Buying And Selling Property At Auction - UK PROPERTY TALK

Buying And Selling Property At Auction

 

UK PROPERTY TALK

 

Key things to consider when buying or selling at auction:

 

Do you know the difference between buying at auction and buying through the traditional private treaty method that most people use in traditional estate agencies?

 

Are you buying through traditional or modern auction?

 

Have you done ALL your homework and survey checks before the auction?

 

Have you got your finance in place ready to complete withing 28 days of a successful bid?

 

Are you able to complete the purchase within 28 days of the hammer going down?

 

Have you got your deposit - 5-10% of the agreed bid price - ready to pay on the day?

 

If bidding in an online or physical auction have you ensured that you are fully registered to bid?

 

Have you read the legal pack or given it to your solicitor to check?

 

Have you done all your due diligence prior to the auction?

 

Have you considered why this property is being sold at auction?

 

Have you set your maximum bid limit?

 

Do you have a strategy?

 

Here at Open House South Herts we partner with modern auctioneers to help you sell your property fast with no vendor fees. 

 

We have a number of properties coming up for auction soon listed on our Facebook page Open House South Herts - https://www.facebook.com/estateagentswatfordelstreeandborehamwood

charles.kelly@localagent.com

www.openhousesouthherts.com

#property #propertyauction #buytolet #money #propertyinvestor

Buying And Selling Property At Auction - UK PROPERTY TALK

Buying And Selling Property At Auction

 

UK PROPERTY TALK

 

Key things to consider when buying or selling at auction:

 

Do you know the difference between buying at auction and buying through the traditional private treaty method that most people use in traditional estate agencies?

 

Are you buying through traditional or modern auction?

 

Have you done ALL your homework and survey checks before the auction?

 

Have you got your finance in place ready to complete withing 28 days of a successful bid?

 

Are you able to complete the purchase within 28 days of the hammer going down?

 

Have you got your deposit - 5-10% of the agreed bid price - ready to pay on the day?

 

If bidding in an online or physical auction have you ensured that you are fully registered to bid?

 

Have you read the legal pack or given it to your solicitor to check?

 

Have you done all your due diligence prior to the auction?

 

Have you considered why this property is being sold at auction?

 

Have you set your maximum bid limit?

 

Do you have a strategy?

 

Here at Open House South Herts we partner with modern auctioneers to help you sell your property fast with no vendor fees. 

 

We have a number of properties coming up for auction soon listed on our Facebook page Open House South Herts - https://www.facebook.com/estateagentswatfordelstreeandborehamwood

charles.kelly@localagent.com

www.openhousesouthherts.com

 

Strikes, Gas Shortages, Higher Interest Rates and Inflation Point To Rec...

Strikes, Gas Shortages, Higher Interest Rates and Inflation Point To A Summer of Discontent and Recession

Rail unions strike for higher pay and better working conditions.

More industrial action on the way threatening to stall the economic recover and drive the country into recession.

The US and China, the world’s two biggest economies are also stalling, and Germany is facing gas rationing.

Inflation is at a 40-year high forcing central banks to raise interest rates pushing up the cost of borrowing for millions of cash-strapped consumers.

Stock markets recovered slightly after falling sharply last week.

People buying less at supermarkets as food prices rise, BBC reports.

Interest Free Loans Launched To Help The Financially Vulnerable

A Treasury-backed scheme offering interest-free loans to the financially vulnerable is being rolled out in various parts of the UK to help up to 20,000 people.

The UK government scheme will be run by credit unions and other lenders, with an aim is to offer emergency loans to people who would normally be turned down due to the fact they would be unable afford the interest payments.

The scheme was trialled in Manchester and is now being expanded in a larger pilot phase to various locations across the UK which will last for up to two years, after which a decision will be made on whether to roll it out further.

What will the No Interest Loan Scheme offer?

·        Only available to people who have been turned down for normal borrowing

·        Can borrow between £100 and £2,000. The average amount borrowed is £500

·        Can borrow the money for six to 18 months. The average length of time is 12 months

·        Customers can only have one no interest loan

Soaring inflation led interest payments on government debt to hit the highest amount for May on record.

Interest payments paid by the government for last month hit £7.6bn, up £3.1bn from a year earlier.

That’s around £245,000,000 a day just to cover interest on government debt!

Interest payments have totalled £14.1bn, up £4.7bn year on year, in the current financial year since April.

Taxpayers will ultimately have fund the cost of trillions in debt through higher taxes.

Even the Nasdaq darling, Netflix, is not immune to the economic slowdown announcing another round of job cuts as it struggles with slowing growth and increased competition.

The streaming giant is slashing 300 more jobs - roughly 4% of its workforce - mostly in the US, after a sacking 150 people in May. The news come after the company reported its first subscriber loss in more than a decade in April.

Learn how to create wealth and buy and control property using other people’s money!

Claim your free Wealth Accelerator Discovery Call with me:

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Landlord Update - Section 21 Abolition Renters Reform Bill White Paper R...

Landlord Update - Section 21 Abolition Renters Reform Bill White Paper Revealed

UK Property Talk With Charles Kelly

The long-awaited document sets out Government commitments to:

·        Convert Assured and Assured Shorthold tenancies into periodic tenancies, that can be ended by the tenant with two months’ notice and by landlords with a legitimate reason

·        Abolish Section 21 and introduce new possession grounds for landlords

·        Extend the Decent Homes Standard to the sector

·        Create a new Private Renters’ Ombudsman to settle disputes informally

·        Introduce a new Property Portal to support landlords – and to provide information on rogues

·        Abolish rent review clauses (while retaining the ability to increase rents annually)

·        Outlaw blanket bans on renting to families with children or tenants on benefits

·        Incentivise landlords to accept tenants with pets

·        Reform and speed up the court process.

What about landlords?

NRLA has successfully campaigned for positive change, with the white paper announcing landlords will be allowed to ask for pet insurance as a condition of tenants keeping animals, something currently prohibited. Landlords will be obliged to consider a tenant’s request to have a pet but can decline with good reason.

The Government has committed to reforming the court system and making local authorities more accountable when it comes to housing standards, as well as introducing mandatory grounds for landlords (or their families) wishing to move back into a property or sell it.

All very well, but private buy-to-let landlords have these rights already!

Don’t panic! Change is inevitable but landlords are needed whether the government like it or not.

Why not lobby your MP and support the NRLA’s campaign?

Claim your free Wealth Accelerator Discovery Call with me:

https://calendly.com/charleskelly/wealth-accelerator-discovery-call

Longer Term 30-Year Fixed Mortgages Coming to the UK To Help Borrowers Buy Property

Government wants think-tank expert to lead review, as Boris Johnson pledged last week to start ‘home ownership revolution’, Bloomberg reports.

The UK government will explore ways to hand borrowers larger and longer mortgages in the hopes of encouraging more people to buy homes, with a review to be launched in the next few weeks.

The joint review by the Treasury and the Department for Levelling Up, Housing and Communities will consider 30-year fixed rate mortgages, debts worth almost 100% of the property and ways to blend renting and owning a property, according to people familiar with the matter.

Long term and even lifetime mortgages can work and are not new. The difference in repayment between and 25 and 30-year repayment mortgage is negligible, however, the additional interest paid is HUGE.

Interest only loans would cut the cost of borrowing, but could be risky for borrowers.

Right to buy for housing association tenants – will it work?

No fault eviction ban has not been thought through fully…

UK interest rates hiked again to highest for 13 years as Bank of England attempts to stem soaring inflation

Will higher interest rates and the recession crash the property market?

UK base interest rates have increased from 1% to 1.25%, the fifth consecutive rise, to reach the highest level in 13 years.

In America, the Fed went further raising rates by .75% to a target range of 1.5-1.75 percent and forecasts a 3.25-3.5 percent fed funds rate by year-end.

75% of mortgages are fixed.

40% of fixed rate mortgages are fixed for 5 years.

More houses in the UK are owned out right with no mortgages than those with mortgages.

How much difference does a quarter percent make to a typical mortgage?

On a £200,000 loan a .25% rise means an additional £500 per annum or around £40 per month.

It comes as finances are being squeezed by the rising cost of living, driven by record fuel and energy prices.

Inflation - the rate at which prices rise - is currently at a 40-year high of 9%, and the Bank – which last year said inflation was “transitory” now warns it could surpass 11% by October.

But hey, everyone and his dog knows inflation is already well into double digits with heating and fuels bills doubling for many families.

Claim your free Wealth Accelerator Discovery Call with me:

https://calendly.com/charleskelly/wealth-accelerator-discovery-call

Crypto collapse continues as BTC losses top 70%

Many major cryptocurrencies have fallen by up to a quarter of their value over the past day

Bitcoin crashed below $21,000 on Wednesday, dropping a further 10 per cent overnight to reach its lowest level since the end of 2020 - at $20,630 as I write.

Ethereum has collapsed from just under $5,000 in November 2021 to just over $1000 and other cryptos have fallen off the cliff.

Some cryptocurrencies have since recovered slightly, though analysts warn that the volatility may not yet be over.

Bitcoin is trading at $20,630, and has dropped 25% in the past five days alone its lowest value in 18 months. Its peak of almost $70,000, in November, feels like another era.

US stocks have fallen nearly 40% since their peak last year, the Nasdaq dropped 4% this week and the S&P had its worst week since 2020 falling 5%.

Claim your free Wealth Accelerator Discovery Call with me:

https://calendly.com/charleskelly/wealth-accelerator-discovery-call

Learn how to buy and control property using other people’s money!

Property Investing Secrets

PROPERTY INVESTING SECRETS FOR BEGINNERS: Discover how tens of thousands of ordinary Brits are quietly getting rich with minimum investment!

Register To Watch Live | Wednesday 22nd June 2022 @ 7:00pm

Wednesday 22 June 7PM

https://bit.ly/3DlSlCL

 

#property #section21 #tenanteviction #crypto #bitcoin #interestrates #inflation #freetraining #wealth

UK interest rates hiked again to highest for 13 years as Bank of England...

UK interest rates hiked again to highest for 13 years as Bank of England attempts to stem soaring inflation

UK base interest rates have increased from 1% to 1.25%, the fifth consecutive rise, to reach the highest level in 13 years.

In America, the Fed went further raising rates by .75% to a target range of 1.5-1.75 percent and forecasts a 3.25-3.5 percent fed funds rate by year-end.

It comes as finances are being squeezed by the rising cost of living, driven by record fuel and energy prices.

Inflation - the rate at which prices rise - is currently at a 40-year high of 9%, and the Bank – which last year said inflation was “transitory” now warns it could surpass 11% by October. But everyone knows inflation is already well into double digits with heating and fuels bills doubling for many families.

In a survey carried out by the BBC some people revealed that they are skipping meals to save money and cutting back on spending on luxuries and entertainment.

With no sign of oil and gas prices coming down soon, this all points to a recession.

Crypto collapse continues as BTC losses top 70%

Many major cryptocurrencies have fallen by up to a quarter of their value over the past day

Bitcoin crashed below $21,000 on Wednesday, dropping a further 10 per cent overnight to reach its lowest level since the end of 2020 - at $20,630 as I write.

Ethereum has collapsed from just under $5,000 in November 2021 to just over $1000 and other cryptos have fallen off the cliff.

Some cryptocurrencies have since recovered slightly, though analysts warn that the volatility may not yet be over.

Bitcoin is trading at $20,630, and has dropped 25% in the past five days alone its lowest value in 18 months. Its peak of almost $70,000, in November, feels like another era.

There has never been a more pressing time to learn how to manage your money – you can watch my free training video by clicking here - https://bit.ly/3H2WcbA

How to survive

What will you do to survive and even thrive in this recession?

80% OF PEOPLE WHO WANT MORE NEVER DO ANYTHING TO EARN MORE

Here are my 10 inflation-busting tips:

1.      Loyalty cards and money saving and rewards websites can save you thousands

2.      Maximise your returns on savings and investments and invest spare cash into assets

3.      Clear credit card debts as fast as you can or transfer to interest free offers

4.      Abandon ‘brand loyalty’ for better deals on similar products and services

5.      Shop wisely at discount store, look for price reductions and stay flexible

6.      Cook from scratch and avoid expensive pre-prepared microwavable meals

7.      Get control of your finances and stop spending more than you earn

8.      Earn more than you spend by increasing your income

9.      Get a part-time job – there are millions of job vacancies in the UK

10.   Start a part-time side hustle or retrain for a higher paid career.

JOIN ME FOR UK PROPERTY TALK SAT 28 MAY 2022 10AM

75% of mortgages are fixed

40% of fixed rate mortgages are fixed for 5 years.

More houses in the UK are owned out right with no mortgages than those with mortgages.

Register - https://contexttraining.aweb.page/p/c1e369d0-56b1-45a3-8264-0c0a7e875d23

click here to register

Apple to launch ‘buy now pay later service’ creating faster consumer deb...

Apple to launch ‘buy now pay later service’ creating faster consumer debt for more peope

Apple will launch a new ‘buy now pay later service’ (BNPL) scheme in the US to spread the cost of purchases over four to six weeks.

The BBC reported last December that over 15 million people in the UK are already using BNPL services run by the likes of Klarna, Clearpay, Laybuy and PayPal.

Challenge to traditional; banks.

Citizens Advice reported concerns that 12 million adults are using BNPL services to pay for essentials such as food a toiletries.

Deferring payment will be made even easier with millions of iPhone users tapping their way into easy debt.

The BNPL market is expected to be worth £30 billion by the end of the decade.

Apple’s move comes as the cost of living has reached new highs with the cost of unleaded petrol hitting £2 per litre! One haulage firm said the cost of fuelling a truck has risen by £20,000 a year, which will be passed on to customers.

The pound fell this week after Boris Johnson survived a vote of no confidence.

Although the Queen’s Jubilee celebrations gave a welcome boost to spending on hospitality, consumer spending was down in May as the cost of living continued to rise, according to the British Retail Consortium.

Food prices continue to soar as India bans wheat exports and shortages are starting in some countries.

There is nothing new about consumer debt, but the speed and ease of obtaining credit almost instantaneously has changed in the last few years.

Consumer debt is “dumb” according to Warren Buffett, one of the world’s richest and most successful investors.

There has never been a more pressing time to learn how to manage your money – you can watch my free training video by clicking here - https://bit.ly/3H2WcbA

Good debt, used for instance to purchase assets, such as property, or start businesses, is smart borrowing, as I explain in my book, Borrow and Grow Rich.

The rich and wealthy have been using smart borrowing or ‘other people’s money (OPM) for centuries to finance business ventures and build huge property portfolios.

You can learn the secrets of property investing using OPM and build your own portfolio.

With inflation running at near double figures the real purchasing power of your cash is being eaten away and will halve every 8 years if consumer prices continue to rise by 9%pa.

However, you can use inflation to your advantage using the right assets and good debt.

FREE TRAINING – PROPERTY INVESTING SECRETS

This Property Investing Secrets free training webinar is designed by the industry’s top investing trainers to bring you 120 minutes of valuable content; providing you with the tools to successfully invest in buy-to-let properties, raise finance and build a mighty portfolio from the ground up.

Live training Wednesday 8 June 2022 at 7pm UK time.

CLICK TO JOIN THE LIVE ONLINE EVENT

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Property prices at “top of the market” Robert Kiyosaki - UK Property Talk

Property prices at “top of the market” Robert Kiyosaki

 

Even the author of the great classic, Rich dad poor dad, says that the property market is all topped out and it would be a mistake to buy right now. 

 

I was recently listening to a radio show produced by the Man who made multimillions from real estate and he said he cringes when he hears young people talk to him and say that they bought his book and I’m now building a portfolio. He urges caution and wonders why people are buying at the “top of the market”.

 

Robert also thinks that we are already in a recession and heading for a 1930s style depression. 

 

I want to stress that this is one opinion.

 

This is an extremely pessimistic view but it could come to pass depending on what governments and central banks do.

 

The game of chess is not over yet and there are multiple combinations of moves to be played out.

 

US Federal reserve officials planning restrictive measures to curb inflation, including higher interest rates.

 

These measures could drive the country and the world into a recession. 

 

ECB warns that a housing correction could put banks at risk of defaults and hit low-income families.

 

There is no doubt that printing money over the last 12 years has contributed to inflationary pressures and price rises that we have not seen for 40 years.

 

On top of all the problems we’ve had in the last two years there is now a war going on in Ukraine which is threatening to cause food and fuel shortages in the west.

 

My own view is that the West has miscalculated and made wrong moves on the chessboard leave and us exposed.

 

Russia is one of the few countries in the world that can be self-sufficient. Why, because it has its own supply of food production, manufacturing, oil and gas and other minerals.

 

The truth is the west needs Russian products more than Russia needs the West.

 

There is already evidenced food shortages in many parts of the world such as Sri Lanka and Singapore. 

 

Major food suppliers such as India and Malaysia have banned the export of certain products to preserve supplies for its own people.

 

Of course, the Russian people will also suffer from the sanctions but their government is not a real democracy and they can sit it out longer than Western governments.

 

The drive to green energy has also left the west exposed now that we have sanctioned Russian oil and gas exports.

 

However, Saudi Arabia has agreed to step up production.

 

How will all this this affect property?

 

The truth is, nobody knows for sure. But if the west goes into recession caused by the war, higher interest rates and inflation, there is no doubt that people have less money to spend on properties which will force a correction and prices.

 

Higher interest rates alone will force up the price of mortgages. 

 

Buying and selling at auction.

 

Buying and selling property through auctions is a totally different animal from the usual way most people buy and sell a house, which is through a High Street estate agency. 

 

This could be a course in its own right as you need to understand the merciless rules of the game in auctions. Six key differences:

 

·        Commitment

·        When the hammer goes down

·        Fees are usually higher

·        Opportunities

·        Buyer beware

·        Do your homework BEFORE the auction

 

My own agency will be offering both additional buying and selling as well as the opportunity to sell or buy at an auction.

 

JOIN ME LIVE FOR UK PROPERTY TALK ON SATURDAY MORNING AT 10AM

click here to register and join in the discussion.

https://contexttraining.aweb.page/p/c1e369d0-56b1-45a3-8264-0c0a7e875d23

FREE TRAINING – PROPERTY INVESTING SECRETS

This Property Investing Secrets free training webinar is designed by the industry’s top investing trainers to bring you 120 minutes of valuable content; providing you with the tools to successfully invest in buy-to-let properties, raise finance and build a mighty portfolio from the ground up.

Live training Wednesday 8 June 2022 at 7pm UK time.

CLICK TO JOIN THE LIVE ONLINE EVENT

https://bit.ly/3DlSlCL

 

Has The Property Market Crash Started?

Has US Property Market Crash Started?

In this episode:

Market slowdown has already started in UK and US.

Watch video version - https://youtu.be/kQKAZAnZnKU

Sales activity slowing as mortgage rates soar.

Property slowdown usually follows a stock market fall, which has happened.

Affordability at record high

Average UK salary - £31,772 (2021)

Average UK house price £278,000 (March 2022)

278,000/31772 = 8.75 x average salary to buy an average property in the UK

Inflation over 8% in US and Eurozone, which means higher interest rates.

Higher rates could crash the already weakened economy.

How will UK market react?

A 20% drop in prices will still only leave us to the market was in 2020.

Buying and selling at auction – UK Property Talk

JOIN ME FOR UK PROPERTY TALK SAT 4 June 2022 10AM

Buying and Selling at Auctions – click here to register

https://contexttraining.aweb.page/p/c1e369d0-56b1-45a3-8264-0c0a7e875d23

FREE TRAINING – PROPERTY INVESTING SECRETS

This Property Investing Secrets free training webinar is designed by the industry’s top investing trainers to bring you 120 minutes of valuable content; providing you with the tools to successfully invest in buy-to-let properties, raise finance and build a mighty portfolio from the ground up.

Live training Wednesday 8 June 2022 at 7pm UK time.

CLICK TO JOIN THE LIVE ONLINE EVENT

https://bit.ly/3DlSlCL