Will Property Crash In 2021, As UK GDP Falls 10%?
Will Property Crash In 2021, As UK GDP Falls 10% Last Year?
The UK economy crashed by 9.9% in 2020, the worst drop in GDP on record, yet property prices rose by 7%! But will prises crash in 2021? The simple answer is nobody really knows and even if they did it would depend on a number of factors – like the speed of the economic recovery and the level of government spending and support for the housing market.
Despite the worst recession in 300 years, domestic property transactions were up 16%, average prices across the country jumped by almost 7% last year and the market is still buoyant despite a slight fall in January.
British auctioneer, Savills, sold over £100 million worth of property from its last three online auctions.
I attended Tuesday’s online only auction, and witnessed over £37 million worth and more than 100 properties go under the hammer. Properties, from a few thousand to millions of pounds, were selling fast at way over the guide prices – one sold for £200,000 over guide as eager bidders slugged it out until it was no longer an auction “deal” and could have been bought for less in a High Street Estate Agent’s office. Auctions are for experienced investors and not for the faint hearted!
This week the Chancellor Rishi Sunak announced a £3.5 billion package to help tenants and residents blighted by the ‘cladding’ crisis. Experts warn that the package is a drop in the ocean and will not help all of those unable to sell or re-mortgage their properties.
Despite this, I saw a property being sold at Savills auction which was in a block that has or has had the type of cladding that was on the Grenfell Tower block. The legal pack gave no information about remedial work let alone the like cost or service charges. When I phoned one of the auctioneers I was told, “if you’re unsure, don’t bid on it”! The flat was sold at under market value for the area in an expensive part of London to a buyer who will have to deal with the problem.
Buying at auction is a case of “caveat emptor”, Latin for buyer beware!
Whilst the end of the Stamp Duty Holiday in March – but could be extended for six weeks according to reports in the press this weekend – could signal an end to the boom, the government is still printing billions to make sure the party goes on for the foreseeable future. The party will end eventually, but exactly when is anybody’s guess.
Here’s the real secret…professional property investors make money from property whether the market is rising OR falling.
Just like professional share traders make money in a bull or bear market, property investors make money either way.
Here’s another secret…you make money when you buy a property, not in ten years time when it has gone up in value.
So, if you want to make money from property, learn from the professionals and learn how to buy right, in the right areas and for the right reason. You should take advantage of the many free webinars available for anyone who wants to invest in UK property.
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