Property Perspectives | Stop Focusing on First Time Buyers
04/18/24 • 19 min
Join Mark as he gives an overview of the current news stories around property including the growth of the construction industry and his take on the favourability of first time buyers and what targets we should instead be focusing on. Mark also talks about the current rent crisis and the impact of the cost of living on landlords, investors and tenants.
KEY TAKEAWAYS
- Historically, first time buyers keep the market moving and triggered economic growth but the favourability towards them with schemes such as help to buy have been detrimental in many ways too.
- The cost of construction has gone up by around a third, and this has created redundancies and collapses in the industry.
- Rent rises have surged post-covid and during this current cost of living crisis but Mark is seeing indications of this now slowing as demand is starting to reduce.
- Airbnb and other serviced accommodation providers have had a direct impact on housing stock. Some controls are beginning to be introduced but it’s important that these also incentivise traditional landlords to create choice and keep prices moderate.
- Building on brownfield sites is a key factor in meeting any kind of house-building targets but it’s also important that the targets are focused around the right types of properties in the right areas.
BEST MOMENTS
"For decades there's been the assumption that first-time buyers prop the market up”
“First time buyers have become older”
“Construction industry whilst not mended is probably on the way to being mended after a difficult period”
“2020 was probably coming right to end to the previous cycle”
“We should be focused on the types of properties being built in the right areas”
VALUABLE RESOURCES
https://www.youtube.com/user/progressiveproperty https://www.progressiveproperty.co.uk/the-progressive-co-founders/
ABOUT THE HOST
Mark has bought, sold or has managed around 1,000 property units for himself, Rob, his family and his investors since 2003. He is a system and spreadsheet geek and has developed a complex, confidential deal analyser system of buying residential, commercial and multi-let properties.
CONTACT METHOD
Email: [email protected]
LinkedIn: https://www.linkedin.com/in/markhomer1
Facebook: https://www.facebook.com/markprogressive
Twitter: https://twitter.com/markprogressive
‘Brought to you by Progressive Media’: https://progressivemedia.uk/
Join Mark as he gives an overview of the current news stories around property including the growth of the construction industry and his take on the favourability of first time buyers and what targets we should instead be focusing on. Mark also talks about the current rent crisis and the impact of the cost of living on landlords, investors and tenants.
KEY TAKEAWAYS
- Historically, first time buyers keep the market moving and triggered economic growth but the favourability towards them with schemes such as help to buy have been detrimental in many ways too.
- The cost of construction has gone up by around a third, and this has created redundancies and collapses in the industry.
- Rent rises have surged post-covid and during this current cost of living crisis but Mark is seeing indications of this now slowing as demand is starting to reduce.
- Airbnb and other serviced accommodation providers have had a direct impact on housing stock. Some controls are beginning to be introduced but it’s important that these also incentivise traditional landlords to create choice and keep prices moderate.
- Building on brownfield sites is a key factor in meeting any kind of house-building targets but it’s also important that the targets are focused around the right types of properties in the right areas.
BEST MOMENTS
"For decades there's been the assumption that first-time buyers prop the market up”
“First time buyers have become older”
“Construction industry whilst not mended is probably on the way to being mended after a difficult period”
“2020 was probably coming right to end to the previous cycle”
“We should be focused on the types of properties being built in the right areas”
VALUABLE RESOURCES
https://www.youtube.com/user/progressiveproperty https://www.progressiveproperty.co.uk/the-progressive-co-founders/
ABOUT THE HOST
Mark has bought, sold or has managed around 1,000 property units for himself, Rob, his family and his investors since 2003. He is a system and spreadsheet geek and has developed a complex, confidential deal analyser system of buying residential, commercial and multi-let properties.
CONTACT METHOD
Email: [email protected]
LinkedIn: https://www.linkedin.com/in/markhomer1
Facebook: https://www.facebook.com/markprogressive
Twitter: https://twitter.com/markprogressive
‘Brought to you by Progressive Media’: https://progressivemedia.uk/
Previous Episode
REVISTED: Why You Should NEVER Pay off Your Mortgage Early
Mark has been investing in property for 15-20 years, approaching the 100 mark in terms of deals made and has a 70 million equity stake in various portfolios. One of the questions he repeatedly gets asked, is whether it is worth using additional cash to pay of your mortgage or if it is better to invest it elsewhere. Listen in to this episode to hear his thoughts and answers to this common question.
KEY TAKEAWAYS
- If you are even slightly disciplined you should not pay your mortgage off. If you are worried about interest rates then look at fixed rate mortgages.
- If you can invest your cash somewhere else, you will earn more back on that lump sum than you will be paying in interest on your mortgage.
- Property is still by far the best investment opportunity particularly in terms of lending from banks; they will always give you a great interest rate on anything you borrow.
BEST MOMENTS
“Why would you want to pay of your mortgage if you can get consistently good returns by investing in your isa and getting much much higher investment returns”
“You’ve got to make your money work for you, no one else will look after your money like you do”
VALUABLE RESOURCES
https://www.youtube.com/user/progressiveproperty https://www.progressiveproperty.co.uk/the-progressive-co-founders/
ABOUT THE HOST
Mark has bought, sold or has managed around 1,000 property units for himself, Rob, his family and his investors since 2003. He is a system and spreadsheet geek and has developed a complex, confidential deal analyser system of buying residential, commercial and multi-let properties.
CONTACT METHOD
Email: [email protected]
LinkedIn: https://www.linkedin.com/in/markhomer1
Facebook: https://www.facebook.com/markprogressive
Twitter: https://twitter.com/markprogressive
‘Brought to you by Progressive Media’: https://progressivemedia.uk/
Next Episode
Building Your Power Team
Join Mark as he talks about how to build the power team you need for your business. Mark also talks about how to keep your team motivated and why it’s essential for the success of your business to work with a team.
KEY TAKEAWAYS
- Working with property is a team sport, you can’t do everything yourself. Find the people who know more than you and work with them.
- Due diligence is essential in finding the right people for the jobs you need. There are a lot of specialists when working with property, especially if you are working in renovating or conversions.
- You want an expert with experience, someone who has verifiable skills in the exact job you want doing.
- Progressive Property Approved, is a list of approved specialists that have proven experience with progressive so you can feel confident you have the right person for the job.
- Mentorship is essential for building you and your power team, allowing you to continue to learn from those who have been where you are.
BEST MOMENTS
"I’m a bit of a conductor, trying to find the right person for each job that I need doing”
“You cannot know even a tiny percentage of what goes on in the property market”
“I've kissed so many frogs, picked so called experts, picked the wrong ones for the wrong jobs"
VALUABLE RESOURCES
https://www.youtube.com/user/progressiveproperty https://www.progressiveproperty.co.uk/the-progressive-co-founders/
ABOUT THE HOST
Mark has bought, sold or has managed around 1,000 property units for himself, Rob, his family and his investors since 2003. He is a system and spreadsheet geek and has developed a complex, confidential deal analyser system of buying residential, commercial and multi-let properties.
CONTACT METHOD
Email: [email protected]
LinkedIn: https://www.linkedin.com/in/markhomer1
Facebook: https://www.facebook.com/markprogressive
Twitter: https://twitter.com/markprogressive
‘Brought to you by Progressive Media’: https://progressivemedia.uk/
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