House prices can’t measure your buying power because the moneylenders have already completely skewed that by offering a huge and ever increasing borrowing ability to most applicants (except perhaps those sleeping rough or unemployed)!
Secondly, house price levels don’t indicate your level of wealth because the taxman will take in taxes, most of any equity you’ve made when you do sell – unless of course you buy somewhere else. Similar price-levels will obviously apply so little is actually gained or indeed lost here, relatively speaking.
Thirdly, estate agents generally exaggerate all the house prices because they are taking a rake-off! As long as they can carry on ‘pulling the wool’ of a few people’s eyes, they’re making themselves a goodly amount of commission on each sale, as and when these eventually complete.
This whole process therefore needs a fundamental and wide-ranging reform.
The Hendry Solution is the best way to achieve this. It has been developed, over several decades, as a clear way to do it in the most efficient way possible. It does this after looking at the difficulties being experienced by those in both the buying and the selling situations across all housing marketplaces in England and Wales.
Coupled with the fundamental reforms recommended, those wishing to invest their futures in the housing markets also need much swifter methods for legally transacting sales and purchases. Pre-contract ‘information packages’ and high speed conveyancing processes, are among the several ideas seriously worth considering or re-considering.
For a full explanation of exactly how this may be accomplished, please follow the link to:
The Hendry Solution: Full details of our proposals for properly reforming the UK housing market..
Peter Hendry, Consultant in Housing Valuation