Should You Buy a House Now, or Wait Until 2025? (ACCOUNTANT'S VIEW)

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Should you buy a house now considering how high mortgage rates are, or should you wait it out? I analysed data from Rightmove, Zoopla and the Bank of England to help you understand what is happening to property prices and interest rates; breaking down inflation and base rate. I also consider forecasts from S&P and UK economists.

TIMESTAMPS:
00:00 - Introduction
01:01 - House prices
02:43 - Mortgage rates
05:01 - The ideal time to buy
07:00 - Lifestyle factors
08:25 - Conclusion

WHO AM I:
I'm Kiran, a qualified Accountant and experienced tax professional living in the UK. I make videos about finance, tax and investing.

MY FILMING GEAR:

DISCLAIMER:
This content, and the ideas presented in it, are for education and entertainment purposes only. Kiran does not provide tax or investment advice. The information presented does not consider the financial circumstances of any investor, and therefore may not be suitable for all investors.
Although Kiran is an Accountant, no Accountant-Client relationship is established with the viewer in any way.

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Real inflation has risen and is increasing, I don't think BOE will reduce base rate significantly for some considerable time. Great video btw 👍

BrianRobertDarby

Insane house prices. Insane interest rates. Insane rental prices. It's lose lose for everyone right now. Tory government have done their job well.

wicked-witch-of-the-west

Hi Kiran, just wanted to say thanks for the very informative videos you are posting…..🙏🏼🌞🙏🏼

kryptokarma

"Now is a good time" was a good time 5 years ago and you won't regret your purchase in the next 5 years if you're in for the long-term buying in 2024. These days we just have to wait for the next hurdle falsely created by those in power to help themselves.

hardave

This housing industry is a con. Anyone can view all sold house prices for any postcode by going to the Land Registry sold house prices data base. I did Huddersfield with 111 sales for September and the first two houses on the list had dropped by 30% and 20% on the highest estimate on Zoopla. Also, the ONS state because of 22% less sales they can only include around 50% less sales in their calculation. If that is not false accounting then what is. This is a 8.7 trillion market so a 1% under reporting each month is 87 billion. Why is that not the biggest fraud in financial history. If any company pretended their shares were worth 87 billion more than they would end up in prison. I have no doubt the government is in on this and order the Land Registry to take off those sales that have fallen the most. If they do not what the hell is the ONS doing?

stevep

And what would an accountant know about the housing market?

DogScreenTV

inflation has fallen same way sunaks bank balance has fallen = up

zenastronomy

Hello Kiran, Thanks so much for this video and all of your content. I'm in a relatively unique position whereby I need to get a remortgage on my house, but it's only a remortgage because I have a third of equity in the property.

I need the remortgage to buy out my other two family members who joint inherited the property with me. My big problem is that I'm self employed and I don't make a lot of money. I'm hoping to consolidate a business loan into the remortgage to increase affordability, but I've no idea if the bank will approve this.

If I can consolidate the loan, I can then pay myself more. I'm hoping that my equity will be enough to then make the repayments affordable. I really need to get this sorted ASAP as my two family members have been waiting for their money for five years.

GaryJamesCarroll

My friends in Portsmouth sold subject to contract for £500, 000 this time last year. They found somewhere they wanted to buy and did surveys and searches. The chain broke down early summer. They had an offer yesterday for £400, 000. This just goes to show the mis-accounting being done by the ONS. if the ONS where a company their directors would end up in prison. Because it is part of the Ponzi scheme dreamt up by bankers and government with quantitative easing they are beyond the law. The HPIs leave out any sale they do not like and will never divulge how they calculate their figures. This is the most corrupt industry in the history of commerce and that is a fact. People that know the truth are using snake oil salesman language every day. Charlie is the most balanced person on here but I do not know how many of these snake oil salesman sleep at night. I suppose they get away with it as the government is on their side.

stevep

House prices are less relevant to affordability than interest rates because even if houses prices go up by 10% at 90% LTV your deposit will only go up by 1% and the extra 9% in mortgage you pay will be amortized over 30 years so interest rates are far more important for when its a good time to buy than any saving from a 1-2% potential drop in house prices

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