prices would go down they did then they skyrocketed did the absolute opposite they went down very briefly for a few months while we were in the first lockdown and you couldn’t get viewings and stuff like that it was a very very

Difficult time since then uh there’s been a lot of uncertainty so for around a year now we’ve had rocketing interest rates 14 consecutive Rises then we’ve had a couple of pauses we had inflation at 11% we’ve got it down to 3.9% it’s lower than that now we’re waiting for

Next week’s figures to tell us where officially we are at the moment and so lots of people have expected with these interest rate Rises with inflation high with job uncertainty potential recessions that we would be in a house market crash and that’s what we were expecting or a lot of analysts were

Talking about and YouTubers were talking about what happen happen in 2023 it didn’t we had a flat Market 1% down that’s here nor there and so this year it carries on we’ve still got that uncertainty the base rate the bank of England base rate is at 5.25% however the mortgage rates that

You can get are dropping so with that all in mind we don’t know what’s definitely going to happen this year in the market what I’ve said in other videos is I think the first 6 months you’ll see some drops and then that will catch back up by the end of the year I

Don’t think you’ll be much more than 5% down so bearing that in mind if the market is going to go 5% down would you buy according to the comments a lot of you are waiting I wouldn’t be waiting if there’s a good deal to be had it doesn’t

Matter what the market is doing and so here’s the first thing that we need to do if we’re looking for property deals is look for a discount now you’ll have seen all sorts of Articles videos from me newspaper articles where people have said that buyers just as being stubborn at the

Moment they’ve got unrealistic expectations and so there are lots of properties on the market more than half of them where you’re just not going to get a discount and those are the properties to avoid because you don’t want to buy something for 100 grand and

Then at the end of the year it’s worth 95 so what you want to look for is the people that need to sell so they could be landlords there’s lots of landlords that the interest rates hit landlords way harder than Residential Properties because we pay interest only so when the

Interest rate goes from 2% to 4% our payments double some people went from 2% to 6% so their payments tripled and they just want to get out of the market they have that urgency and so I when I’m looking at properties now I’ll say to the agent or if it’s direct

To vendor I’ll say look I’ll be putting a cheeky offer in on this do you still want me to do a viewing and I would start at minus 20% now that they might laugh at and all they can do is say no but here’s the

Thing if you say 5% off and they’re like yeah well take it you know that they probably would have gone a bit cheaper and it’s hard for you to go even cheap cheaper at that stage once you’ve got that offer agreed it’s easier to go 20%

Let the agent give you some feedback on that offer and then see what happens you can always go up from there but it’s very hard to go down so I’d start with a 20% discount you’ve got nothing to lose remember they can only say no and in

This market they’re not getting tons of offers it is a buyer Market next I’d only be looking for deals that I could add value to I wouldn’t be buying any new build properties because a new build property instantly loses value in the market so if you buy a new build flat for 100

Grand probably worth 90 same as a new car second you’d put one mile on it the value plummets that happens with new builds because the next person it isn’t brand new and they can’t do much to it because everything’s already been done so when I’m talking about adding value

I’m talking about looking in places like auctions to get properties that need renovation maybe you could add an extra bedroom so we had a project that was a studio flat we turned that into a one-bedroom flat we had a one-bedroom flat we turned that into a two bedroom

Flat we had uh a property up in Doncaster if you want to see the the all these videos are on this channel you can go and watch them watch the earlier videos on the channel we had a v a prop a free bedroom house in Doncaster and um

That just went back to Brick got refurbished replastered and stuff like that we took the value from 60 Grand to 100 Grand now if you do that you’re going to build in equity so regardless of what happens to the market it’s kind of irrelevant if you can get a discount

And the property that you can add value to that’s a win-win that’s a double bonus and you’d buy that in any Market whatever is going on in the market next is the interest rate so you want to make sure that the interest rate Stacks up right so if the interest rate Stacks up

And it’s a residential property and you know that you can afford that for 4 years 5 years and that works for you then why wait why would you pay rent to somebody if you could buy a property if it’s a bu toet property and the interest

Rate Stacks up and you’re going to make a return from the rent then why wouldn’t you do it it’s hard to do BU toet in the south on just a a property that’s ready to go but if the interest rate matches up the rent works then the lender will

Lend to you if it doesn’t match up the lender will not lend you any money anyway they only lend to deals where the rent is going to cover the mortgage that’s very important and you got to make 25 to 30% profit either way so interest rates if they work for you at

Today’s rate then why wait remember the good news is interest rates are likely to fall so the next time you remortgage it it’s likely to be cheaper and at that stage it’ll be further down the line your rent will probably be probably be higher so it’s likely that things will

Be doing uh even better the next thing is to pick a strategy that works so buy toet is tough in the south of England at the moment rents while they’re high they’re not as high as the mortgage payments uh the properties are fairly expensive whereas in the north you can

Get 100 grand house and rent it out for 700 quid in the south you need to buy a 300 grand house to get a grand so it doesn’t really work as well in the South by tet so that’s what I mean by having the right strategy so you can look at a

High cash flow strategy we’ve got lots of videos on the channel about service accommodation where you rent it out on Airbnb that will make you more profit where you rent it out as an HMO a house of multiple occupancy or a student let is another high cash flow strategy these

Are the ways that you can make money in the market or you could look at how you could buy the property maybe you could buy a auction so you get a discount there or you could buy via something called a lease option where you agree a price today and you complete on that

Property down the line so would I buy in this market yes I’m buying in this market myself I’ve got some deals going through at the moment and these things are all the considerations do I get discounts yes not everyone’s going to give you a discount but the there’s a

Proportion 20% of the market that are desperate to sell right now so you can get a good deal can I add value to those property I’m buying a flat at the moment and that flat needs a full Reverb won’t cost much but it will make a big difference to that property the interest

Rate works for me in fact the payment is going to make 600 profit per month which is good and the strategy is going to be social housing so it’s going to be high cash flow strategy there so yeah I would buy in this market would I buy if I was

Going to live in it again yes I would always be looking for something I could add value and I get a discount these things are all considerations let me know your thoughts on this are you ready to buy now is 24 you’ve maybe sat up the

Market in 23 is 2024 the year you’re going to buy comment below do make sure you check out the fundamentals of property investing course is £29 until midnight on Sunday I’m going to link that below make sure you click on that more than a hundred people have bought

That program this week which is really really crazy thank you to everyone that’s bought it maybe you bought it uh and you can just let the guys know in the comments that it was all legit you got it and it was useful uh that would

Be really helpful but do go and buy that before Sunday night do check out all the other content on my channel go and watch this video right here