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Why won't your home sell? Moving home is stressful. Learn how to avoid the pitfalls most people make when moving. In this channel you will get the wisdom I’ve gained in more than 23 years working with agents: What to do, what not to do, and how to do it. You'll learn all the tips and tricks to get you the results you need from agents when moving.
Who is Charlie Lamdin? vimeo.com/564528892/e1aa2d77a1
That was very good. Great emphasis on value v price. Fact5, really good summary list. Respectfully, though, even saying values have, on average, remained the same, it matters against what standard. But, we all have to live somewhere!
I'm currently renting a flat with my partner after being a home owner and the savings we have between us are earning interest that covers our annual rent bill. We are searching for a detached property to buy together in the area we want to live in with family in walking distance.
Time to make this video again, in a negative market where all agents are fire selling your properties agents don’t care about your price they care about the sale when they receive their commission. The price is irrelevant if they can’t pay the wages each month they are not in business. Never trust a real estate agent, I have bought and sold in 3 continents over decades and it doesn’t change. All agents rely on emotive purchases and have no idea where their buyers are going to come from, it’s all down to the internet being visible to the right person at the right time.
Charlie, what drives me crazy is people who live in a house for 25 years, have spent the minimal it's worn out, but it's a nice area so they think it's worth a premium. It's not. The estate agents are at fault here. The higher up the price range the more unscrupulous the agents become. First time buyers need to be bold, offer low and be prepared to walk away. That is the only way to get a bargain. There will always be a better home. That is the secret to getting the home of your dreams. It's that secret that ALL estate agents fear. Something better around the corner. They just need sales figures. The seller or buyer don't come into the equation nor should it, Estate Agency is a business. hey. Once you get your head around that you can be a gritty first time buyer. I'm an old hand and still working it. Getting disappointed, yes of course. But I cringe whrn viewing, I am beginning to feel sorry for Estate Agents! At 65 I can see through their guff. That's why first time buyers should take an old timer around on their viewings. Save so much on conveyancing fees for starters.
This type of seller is a common problem for most buyers. A sector reform is required to address what I'm now viewing as a broken system. Speaking to some agents, they've said nothing they can do with some sellers. There's a huge disparity between estate agents and mortgage lenders, that's where the sector breaks down.
My prediction is coming true... Inflation doing the work of keeping real-terms housing prices pretty stable. Im about to go onto a 5-year fixed at 4.1%... (Nov time)... it might be a touch lower if BOE announcement is good on 19th Sep. But they aren't coming down... ever. There is too much capital tied up in property by big firms and wealthy individuals.
They are already down 15% in my area, so your comment of never coming down is false. They said the same in the 90's and 2008. They were wrong just like you are now.
I have to say that your prediction of a 35 per cent fall in nominal house prices is affecting your credibility in the profession, sure it might keep your views up on your socials but in the business world it's a different matter
Have I been using it in my videos lately? No. The only time it comes up is when people who didn’t listen to me when I said it was an expectation that’s probably wrong and should be ignored keep asking me about it over and over again. So unless you can show me a recent video where I have in any way used it “for views” then you may need to have a think about why you care so much about it 🤷🏻♂️
@@MovingHomewithCharlie did I say you've used it lately? No .Did I say that such a unbelievably poor prediction could affect your standing in the housing profession and project an unfavorable image of yourself to people who you wish to have a business relationship with (best agent day),yes .
And today's Five Fact Friday is the Bell Ringing Special Edition.... Waiting for the bells to stop ringing, still waiting, any moment now they'll stop, oh sod it, time for some slurp action, lol
It has not been the best investment but the returns on property investment have been perfectly respectable. House prices have kept pace with inflation and rental yields 20 years ago would have been respectable so, provided you had good tenants, you would have made a decent real terms return. If you used leverage these returns (and the associated risk) would have been magnified. So not as good as the S&P 500 but probably better than the FTSE 100 and certainly better than cash, gilts and commodities.
@@Leapops 100%. When you take leverage at say 75% you magnify any capital gain by 4 so over the medium term property with a mortgage always beats inflation. But still as you say below just pressing a button and plonking it in SPY and no boilers to fix etc.
Depends what you mean by investment. If you mean just buying a home and living in it and thinking it's making you rich, then yeah its not good. If you're renting them out without much debt then it's fine. After all, companies rent out cars and make money....and those things drop like a stone in value :)
@@Paul-zu2hf I am not sure there is actually a difference. You have to live somewhere. Let's say I own 2 houses. I have 2 options: 1) Rent both of them out 2) Live in one and rent the other one out. The first option is not better than the second option because I still have to live somewhere and would simply have to pay rent to someone else.
@@mat-ur6qb You can also buy SPY with leverage if you want to take on additional risk. There is no difference between leveraging housing and leveraging anything else. Both are risky.
To be fair to Charlie, he called the top in 2022 Q2 when EAs were all saying it was all fine. His timing was spot on, the magnitude of the fall proved way out but in real terms not bananas. Thing is, EAs always say it's all fine and that sets Charlie apart with the band of buyers & sellers he is building. I wish him luck.
@@mat-ur6qb yeah, agree with you about 2022 Q2, but what followed was nowhere near the 35% that Charlie prophecised. On my part I always believed (and commented on many of Charlie's videos) that what would rather happen is that the inflation would eat into the housing value. The only way that Kiastama has to elevate the mess that the Cons left us with is increase the minimum wage (i.e. print more money, i.e. more inflation), but the house prices will stay more or less the same (nominally), at least in London and South.
We rented the apartment for 7 years. exactly a year ago the landlord decided to sell it. At first he wanted £350k, then £325k. We offered £300k - the landlord did not agree. 6 months have passed. prices have fallen. We offered £270k - the landlord did not agree. Another half a year passed - we offered £255k - refusal again. As a result, we are moving to another apartment and the landlord will be left without our rent and I doubt that he will be able to sell it even for £230k.
@TMZ-5jr No. First offer was 300k.a year ago, than 270 and last offer we made about month ago 255. The same apparent a few floors above us is now at the rightmove for 250 and the owner would accept 230
@@nerd_abroad why not? You don't think that pure greed and denial still exists out there? I can assure you it absolutely does, especially where apartments/flats are concerned!
A comment about the beer garden smoking ban. If this comes into effect, beer gardens will only be used during warm sunny weather. That equates to about 10 weeks of the year in the UK. For the other 42 weeks of the year, beer gardens will be empty. A pub owner with a large beer garden may ponder if it is better to sell that land off for residential development for a substantial cash lump sum. This is alongside Labour relaxing the planning restrictions. The beer garden is replaced with a block of terraced houses. Bye bye sitting in a beer garden in the Summer.
I'm looking at a lively beer garden of perhaps 100 people in Scotland right now and there's one person vaping. Smoking rates in the UK are below 12% and going down. I remember when they introduced the smoking ban here and you would see groups smoking outside - now it barely seems to happen. The ban might even attract more families and Gen Z. Can't see this ban having any effect on the popularity of beer gardens.
The media's narrative of the housing market is not logical. If demand was genuinely driving up prices, then there would be limited supply. There isn't. There are hundreds of homes in areas that I watch that have sat on the market for 6-9 months with price reductions. If borrowing was easier and people could afford them, they would snap up the available properties
Love the new direction its definitely been helpful. A leaseholder where i live has just been given a £58k bill because there was no sinking fund even with the high maintenance charges. Hearing that news plus watching this video has made me even more cautious on our first home purchase. On renting vs buying, the repayments on a mortgage that matches our rent gives us enough to go from a 3 bed house to a 2 bed flat. Considering that and all the other costs on top it makes zero sense to buy unless its something we really love. So lots of viewings, the agents are already getting sick of me.
Your point on inflation and real values are spot on. Would be great to see you and Stig (with a bottle of something) discuss this in respect of your stated views on the market in 2022 ie nominal Vs real prices, previous forecast and any updates you would make in light of the current landscape for the next 2 years.
All the drama is dissipating, sounds wholesome actually helping folks rather than warning them about something that hasn’t yet happened. All said in good spirit
Hi Charlie, I know you want to focus more on helping people to move, but I do enjoy listening to you and stig talking about the economy in general so it would be good if you could do another one of those.
The last 2 properties I rented had nightmare issues with neighbours/noise. Both times we had no idea until 2 weeks after we moved in. It kind of spooked me out of buying in London, just thinking, imagine if bought this place.
You are lucky, every home I’ve owned in London whether house or flat the neighbours have been so noisey I could never sleep and the hell and desperation of trying to sell to get away from these scumbags was traumatic
I am so sympathetic to people with noisy neighbours. I got to the point in life a few years back where I said I'd never share a wall with anyone ever again! Then moved to a detached property in a fancy Hertfordshire village....and then there was a dog close by that barked day and night! There are selfish pricks everywhere.
@Paul-zu2hf You could live in the most quiet and peaceful neighbourhood for 20 years. It doesn't stop some A Holes moving in next door and wrecking the place.
Nobody mentioned Labour and the budget that's coming very soon. Several immediate impacts for the housing market: 1. They will make investing in property extremely difficult. Of course you can still do that, but most likely you will be losing money😁There is official data showing every 4th property now sold is from investors dumping their stock in panic. 2. Many investors will go bust, and for Labour this will be a very easy win, as these properties will be released to normal buyers. Labour doesn't care about these investors, as they are not their main voters anyway...And do you care?😂 3. Labour will most likely start to tax residential properties through their 0.5% annual council tax. For the South East, where a normal family house is over £500,000, this will wreak havoc and will force many to further downsize.
2 reasons why no one mentioned it. 1) We knew you were going to as you repeat the same every time you comment 2) Labour will avoid doing anything to make the current dysfunctional rental market even worse. There will be nothing major in this budget from a house pricing perspective. Several companies are actually building houses to rent directly. That is investment in property with full Labour support. You are right - who cares if a few BTL people, who never should have been in the business in the first place, sell up. But these people are small fry and will make bugger all impact on the market as the big boys pile in and take over. You are going to be so disappointed on November 1st!
Why should we care about the investors? On the one hand, like any investment, the investor takes a risk. And on the other hand, those investors will likely have made a significant capital gain over time coupled with the gains from rental income. They are free to realise their gains and invest them in other asset classes.
In Teesside, 3 bed semi-detached homes with a decent garden or garage in good areas, are around the £170k+ mark. These properties were around £120k before 2020. Completely unaffordable at the current interest rates unless FTBs have a deposit of £40k+ and at least 30% LTV.
Hello I have put an offer on a flat. 98.4 years left. I am 72. Is there anything I can do at the start of the sale to make sure that I am not disadvantaged. Would you suggest walking away. On a realistic view I don't know what to do.
Presume it has a lift. These can add £500 to £1000 to management charges every few years. Management charges have a prescribed apportionment. Equal apportionment subsidises two beds over one. By bedrooms two beds subsidises one beds. Location within the building matters in the same way not all cruise ship cabins are equal. Flats can be much better value than bungalows and can be quite heat efficient.
Hello it's not got a lift just one flat on each floor.ground and one above.my friends say about lift when I can't get up the stairs but at the moment I don't want to dwell on that.i am pretty fit. Although it's over 60s its not the usual blocks that are everywhere like McCarthy and Stone. I like that.i don't want to be with OLD people....I know what you will think about that...I'm no spring chicken
What you've been saying should have happened Charlie..... however the whole financial system is rigged like never before ....you cannot print the level of cash that they have without rampant inflation and the bubbling of asset classes.... The whole thing is going to break for sure and then only will we see the direction of house prices....I believe houses in the uk are no longer the cash cow ....it's gone... We have to become accustomed to buying a house for living purposes only....
Buying or renting is both a short answer and a long answer. It absolutely depends on your personal situation. It also does not have one answer fits all. It's a happy choice to have but there are degrees to which the answer is obvious. It also requires an estimation of future events and a judgement of what the future of that property is. For Charlie, providing a decent happy home for his family while investing in his business is one such choice. An acquaintance is considering a house which will one day be in the sea because it will be ok in his lifetime. The permutations for different people means that " it depends" is the right answer.
@@sarahwhyld5596 Asking prices are irrelevant. Have you not been listening to Charlies excellent advice? Some places are up some places are down. UK wide, overall, prices are pretty much unchanged since Charlies 35% Nominal price fall expectation was announced in 2022.
@@LeapopsI absolutely do listen to. So you think someone will pay 15% more than an asking price? Therefore keeping house prices the same as they were a few years ago. Don’t be daft. Asking prices are a starting point but they very very rarely go over asking
@@sarahwhyld5596 I just look at the ONS data. All the other "data" is just salesman guff and I ignore it. ONS data is showing house prices are broadly flat across the UK. Of course, your area may be down - other areas are up.
@@Mrboosh87 no cos the likelyhood is the rates are going down! I paid an fee to leave my 2 year fix after 1 year to fix for ten when the rates were going up every month
Hello Charlie, how's about educating house buyers on how to avoid paying stamp duty like Muslims do, it's easy to convert to Islam by saying a few lines of rhetoric, but the land registry details of how it works seems confusing to me
Muslims pay stamp duty exactly the same as everyone else of any faith (or no faith) pays it. Islamic financing changes the way it is paid ( due to rules around interest in Islam) but it is still paid in full.
@@amirmxd They don't, they pay it exactly the same as everyone else does. In fact years ago they would pay twice the amount so they could stay true to their faith.
@@SycAamoreyou mean the country is taking us all for a ride, but the ones doing it are blameless right? They sneak out of power and know well forget while they go and cash in all those cheques off our backs.
Value is a comparison tool. The value of homes compared to CPI may have flatlined but compared to wages they have escalated. CPI and CPIH has outgrown wage growth.
@@nicky_nike Thanks any way i can find this? Correlation is related to vectors and not velocity. If wages go up at half the rate but in synchronisity with house prices they have a 100% correlation. The affodability index of houses gives one aspect of how house values have changed over time.
I think you may have misunderstood inflation. Inflation reduces the value of money not assets, so it most certainly will not reduce the value of your home. Time and wear and tear will reduce the value of the building because the building is a consumer good essentially. Also the house value may reduce based on market conditions obviously, but not inflation.
Thanks for that perspective but it is definitely inflation that has caused real values to fall. I’m aware that it’s also currency devaluation but that’s of no help to everyday home movers.
@@MovingHomewithCharlie Jenks1 is correct. Market conditions, not inflation, caused the fall in home values both recently (where the value fall was masked in nominal terms by inflation) and in 2008. Very few people understand inflation.
Looked at a property on the market ,was 350 last year now 250.offer on it .also seeing many back on the market reduced after purchase falling through. The market is saturated with props at the moment .
Charlie, you really are in alignment with the usurious bankers. Why are you talking down the housing market when people have paid hundreds of thousands of USURIOUS POUNDS TO THE USURIOUS BANKERS.
Dont lose hope buddy - life is about overcoming challenges and growing - I know its hard to do, but enjoy rhe journey. One day you will remember this with a smile. Keep up the good work!❤
