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House Buyers - Wake Up!

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What happens when you buy a house

The vendor makes a profit of £100,000

The estate agent makes £5,000

The building society makes £3,000 a year from your mortgage

Gordon Brown makes £5,000 in stamp duty

The solicitor makes £1,500 for 2 hours work

An army of 'hangers on' start hoovering your bank account (carpet salesmen, kitchen salesmen, damp proofing comanies, insurance salesment, garden makeover specialists etc).

Who will say to you: "Don't buy, there is a crash coming"?

Will it be any of the above?

No chance! They want your money.

Will it be your parents?

Unlikely! They bought when houses were 1/5th of todays prices and they mistakenly believe that people can go on borrowing at ever greater multiples indefinitely.

Will it be your friends?

Unlikely! They have already bought their houses and they are starting to panic. They would much prefer to see you in the negative equity frying pan with them.

So what do you do? The answer is that you have to think for yourself and ignore the siren voices calling you onto the rocks. Remember that nearly everyone who speaks to you in the buying process has a selfish and vested reason for getting you to buy.

Here is one final sobering thought. The loudest calls for you to buy come from estate agents, building societies and financial advisors. It is interesting that these people are the least likely to buy properties themselves in the current market.

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  • 302 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?

      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%

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