Will This Housing Boom Last?
Samuel Leeds here and right now we are currently seeing house prices go up and up. It is definitely a sellers market at the moment. However people are wondering whether it is still a good time to invest in property. I explain why now is the time to still take action!
Over the last year we have had some big change:-
- New Legislation
- Tax Change :- Section 24*
- Tenants Rights (You can not evict a tenant until Lockdown is over even if the tenant is not paying rent)
* Section 24 – You can not claim you mortgage expense as tax deductible.
All these changes have of course brought a lot of discomfort to landlords and some have even started selling their property portfolios.
But despite all these changes property prices have been continuing to go up !
The property market over the last 1000 years has always gone up over time but it doesn’t just go up steadily. It goes up and down, up and down and always has done but it is steadily always going up and always has done. Because it goes up and down though then emotions and fear and complexities come into the equation. If the property market just slowly went up then there would be no fear but it’s fear that keeps the property market going up. When people are scared and worrying about all the new legislation and Brexit then this is the time for you to be GREEDY. When people are greedy then that’s when you need to be scared.
We know in time that property will always go up, even if it dips for a little it will always rise again. So rather than trying to think/predict what’s going to happen over the next 6 to 12 months you just need to say this ” When I’m buying a house , I’m going to hold onto it, I’m going to rent it out and make a nice income from it.”
So it doesn’t matter if it goes down or up because what matters is what is going to happen over the next 20 years not the next 3 to 6 months.
‘Don’t wait to buy property- Buy property and wait!’
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