How house price time lag catches sellers out in a falling market - BBC Radio Sussex

I spoke to Danny Pike on BBC Radio Surrey and Sussex on 26 June.
If you need to talk to an independent whole of market mortgage broker, my hand picked guys are outstanding: mhwc.co.uk/mortgage
Listen to this interview on Audio podcast: www.buzzsprout.com/2109129/13...
All my links: linktr.ee/movinghomewithcharlie
For the full video on how to choose the best estate or letting agent:
• How To Find the Best E...
4 Golden Rules Video
• The 4 Golden Rules of ...
4 Golden Rules Blog
bestagent.co.uk/the-4-golden-...
Find an agent to sell or let your home:
findyouragent.bestagent.prope...
Want to find your next home?
bestagent.co.uk/
Follow Charlie:
/ moving_charlie
/ movinghomewithcharlie
/ charlie-lamdin-4231054
/ movinghomewithcharlie
/ movinghomewithcharlie
To find out everything you need to know about moving home go to:
mhwc.co.uk/
How estate and lettings agents move people
bestagent.co.uk/diagram-how-l...

[@Rahul-oy4bp]

I see a lot of properties houses reduced £50k to £75k (10%) and yet not selling in the market and a lot of flats at 2018-2021 levels in the market still unsold.

[@jacquig7118]

yes, just received details on a 3 bed flat that was reduced by £46000. First listed on 14/6 at £495000. It was last sold June 2018 for £470000

[@theconspiracyfactorist.144]

Hey Charlie, thanks for kicking this up the jacksy, I've been listening to you from day one,watched all the doubters try and put you down. I'm sat with cash waiting to buy,last three years. Thanks to you I have already saved a few quid and when I do find something I won't be frightened to give a sensible kick in the stones to someone who's over valuing their house. What you've been saying for a while is now staring everyone in the face. Although there are some who prefer those rose tinted specs to reality still hiding from the truth. Nice one mucker.

[@scazz007]

Agree 100% well said…🫡

[@Ivor60]

Well a big lump off money good to have but remember things might get so bad that money good be took from you as in banks might goes busts are government just crash the pound to nothing I rather have low house prices as I fine your saving go further to buy a better house I had a house from age 25 now 52 and I found the more the price went up the more difficult it became to climb up the ladder then there the trade men who make so much from building housing that if you need something fix you pay over the odds to get it fix low prices are better for people

[@garycarmichael8432]

We got it all wrong when we tried to sell, Mistake number 1 - we trusted the first estate agent to value and market the property, it was way too high Mistake number 2 - we agreed to be locked into a 20 week contract and believed the BS from the agent when they said the property would sell easily Mistake number 3 - we didn’t put it in writing, just gave a verbal notification that we were dumping the agent so had to endure another week of no viewings. Anyway, we was going to go with another agent, but could see that the financial situation was looking too dire. We will now wait for a couple of years, hope that the market reaches its nadir and maybe try again if things start to stabilise. It’s all relative, so if prices are significantly less than now, that may be best.

[@Onidax]

Hi Charlie. I just stumbled across your channel. We bought a new build flat in East Croydon in 2017. Sold it earlier this year with a 14% loss. Those who are able to transact (willing / able to take the hit ) in the building are having to do the same. Luckily we had a decent chunk of equity, though it was still painful. Anyone who bought with a deposit less than 10%, which will be many on Help to Buy, are sadly in negative equity. I fear lots will be trapped as a result. I imagine this is true across many flat blocks in London

[@muratdagdelen8163]

House prices go only in one direction: Down down down

[@davidbaker5561]

“Everybody is being effected apart from the very, very rich” What a surprise, when we have a millionaire Chancellor of the Exchequer & a billionaire Prime Minister! 🙄

[@ieatlotsoftoast]

A lot of people become very, very rich by predicting the downturns and buying up cheap

[@summerisonthursday5239]

There will be more haves and have nots

[@ianbuchanan7379]

Hi Charlie informative and helpful as always.

[@ZazenDersim]

Thank you so much Charlie for detailed information 🙏

[@littleelle42]

I listed my flat in April, accepted one of several offers and had an offer accepted on a house to buy within 2 weeks. My buyer pulled out 6 weeks later. Lost my onward purchase. Now 3 months later I’m struggling to re sell, estate agent has suggested a 15K reduction, now have to get a top up mortgage approved under current rates. I’m wondering whether to hold off now and hope things pick up. The whole system is stupid. There should be a financial penalty for pulling out of a purchase.

[@lapinchiloca]

we just had our offer rejected for a very nice old house which needed tons of work..we offered the asking price.. which makes me think, not many people are aware of the price crash

[@border304]

I went on the market on the 2nd June. Got a viewing that same day which was a Friday. Got a verbal offer on the Monday. Got a written offer on the Tuesday. Price was in alignment with what i expected.

[@MovingHomewithCharlie]

Congratulations to you and the agent. Good luck, hope it goes through ok

[@border304]

@@MovingHomewithCharlie Thanks mate. Loving your content. One valuation was 10% higher. If that had been my expectation I'd probably still be on the market. Goes to what you say about a good agent and valuation. Although I feel like I could just have paid for the home report then listed it myself online lol.

[@sir-dil-a-lot]

Not just the UK, other countries inline are going down. But house prices compared to income is way out compared to the 90's. So we will hit bottom and have a reset.

[@kquat7899]

Real estate prices booming in US again in the past couple of months due to foreign and corporate investors, despite 7% mortgages. Thoughts?

[@google-ads-for-estate-agents]

love this content Charlie nice work mate

[@cryptoexperience4446]

Well done Charlie your on the mainstream radar now how long until a tv interview???

[@HipsterDoofus]

I think Charlie was on Nigel Farage's show on GB News a few months ago.

[@FJ3425k]

so does charlie like the shift to 35 yr terms or not, couldn't work it out

[@myrtleesther8855]

If you extend your mortgage term and the have a change in circumstance for example inherit a substantial amount would you be able to pay off a large chunk of the mortgage or clear it completely?

[@sylsuthss]

You have to review the terms and conditions of the product you have taken out. There is usually a penalty charge if for example a repayment mortgage of a certain percentage for each year of the term if above the 10% allowed

[@ianbanister67]

Hi Charlie I'm in the NW of England and you can see on Zoopla house prices are reducing except new house builds - have you any tips for negotiating with the top 6 for discounts or freebies? Cheers Ian

[@MovingHomewithCharlie]

Yes. Offer what you’re comfortable paying, no more. Walk away if not accepted. Some will come back to you.

[@jon-ie4li]

Why would anyone sell, banks are bending backwards to help and I am Landlord and have never seen the rental market so strong.

[@exploringsuffolk]

We are trying to move, happy to accept reduced price of prices of ones we looking at drop and they just aren't

[@garycarmichael8432]

Yeah, people are still being unrealistic. Wish you luck in moving.

[@exploringsuffolk]

@@garycarmichael8432 thanks, we had offer of 6% below asking price from investor, but ones we want aren't dropping that much yet

[@SilverWong-yo5iu]

​@@exploringsuffolk6% I'd generous, I am asking EA if 15% below asking price is not a possibility , I won't consider to go viewing.😂

[@steamhammer2k]

Payment Holiday costing 80k over the term. About the same at the money taken from everyone's pension when the put pension age up. no one flinched at that so I guess that`s a not such a bad deal as i thought it was.

[@Rahul-oy4bp]

I have given offer price that's 7% below the ask price and the ask price is 3% below the bought price of a flat in 2017. Although my price is the highest price for the property the EA is not quoting the offer price to it's vendor and saying to me they are not comfortable to quote my offer price to the seller as they have bought at higher price and at least give them the ask price that's 3% below the price they purchased the property. EA not passing down my offer.

[@martinaston1715]

They have to its the Law

[@Rahul-oy4bp]

@@martinaston1715 I have seen a property priced X and it's gone under offer and not allowed viewing to anyone to bid up and if one calls thats EA (YourMove ) here they give excuse more than 5 offers, seller doesn't want more viewing, under offer ) and put the property off the market and that property can eadily get 10% above ask price. I also tried to pay buyers commission to get it but didn't work. So the property gone to EA relative or seller relative and in the market for just online show listing. Not everything is followed by the law.

[@moskyzz0]

Hey Charlie, are you thinking of creating podcasts on Spotify?

[@MovingHomewithCharlie]

They’re already there! open.spotify.com/show/1N2sKk2K4sRQQgd9ReXM8n?si=oBY8XBSxSP2str-4mYL-_g

[@connormcleod9595]

The hero of our times..

[@ph8077]

Very good & succinct info, Charlie...you're a beacon of light in the space. I'd expect quite a few more media offers on the basis of your performance here. ...& unlike the majority of YT commenters, I'm not the obsequious & rear, mid-height smoke-blowing type!

[@realitycheck4086]

Hello Charlie - does one really need an estate agent? Can’t one just put your own advertisement on sites like Rightmove and Zoopla?

[@MovingHomewithCharlie]

Unless you're a former estate agent, yes you really need an agent, especially in this market. Advertising on RM and Z can only be done through estate agents, and in any case, that's not enough to get your property sold, especially in this market. (Believe me, I started in this industry by thinking agents weren't needed any more. I had no idea what's involved.) Some people will try and sell privately, and it is possible, but much riskier, more difficult and you're less likely to get the best price.

[@rafdannyboy]

People are crazy if they dont think the market can come down 20-40%. They believe it goes up but not down. Interest rates are directly related to prices. Its banks that got us here.

[@oskadavid2964]

houses still selling regardless of anything, prices have not made sense for 10 years

[@healthiswealth6797]

Goverment Ponzi scheme

[@jasonaris5316]

If anyone needs a conveyancer in Scotland let me know. My wife’s an established paralegal (35 years experience) based in the Borders but covers all of Scotland I may be biased but she knows her stuff 😊

[@echoecho5244]

The best way for the gov to pump up house prices is to make renting the most horrific existance possible. Would not put it past them to do that

[@markarfur1]

Did you remember the name for the government lodger scheme?

[@MovingHomewithCharlie]

Rent a room scheme www.gov.uk/rent-room-in-your-home/the-rent-a-room-scheme

[@tomroland5467]

Spoke to two agents over the weekend. Basically got the same message. Confidence in the market is high despite the rise in interest rates. Prices will probably start to increase again later in the year. Very little is coming onto the market local to me.

[@davewright9313]

Where do you live?

[@zoranj364]

@@davewright9313 Winter Wonderland

[@tomroland5467]

@@davewright9313 North Somerset

[@SilverWong-yo5iu]

You believe what agents said😂

[@Hawksby]

😂

[@sameerpinto8035]

Hi Charlie. Rightmove shows house was bought for 345 k in 2020. Seller now wants 525. Which is not far off mkt rates in the area. Can Rightmove make an error on 2020 price? What else could it mean?

[@kd3446]

I think prices went up by 1/3rd so sounds about right I know mine did in the space of 8 months in 2021

[@SycAamore]

You'll be a mug if you give him that 525K!

[@border304]

If you can afford it, and really want it.... But you'll be lucky to sell for more than that in the next decade. Depends on inflation lol. But in real terms it'll be ages.

[@James-mb3je]

Seeing previous house prices can be a double-edged sword, I let a property go that I really wanted because they were asking for 25% more than they paid 12 months earlier. With no improvements having been made in that time. I'm happy with where I bought but I wanted that 1 more, I just wasn't willing to give the guy 60k for nothing (imo). If I didn't know, then I would have paid the asking 😅

[@SycAamore]

@@border304 Very good point that he won't see any additional equity in that house. What's more interesting, if mortgage rates stay at 6%, in 25 years he would need to pay a total of over 900K for that house, if not more! There are many online calculators. That's a total disaster on a personal and investment level, but it seems not many people think about these awful outcomes...

[@SycAamore]

Charlie is the Portuguese variant of a Martin Lewis! One is pale, boring, and running around like a sheep trying to "solve" people's problems. The other is lively, passionate, and sees the problems before they actually occur...

[@CL-un9gg]

Wow! Charlie is Portuguese?

[@martinaston1715]

One is also worth about £50 million…

[@SycAamore]

@@CL-un9gg What did you think? I don't want to be disrespectful but I don't think a typical English bloke can pull this off. You need passion, you need focus, and many other qualities. Charlie is pretty unique in the UK property market. I know there are some similar guys in the US, but not here. That's why I was saying a guy like Martin Lewis is just someone who reports on the existing issues and offers "solutions". A nice guy, but pretty useless if you ask me...

[@SycAamore]

@@martinaston1715 Yeah, good for Martin, it just shows you the "great" choice they have...

[@hmartinspliff]

Martin Lewis is a nice guy but he thinks strictly inside the box working within the rules and using the tools handed down to him from on high by the financial and governmental institutions. He tries to make the best of a bad situation. Charlie, on the other hand, is a modern day Nostradamus predicting future trends to stay ahead of the curve and exploit the opportunities. He's a genius. He doesn't need to cheat like the uber-rich oligarchs and banking corporations who use their wealth and power to rig the game in their favor to siphon money thru legalized Ponzi scheme investments.