The Progressive Property Podcast Repossessions, Permitted Development & Digitalisation: UK Property Update with Mark Homer
Mark Homer talk about what’s happening in the news right now in regards to residential property investment and gives an update on what we are seeing in the marketplace too.
KEY TAKEAWAYS
- House prices have dropped 3-4% across the country.
- We aren’t seeing a big increase in repossessions as some might have expected.
- There are 110k people coming off fixed-rate mortgages a month right now
- Lenders have had pressure put on them by the government to switch people to interest-only mortgages to help with affordability.
- There are a lot of new permitted development rights going through consultation right now which could be transformative for anyone looking to convert buildings into residential use.
- Betting offices, and payday loans will be within the permitted benefit scheme under new changes for redevelopment.
- There is a collaboration between the government and a property steering committee to get property digitalised, creating less friction, speed and transforming the industry.
BEST MOMENTS
“You can imagine these interest rate rises are going to bite and decrease their spending elsewhere”
“This is quite different to what we saw in the late 80s and because of that repossessions are still very, very low”
“House prices have probably dropped 10-15% in many areas”
“
VALUABLE RESOURCES
MSOPI – Multiple Streams of Income:
https://www.progressiveproperty.co.uk
ABOUT THE HOST
Kevin McDonnell is a Speaker, Author, Mentor & Professional Property Investor. He is an expert when it comes to creative property investment strategies. His book No Money Down: Property Invest talks about how to control and cash flow other people’s property to create financial freedom.
CONTACT METHOD
https://www.facebook.com/kevinMcDonnellProperty/
TikTok: https://www.tiktok.com/@progressiveproperty
YouTube: https://www.youtube.com/channel/UC0g1KuusONVStjY_XjdXy6g
Twitter: https://twitter.com/progperty
LinkedIn: https://www.linkedin.com/company/progressiveproperty
Instagram: https://www.instagram.com/progressiveproperty/
Facebook Community: https://www.facebook.com/groups/progressivepropertycommunity
Facebook Page: https://www.facebook.com/Progperty