0:00
The rise in unemployment is a real
0:02
factor. You can't get a mortgage without
0:04
a job. I think house prices would be
0:05
coming down further if it weren't for
0:07
lenders extending multiples. So, they're
0:10
now lending up to six times salary.
0:12
That's helping soften the fall of
0:15
prices. A lot of people are now scared
0:16
of buying leases because of the
0:18
uncontrolled service charges. So, that's
0:20
also been hitting leasehold flat sales
0:22
where a lot of buyers are just they're
0:24
just like all I'm hearing is horror
0:25
stories about service charges. I'm just
0:27
scared of it. There's just more selling
0:28
pressure than buying pressure right now.
0:30
When you look at average earnings,
0:32
especially inflation-adjusted wages, the
0:34
last sort of 15 years has been pretty
0:36
feeble. But, first-time buyers are at
0:38
record levels now. So, it's first-time
0:39
buyers are now 54% of transactions,
0:42
which is good. But, it would be a lot
0:44
higher if employment was stronger. But,
0:46
with employment unemployment rising
0:48
month on month on month, every single
0:50
month, and we haven't even had minimum
0:52
wage increase. It's coming in next
0:53
month. That's going to hit unemployment
0:55
even harder, and that, I think, is the
0:57
biggest driver of house prices. Yes,
0:59
interest rates are important, but only
1:00
if you can get a mortgage.
