Property prices rising at fastest face in 17 years?
Nope, of course this ‘super’ price increase is not in Malaysia. I do think most people are more worried about the surging Omicron cases versus rushing to view homes. Total property transaction numbers may slow down for Q1 2022 versus other quarters in 2022 as the number of cases has gone back to over 10,000 on 6th February 2022. My wish is a simple one, that this phase will pass again with out current high vaccination rate.
Meanwhile in the UK, property prices are rising at fastest pace in 17 years for the month of January. Note. This is ONLY for the month of January 2022 and referring to the rate of increase from month of December 2021 to January 2022. One month does not mean that it will continue for the remaining months of 2022. If it maintains, then it will be a very bad year for potential home buyers in the UK. That news as below.
Article in bbcnews.com Nationwide building society’s chief economist, Robert Gardner said that prices rose by 11.2% year-on-year and 0.8% between December 2021 and January 2022 and this is the fastest annual pace for month of January in 17 years.
He said, “A 10% deposit on a typical first-time buyer home is now equivalent to 56% of total gross annual earnings, a record high.”
Mr Gardner said reduced affordability would be likely to dampen market activity and house price growth this year “especially since household finances are also coming under pressure from sharp increases in the cost of living”- with inflation hitting 5.4% in December, its fastest pace since 1992, and set to rise further in the coming months as energy prices go up. Please do read the full article here: Article in bbcnews.com
Staying safe first in whatever we do
When a friend debated with me about a certain brand of vaccine from the US being better than the one from the UK, I just showed this friend the number of new infections in both US and the UK. Well, it’s really not that effective at stopping infections. Omicron is too new for the vaccines. However, vaccinations are necessary as it will be able to reduce the likelihood of going to the ICU once infected. This is why 99% of all new Covid-19 infections in Malaysia nowadays does not need hospitalisation. Here’s latest news about PICKids.
Make plans for the 10% deposit instead
Remember to continue saving money instead of spending it all. Just too easy to spend it all these days with either Shopee or Lazada. Staying home may be a great time to research a bit more on the property market. Pick some properties and write down their advantages; close to office, size, amenities and even their disadvantages; over 30km away, small sized etc.
Choose a few and start to read more, check out the available units for sale and start making plans to view. By the way, I personally think we should view 20 units before deciding anything at all.
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