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Me too...ahh madchester so much to answer for 😯
Foreign buyer
Cash buyers
and Buy-to-letters
3 very good reason why this market is where it is. What will see them disappear ??
Foreign buyers .... THM said GBP may/should devalue... but it's gotta devalue by a hell of a lot for our russian friends to be frightened out (the Ruble is on its knees) and how about the Chinese well I guess if their currency was to be valued correctly we'd be in trouble... but then so would they... so that isn't going to happen.
Cash Buyers .... where else you going to put your money ... if houses are over valued... so is every thing else.
Buy-to-let .... Sorry it may be wrong... but policy wise, none of the major parties will change a thing.
So were are we left.... I reckon consolidation at these levels for the next year until GE is over and then the BoE doesn't raise rate, because inflation is still flat.... after that, back up we go.
1/3rd of our MPs are buy to let landlords
the current situation suits them nicely
THM said GBP may/should devalue... but it's gotta devalue by a hell of a lot for our russian friends to be frightened out (the Ruble is on its knees)
You've got it backwards. A weak ruble means that Russian buyers find UK property more expensive (assuming they aren't earning in Euros or dollars).
I think the latest Bank of England stress tests included one scenario where UK house prices fall by 35%.
One of my colleagues has just been advised to sell equites (after the recent correction 😳 ) and buy housing in London ( 😳 ) . Sounds like only one party is going to make money out of that "advice."