PHILIP’S BLOG 30/05/2014

canal-side-2014

THE DESIRE FOR A HOME

The BBC rang this morning asking for comment on Help to Buy and we were pleased to help . Sky News were filming here in George Street last week on the subject of rising interest rates & the impact on those with mortgages. Its great coverage for us but this media appetite for house talk currently seems insatiable. When I get home I have Sarah Beeney telling me to build an extension & the Location Home or Abroad people asking whether I should buy a cottage in Wales or South West France .I’d really like to watch a period drama but those slots have been taken over!

Most people just have a desire for a home. A place to call their own with the chaos of life parked outside ..or indeed inside if you have children and a dog! The current improving market & rising prices certainly make small talk at dinner easier (especially for agents..)but the reality is for most is that it is a paper profit which usually remains untouched. Are we really hungry for endless comment on the subject or is housing just at the front end of a consumer recovery in the economy which makes great ,but very easy coverage?

Here in Central Birmingham we see those wanting homes, those wanting pads in town & those worried about their future pensions , wisely realising that the rental market in this great City is not going away any time soon. Not all the renters want to buy. The flexibility of their tenancies makes life very easy. We’ve recently asked whether tenants want the comfort of two or longer year tenancies but the reality of renewing annual tenancies for many is the best of both worlds .

Are prices going to spiral out of control? I doubt. Is an interest rise going to cause mayhem? I doubt. Property is a long term purchase and whilst todays coverage might look like chaos the reality is that most people aren’t moving and most houses aren’t for sale!