Buyers paying more for overvalued property than they are saving on stamp duty
Home buyers rushing to beat the June Stamp Duty Holiday deadline could be paying far more for an overvalued property than they are saving on the tax?
Inflated property prices keep hitting all-time highs, despite higher unemployment and the worst recession in 300 years, and buyers are paying over the odds, according to a BBC report.
In one example, a house which sold for £325,000 during the first lockdown is now on the market for £400,000! Three couples are trying to buy it before June despite the fact that they have no need to panic.
I have recently seen dilapidated properties auction sell for £200,000 over reserve, despite needing a minimum of £100,000, and the total outlay being far more than the average price in the area.
Mortgages are proving to be a challenge with surveyors booked up for weeks and lenders becoming choosy about who they lend to. Some sellers would rather take a lower offer from a cash buyer than risk losing a sale due to mortgage issues further down the road.
Stock markets and cryptocurrencies have also hit new highs with buyers jumping on the bull market bandwagon for fear of missing out – FOMO. In my experience, bubbles like these have usually burst leading to market crashes and downturns.
Overseas buyers from places like Hong Kong are helping to push sales of super-prime London property. In 2020, over 200 properties valued at an average of $18 million were sold in London, more than any other city. Upmarket estate agent Savills reported that they have sold almost 100 £5 million London properties.
The Central London property market is unique and a world apart from the rest of the UK, as well as most of the capital. Billionaires can afford to park up to £50 million into a property and leave it empty for years.
The price of an average property in the London area is just over £500,000 and half that for the rest of the country. There are also parts of the UK where you can pick up a house for £30,000!
In fact, since the lockdown started there is a growing trend to move out of the city centres into the countryside creating so-called “Zoom Towns”, where people work from home and hope the wifi is strong enough.
In the UK, GDP rose last month by just under half a percent and EU trade has recovered after a shaky post-Brexit start this year.
How To Start A Money Making Business From Home Without Capital Or Risk
Did you read the story of the man in East London who is making a fortune after starting a home-based business last year when he was laid off from his job during the lockdown?
What was the business? Assembling flat pack Ikea furniture! Yes, that’s it. No premises, no rent or overheads – pure profit!
During the lockdown, there was a boom in home improvements and like me most people hate assembling furniture. He jumped in, provided a service that people wanted and is making a pile of money putting together flat pack furniture for thousands of customers.
With pubs and restaurants closed for the lockdown in the UK and Ireland it’s a reminder of how vulnerable physical businesses, like pubs, restaurants and shops are to economic downturns or market changes.
At the same time, internet business owners are getting richer. Never in history has more goods been bought on the internet.
Even before the pandemic, the high street was already under pressure from online shopping, which has exploded in the last few years.
High rents, taxes and competition from the likes of Amazon and Shopify have driven large retailers, like Debenhams, out of business and forced John Lewis to start closing 70% of its 50 plus stores in the UK.
How does this help you get started online?
The internet has given small home-based businesses an opportunity to compete with the big companies which have dominated the market. They took the best sites in the high street and malls, and often drove small retailers to the wall with massive advertising and undercutting. Fortunately, this has now changed and that’s how you can benefit from the online bonanza.
You can now set up a risk-free online business or store – from home in your spare time – and sell to a potential market of 5 billion people browsing the internet every day looking for solutions to their problems.
You no longer need to rent a shop or premises and pay high taxes and bills before you make a penny. And you don’t have to quit your job until your business income exceeds your salary.
Here are 3 simple steps.
Sell solutions to people’s problems
Research your idea or product online – where else! You can check on Google how many people are searching for products or solutions to their problems. For instance, millions of people want to be slimmer and healthier, especially in these times. According to wordstream 450,000 people have recently searched for “how to lose weight” on the internet. Other ‘keyword’ searches like “diet” and “lose weight fast” had similar results. That’s just one niche!
You can literally find out how many people are searching for keyword solutions by checking on Google and specialists like Wordstream and Mondovo absolutely free. Market research like this was previously only available to large companies with large budgets. Now you can access it for free.
You can get up and running with your online business website today for free with GrooveFunnels. For more information…click here
Set up your online business today
Set up an online business selling products that people are looking for (not what you think the market needs), or sell to people online from your existing business, by setting your website online today. You don’t need to pay a designer or software engineer to set up a website, as there are readymade templates and off-the-shelf website pages to get your business started today. In the past, I have spent tens of thousands on websites because they had to be designed and built from scratch, which took months. Fortunately, you don’t have to go through this pain.
You can now build a simple website for free using GrooveFunnels template pages and built-in shopping cart checkout facilities with a click of a button. GrooveFunnels is offering free lifetime access for a limited period only – no credit card required to open and start using your free account. For more informationhttps://groovepages.groovesell.com/a/uy9VcdqIvopT, click here
Now decide what you are going to sell and how and GET STARTED!
Decide what niche you want to be in and what you want to sell. Unless you already have your own products and business (which you may want to change based on your new research on what people actually want) you can start by selling other people’s products and services for a generous commission of between 10 and 50%. This is essentially how some of the biggest companies in the world make billions in profits.
Booking.com and Airbnb do not own their own hotels and Amazon helps millions of small retailers and authors sell online for a commission.
If you want to start earning cash today, GrooveFunnels will also pay you a commission to recommend their fantastic free software to your friends, colleagues and customers when you open your free account. Find out how to earn money
Here’s the best part. It’s risk free and no capital investment required! No re-mortgaging your house and borrowing thousands or risking everything to open up a physical business. And you can get started right away. What have you got to lose?
PS. One final thing…this free lifetime access is on offer for a limited period only.
GrooveFunnels only plan to keep this offer open for a short while and will soon start charging at least $99 dollars per month to access the same package you can get for free for life – NO credit card needed…FREE LIFETIME ACCESS.