Episode Details

Home buyers rushing to beat the June Stamp Duty Holiday deadline could be paying far more for an overvalued property than they are saving on the tax?

Inflated property prices keep hitting all-time highs, despite higher unemployment and the worst recession in 300 years, and buyers are paying over the odds, according to a BBC report.

In one example, a house which sold for £325,000 during the first lockdown is now on the market for £400,000! Three couples are trying to buy it before June despite the fact that they have no need to panic. 

I have recently seen dilapidated properties auction sell for £200,000 over reserve, despite needing a minimum of £100,000, and the total outlay being far more than the average price in the area.

Mortgages are proving to be a challenge with surveyors booked up for weeks and lenders becoming choosy about who they lend to. Some sellers would rather take a lower offer from a cash buyer than risk losing a sale due to mortgage issues further down the road.

Stock markets and cryptocurrencies have also hit new highs with buyers jumping on the bull market bandwagon for fear of missing out – FOMO. In my experience, bubbles like these have usually burst leading to market crashes and downturns. 

The Dow Jones index has doubled in 5 years and the Nasdaq has almost tripled!

Overseas buyers from places like Hong Kong are helping to push sales of super-prime London property. In 2020, over 200 properties valued at an average of $18 million were sold in London, more than any other city. Upmarket estate agent Savills reported that they have sold almost 100 £5 million London properties.

The Central London property market is unique and a world apart from the rest of the UK, as well as most of the capital. Billionaires can afford to park up to £50 million into a property and leave it empty for years. 

The price of an average property in the London area is just over £500,000 and half that for the rest of the country. There are also parts of the UK where you can pick up a house for £30,000! 

In fact, since the lockdown started there is a growing trend to move out of the city centres into the countryside creating so-called “Zoom Towns”, where people work from home and hope the wifi is strong enough.

In the UK, GDP rose last month by just under half a percent and EU trade has recovered after a shaky post-Brexit start this year.

How To Start A Money Making Business From Home Without Capital Or Risk

Did you read the story of the man in East London who is making a fortune after starting a home-based business last year when he was laid off from his job during the lockdown? 

What was the business?

Assembling flat pack Ikea furniture! Yes, that’s it. No premises, no rent or overheads – pure profit!

During the lockdown, there was a boom in home improvements and like me most people hate assembling furniture. He jumped in, provided a service that people wanted and is making a pile of money putting together flat pack furniture for thousands of customers.

With pubs and restaurants closed for the lockdown in the UK and Ireland it's a reminder of how vulnerable physical businesses, like pubs, restaurants and shops are to economic downturns or market changes.

At the same time, internet business owners are getting richer. Never in history has more goods been bought on the internet. 

Even before the pandemic, the high street was already under pressure from online shopping, which has exploded in the last few years. 

High rents, taxes and competition from the likes of Amazon and Shopify have driven large retailers, like Debenhams, out of business and forced John Lewis to start closing 70% of its 50 plus stores in the UK.

How does this help you get started online?

The internet has given small home-based