Is Now The Right Time To Buy Property

In this week's episode, Allan dives into the current state of the property market and addresses a burning question on many minds: Is it the right time to invest in property? With the backdrop of July 2023, he explores the recent actions taken by the Bank of England, which raised interest rates to five percent in June, affecting mortgage rates.

KEY TAKEAWAYS

• The unprecedented speed of interest rates increasing since mid-2022 reflects an attempt to tackle the significant inflationary pressures observed in the past year. Although inflation has started to subside, it remains far from the Bank of England's target of 2%.
• There are about 1.4 million people due to come off of their fixed rate mortgages at the end of 2023. If you’re coming off of your fixed rate mortgage you really need to do your research into what deal you can secure so you can budget properly. You could be paying up to 5% more than your previous deal.
• The average monthly mortgage payment for a semi-detached property in December 2022 was £1260 per month, that’s 60% higher than in 2021. 
• The biggest problem Allan foresees is people being hesitant in the housing market due to the uncertainty around mortgage interest rates. 
• Is now the right time to invest in property in the UK? Allans answer is no right now, interest rates will go up again before they come back down. Take that cash and invest it in something else that will get you a similar return. 

BEST MOMENTS
‘We’ve had 15 years of cheap money’
‘You’re looking at a 5% increase in just 2 years’
‘Only a fifth of the entire UK housing market have mortgages’
‘It’s likely to drive us into a recession’

ABOUT THE HOST
Allan Harding
I’ve had an amazing career through setting up my own businesses. It's time I gave that back to help other people achieve where they want to be in life. Through my learnings and those of the guests I have on the podcast I hope you find what you are looking for. I am certainly learning with every conversation that I have.From Art to finance, IT to Music, Some of my guests have led extraordinary lives and you can too. These recordings are unscripted and a natural conversation that explores peoples inner beings!

CONTACT METHOD
[email protected]
IG: @allanhardingofficial
Facebook: https://www.facebook.com/allan.harding.37
Website - https://allanharding.co.uk

PODCAST DESCRIPTION
Entrepreneur, Business owner, Property investor and developer, Allan talks to people across the world asking questions that will help you determine your own journey and help. Having built several successful businesses and created a lifestyle to be proud of, Allan has set out on a journey to help as many people as possible achieve their dreams.

Hit me up on Instagram!: https://instagram.com/allanh1

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