What is going on with the economy?

This isn’t something Allan would usually dedicate a whole episode to, but so many people have been asking what is going on with the economy? Is the housing market currently viable? What does the future of property investing look like? This week on More Than Just Property, Allan will break down all the things you need to know about the housing market and how it has and hasn’t been affected by the chancellors ‘mini budget’.

KEY TAKEAWAYS

• Energy companies registered in the UK will be making a profit of 170 billion pounds in the next five years. Even taking 5 or 10 percent of that through a windfall tax would have paid for the price rises we’ve been seeing all across the UK.
• Interest rises usually happen when people have excess money to spend on luxuries, but the case this time is that it is directly tied to rising fuel costs. As interest rates go up, your mortgage becomes more expensive because the interest based on your borrowing has increased. This has a knock on effect as it falls under the Bank of England's affordability calculator and prevents the amount you can borrow from increasing.
• Average rates on two year fixed mortgages were 2.2 or 2.3%. They’re suddenly 5.5%, that difference makes a huge difference to what you can afford to buy.
• The choice in mortgage options has reduced drastically from December 2021 where there were more than 5000 mortgage products available, and this week that’s down to 2000. It’s mostly the two year fixed terms that have been removed.

BEST MOMENTS

‘A higher interest rate when you’re saving is great, when you’re borrowing it’s bad’

‘I just don’t think you can have any sensible predictions on what will happen in the next 6 months’

‘You need to make sure the numbers stack’

ABOUT THE HOST

Allan Harding

I’ve had an amazing career through to 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: @allanh1 https://instagram.com/allanh1

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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