Welcome to Moving Market Monday at midday on 6 Nov 2023, a look at what’s happening this week in the housing market for sales and rentals.
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“Rents Fall 11% in October”
A second opinion (showing the importance of timing)
Britain “in recession right now”
“Buy a home, get a Tesla”
…(read more)
BREAKING: Recession News
LEARN MORE ABOUT: Bank Failures
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The real estate market has been experiencing some interesting trends lately, with rents falling by 11% in some areas and a new marketing tactic of offering a Tesla to homebuyers. This has led to speculation about a potential recession on the horizon.
According to recent reports, rents in major cities across the country have seen a significant drop, with some areas experiencing an 11% decrease. This is a result of the COVID-19 pandemic, which has caused a mass exodus from urban centers as people seek larger, more affordable living spaces in suburban and rural areas. As a result, landlords are having to lower their rental prices in order to attract tenants, leading to the sharp decline in rent costs.
On the other hand, in an effort to entice potential homebuyers, some real estate developers are now offering a free Tesla to anyone who purchases a new home. This marketing tactic is designed to sweeten the deal and appeal to environmentally conscious buyers who are interested in both a new home and an electric vehicle.
However, these developments have also raised concerns about the overall state of the economy. With rents dropping and developers offering incentives to buy homes, there is speculation that a recession could be looming. Some experts believe that these trends are a sign of an unstable housing market, which could be a potential indicator of an economic downturn.
While it’s still too early to tell if a recession is imminent, these developments in the real estate market are certainly cause for concern. As potential homebuyers weigh their options and landlords scramble to fill vacancies, the future of the housing market remains uncertain. It will be important to keep a close eye on these trends and how they may affect the overall economy in the coming months.
https://youtu.be/vJPEIm4b7Go?si=1W_80znL-rTvXVe2
Taylor Wimpey have been offering those for years, it's not new. The only difference is mortgage contribution. Not all sites offer these deals and in fact only until this month Folkestone didn't offer much beyond upgrades. And your house needs to be sold and you will most likely have to move into rented to purchase.
Wouldn't bother with integrated appliances, they are usualy not a good make and wont last. Try to get built in wardrobes. Most come standard with carpet.
Always ask about management fees.
remortgage coming up Aug 2024 shall i wait a few minths?
Is BestAgent going to show price movement percentages from Peak, anytime soon?
Facts, education, debate, entertainment, opinion, car reviews, comedy: What a great public service.
A fall in rents of 11% in one month sounds unbelievable. Something wrong with that number. That must include short term holiday lets.
I believe we are in a deep deep recession it's just not being born out in the stats. I am a IT contractor with over 25 years experience as a front end developer and now Project Manager, myself and most of friends cannot find work, contractor or full time. It is an absolute blood bath out there. One recruiter told me he had 1200 applicant for 1 job. Meanwhile we have IR35, work farmed out to India. It's not just the IT market which spans almost every vertical. A friends recently moved from Canada works in finance and hes in the same boat, nothing. I'm lucky in some ways I have over a year buffer, other wont be so lucky. We are totally screwed.
Forget the Tesla, it would lose thousands in depreciation.
Even as a landlord I err on the side of good tenants over average landlords. Landlords can be cheapskates and misers and find it hard to put themselves in the tenants shoes allowing for age and income. Great advice Charlie, working with and not against the landlord. I once spent my birthday driving around scrapyards looking for wheels for a tenant to replace the bricks that his car was resting on. Life can be tough for young people and I really enjoyed helping, plus I was concerned about his car. Present yourself a struggling human rather than a heartless chiseller and discounts will come your way.
Charlie, how have we not seen the full effect of high interest rates come through yet? The very last of any pre high interest rate mortgages AIPs expired in about February.
Goodlord “data” they then don’t refer to what that 11% is. Makes no sense. Worse than Rightmove
From the Goodlord website. "After three months of record breaking rental prices, October saw average rents on new tenancies revert back to levels last seen in May and June 2023." So a total non story. They went up a bit and then back down a bit. So what? And where is the usual caveat over average size of tenancies. Perhaps the summer ones were bigger places and the October ones were smaller places?
A good incentive would be to get rid of fleecehold maintenance fees. Which is an even bigger con than leasehold.
Can i take the money instead of the "car" please Jim?
Does the 11% drop in rental income factor in short-term holiday lets?
But a home get a Tesla! Rather stick pins in my eyes
Hi Charlie
Was that a forthcoming video on why December is a good time to snap up a bargain for new and not new build houses, or just new build? I couldn't catch it. Hopefully it is the former.