More on the IMF, mortgage approvals and (don’t) auctioning your property
The International Monetary Fund published a report today that says that George Osbourne is steering the right course for the economy. Basically there is no chance that the budget cuts will be reversed at least until the next election. If you are in a job then work extra hard because there will be plenty of others willing to do the same job, but more cheaply.
On the subject of mortgage approvals I was staggered to learn that there was only 29335 loans approved last month. This is the worst figure since records began, and this is in May. What are the figures in August or November/ December? This figure does mean that the house prices are going to decline, as I mentioned a few months ago. If you have to sell your house you wont get as much as you thought. Now of course in the long term the price will rise, if only due to the money base will have to be eroded. ie. What can a pound buy you 10 years ago as opposed to a pound today.
So what do you do if you want to sell a house (quickly): Put it in an auction – you will get the price discounted by 30-40% and that is your equity gone. Sell to one of those web based companys with no address – typically you get discounted by 25-35% losing the equity. Or sell to us in Putney, London where we GIVE you the equity – you wont lose it, it is all there in the Land Registry. To be accessed when the market is stable or growing in a few years time.
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