Money Tips Daily by Charles Kelly, former IFA and author of

The UK economy grew by 4.8% between April and June, according to official figures, as most businesses emerged from lockdown.

Data from the Office for National Statistics showed that the expansion in gross domestic product (GDP) was fuelled by retail, restaurants and hotels.

Education also boosted the economy as schools reopened in the second quarter.

However, the figure was slightly below the 5% the Bank of England expected.

The UK economy is now 4.4% smaller than it was before the pandemic.

Growth in the second quarter contrasts with the first three months of the year, when the economy shrank by 1.6% while Covid restrictions were still in place. Source BBC and ONS.

Advertised job vacancies also rose particularly in the building industry. However, unemployment could rise next month when the furlough job retention scheme ends.

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House prices have fallen for the first time this year, according to property website Rightmove, but does this mean we are heading for a market crash?

The website reports that the “average price of propertycoming to market in August fell 0.3%”, which is a small drop of £1,076, to £337,371.

The property market slowdown follows the ending of the stamp duty holiday and a subsequent fall in demand for bigger homes.

"Average prices have only fallen in the upper-end sector," said Tim Bannister, Rightmove's director of property data.

First-time buyers and second-stepper properties are still in demand, leading to new record high average prices in those sectors, he added.

Rightmove figures revealed a 0.8% drop in the four-bedroom-plus sector, but new record price highs in the two-bedroom sector, up by 0.6%, and three to four bedroom second-stepper-type properties, up by 0.3%.

Summer holidays normally lead to a slowdown in activity in August, experts pointed out, with many anticipating a slackening in demand. Source: BBC and Rightmove.

The small property price falls, based on new houses coming onto the market, do not yet indicate a market crash. Minor price fluctuations could be seasonal or influenced by a post-stamp duty holiday slowdown.

Property investors should see a return to a more normal buyers property market in the coming months. I am definitely noticing more price reductions and properties coming back on the market after a sale fell through.

However, markets, like the bond and stock markets, are not always rational and frequently react to external events, such as a war or political instability in the Middle East.

The actual figures based on sold properties for the current period will be revealed in official Land Registry data later this year.

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A book that influenced me 12 years ago was The 4-Hour Workweek by Tim Ferriss who said you can “live anywhere” and “join the new rich”.

He talked about persuading your boss to let you to work from home and then systemising everything enabling you to travel the world. It all sounded like a fantasy in 2007 but today millions of people are being offered the opportunity to work from home permanently, even if you live abroad.

The Ocado Group has told office staff they can work remotely from anywhere in the world, which means you really can live the so-called laptop lifestyle!

Silicon Valley giants have no plans to bring all staff back to their plush offices for the time being.

Not everyone likes the idea of permanent home working, and many miss the social aspect of going to work. Governments and retailers are also missing the revenue from city office workers.

To be fair, Tim Ferriss already had a physical business before he took off on his globetrotting adventures.

Can you really work a few hours a week while leading a laptop lifestyle? Of course you can!

There are hundreds of ways to make money online working from a laptop, tablet or smartphone from anywhere with a Wi-Fi connection.

You can learn how to become financially free, quit the rat race (if that’s what you want) and live life on your terms.

If you would like to learn how to invest and manage your money, become a professional property investor, and be financially free without working any harder and spending your life exchanging your time for money watch this free on demand training now to learn how to become financially free without working any harder.

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#timferriss #workfromhome #laptoplifestyle

Higher energy prices will hit millions of people across the UK in October, just when the cold weather starts, and the country moves into winter.

The energy regulator, Ofgem, said the price cap for default domestic energy deals would be raised to cover suppliers' extra wholesale costs.

Your typical gas and electricity bill could go up by £139 to £1,277 a year.

Prepayment customers will see an increase of £153, from £1,156 to £1309, the regulator said.

There has never been a more urgent time to review your tariff and consider switching to a cheaper supplier.

Switching is simple using one of the many comparison sites or making a few phone calls. Just Google ‘switch energy supplier’. One comparison site said you can save £268 by switching today. I have not verified this statement, but I have saved similar amounts by shopping around.

Check out my free S.M.A.R.T MONEY MANAGER COURSE VIDEO.

You can also save by calling you current supplier and asking them to put you on a cheaper tariff.

The worst tariff is usually the ‘standard’ one and people with prepay metres – usually the lowest paid - are paying the most for their energy.

HMO landlords who include bills in the rent should definitely shop around for the best deals, as tenants, like children, are not too fussed about turning off lights!

The energy price hike reflects rising costs of commodities across the globe.

Yesterday, the Governor of the Bank of England described price rise surge as “temporary”, as the Monetary Policy Committee (MPC) unanimously voted to hold base interest rates at the record low 0.1%.

Andrew Bailey did warn that if inflation continued to rise that the central bank would have to take “action”, which translates as higher interest rates.

The Bank warned inflation will hit 4% this year, higher than previously forecast and double its 2% target rate.

We have witnessed higher prices in the shops here and in America. The Consumer Prices Index hit its highest for almost three years in June, at 2.5%, as food and energy costs rose.

This could be a long cold winter for millions of people, so you had better prepare yourself.

Becoming financially free takes time and requires many hours of hard work and study.

If you would like to learn how to invest and manage your money, become a professional property investor, and be financially free without working any harder and spending your life exchanging your time for money watch this free on demand training now to learn how to become financially free without working any harder.

As a thank you, I will give a special free gift which can help transform your finances when you attend the online training.

Click on this link to watch the free training now https://bit.ly/3wLWqx2

Where Are The 2021 London Property Sales Hotspots?

The London boroughs of Camden and Barnet top the 2021 property sales hotspot table, report says. 

Around £70bn of property has been snapped up by UK buyers this year fuelled by government incentives, such as the Stamp Duty Holiday and the furlough scheme which ends in September.

London postcodes Camden and Barnet were the most valuable sales areas, with Brighton in eighth place and the only location outside the capital, according to Mortgage Solutions.

Watch Video version.

Estate agent Keller Williams UK analysed sold prices across the market in England and Wales since the start of the year and reports residential property sales reaching £68.8bn.

Higher property prices in the capital saw London lead the table. Property sales in Camden and Barnet alone reached £262.5m, with Merton and Wandsworth in SW19 hitting £248.8m. Kensington and Chelsea’s W8 postcode came fifth at £225,963,338.

However, the only top ten postcode outside London is BN3 postcode in Brighton and Hove, which has seen £206m worth of homes sold since the start of the year, making it the eighth-most valuable property postcode across England and Wales and the most valuable outside of London.

The popular seaside town of Brighton made the list (£157m), and was the only one on the list outside the capital.

The SL6 postcode in Maidenhead (£169.7m), the Dorset postcode of BN2 (£157m), SO41 in the New Forest (£125.9m), the Manchester postcode of WA15 (£120.7m), Southend’s SS9 postcode (£118.5m), BA2 in Bath (£117.1m) and Horsham’s RH12 postcode (£112.3m). Further evidence that buyers are seeking more space and fresh air, especially when given the option of working from home. Source: MortgageSolutions.co.uk

Is the property market about to crash?

Did you know that professional property investors make money whether the market is rising or falling?

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Up to 20% of employers plan on firing staff in response to the furlough policy change on 1 August, which see’s employers pay more, a survey has revealed.

The British Chamber of Commerce is calling for additional training to deal with thousands of redundancies predicted, the BBC said.

Watch video version.

From 1 August, government payments will be cut to a 60% contribution to salaries, with employers paying 20%.

Based on recent figures up to 30 June, 1.9m workers were on furlough, down from a peak of 5.1m in January. The government said 11.6 million jobs have been supported since the Job Retention Scheme launched in April 2020.

The scheme will close at the end of September.

The scheme meant that staff whose jobs were put on hold during the coronavirus pandemic were guaranteed 80% of their salaries up to government limits.

As the scheme started winding down this year, the support has being made less generous to ween businesses of government aid. From 1 July, employers have been asked to contribute 10% towards the wages of furloughed workers for hours their staff do not work, which has now risen to 20% during August and September.

The British Chamber of Commerce surveyed 250 businesses, with 18% saying they were likely to make staff redundant in response to the change to furlough.

A quarter said they would aim to reduce hours or move staff to part-time working patterns.

The tourism industry is in turmoil according to travel experts, which will deprive the UK of billions in revenue.

On a recent visit to two major areas, normal packed with foreign tourists, I saw mainly British visitors. One guide told me that numbers were down substantially with hardly any overseas customers.

Restaurants, hotels and bars are all suffering. Shopping venues like London’s Oxford Street rely heavily on the summer holiday season with half of sales from foreign visitors.

How will this affect the property market? Listen here for my views.

Make your money work harder for you, rather than working hard for your money.

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As a thank you, I will give a special free gift which can help transform your finances when you attend the online training.

Click on this link to watch the free training now https://bit.ly/3wLWqx2

The UK economy is predicted to grow faster than expected this year as it recovers from the lockdown, according to the International Monetary Fund (IMF).

The IMF upgraded growth forecasts for developed economies in its new assessment, but said the world is increasingly split into two blocs with the outlook for many developing countries weakening. Watch Video

The largest upgrade is for the UK to 7%, which is forecast to have the joint fastest growth of the G7 leading rich countries, together with the US, although that follows a sharp contraction last year that was the deepest in that group.

I was in central London this week and it was buzzing with activity again, with full cafes, restaurants and tour buses.

However, shop closures are still rising, especially in the North East where vacancy rates are the highest.

The end of the business rates relief and furlough scheme will be a further blow to the retail and fashion sector already suffering from increased competition from online retailers, such as Amazon.

I see shops closing all around me, but then opening up again a few months later by some hopeful start-up selling the same kind of stuff.

If you really want to get into business, the best way to get started without the huge financial risk of a physical business is to start with an online business.

Property is another type of business you can run part-time with little or no capital. If you would like to learn how to become a professional property investor, join the upcoming PROPERTY REVOLUTION SUMMIT where you will discover secrets that have turned thousands of ordinary people into millionaires. CLICK HERE TO JOIN - https://bit.ly/3zSpGEd.

Would you like to learn how to become financially free without working any harder and spending your life exchanging your time for money watch this free on demand training now to learn how to become financially free without working any harder.

As a thank you, I will give a special free gift which can help transform your finances when you attend the online training.

If you enjoyed this and found it helpful, please like and share with your friends and follow me on social media to give more people free value.

Click on this link to watch the free training now https://bit.ly/3wLWqx2

More Evidence Of Property Market Slowdown Post Stamp Duty Holiday

More worrying signs for the UK housing market have emerged following the ‘Stamp Duty property purchase tax’ holiday withdrawals, according to the Nationwide.

The leading building society own figures revealed that house prices dropped slightly in July compared with June, but were still 10.5% higher than a year ago, mirroring an earlier report by the Halifax, Britain’s biggest mortgage lender.

In the rush to buy, most stamp duty savings were outstripped by fast rising prices.

The tax break helped create a housing boom during the pandemic. Booms are often followed by busts.

A typical home cost £244,229 in July and annual house price increases were at a 17-year high in June, but slowed slightly in July, the lender said.

Breaks for property purchase taxes were pulled in Wales at the end of June, and reduced in England and Northern Ireland at the same time. The tax will return to normal levels by October.

The number of homes sold every month reached record levels not seen since comparable records started in 2005.

The market for large properties outside of town centres had surged, while sales of flats had fallen.

The number of transactions for properties bought for £500,000 or more increased by 37% over the 12 months to March, compared with a rise of 2% for all properties.

The search for space, indoors and outside, had driven demand for larger homes in which to live and work during the pandemic. Flats, without gardens and - in some cases - with issues over cladding and fire safety, have been more difficult to sell. Source: BBC News.

Professional investors make money from property whether the market is rising or falling.

If you would like to learn how to become a professional property investor, join the upcoming PROPERTY REVOLUTION SUMMITwhere you will discover secrets that have turned thousands of ordinary people into millionaires. CLICK HERE TO JOIN - https://bit.ly/3zSpGEd.

Would you like to learn how to become financially free without working any harder and spending your life exchanging your time for money watch this free on demand training now to learn how to become financially free without working any harder.

As a thank you, I will give a special free gift which can help transform your finances when you attend the online training.

If you enjoyed this and found it helpful, please like and share with your friends and follow me on social media to give more people free value.

Click on this link to watch the free training now https://bit.ly/3wLWqx2

What Habits Define Your Life?

Your habits define you and you are where you are today largely due to the habits you form.

Watch YouTube Video.

Good health habits will make you healthy, bad habits will kill you.

Good money habits will make you rich, bad habits will make you poor, which I talk about in my book ‘Yes, Money Can Buy You Happiness’ and S.M.A.R.T Money Manager Course.

Would you like to learn how to become financially free without working any harder and spending your life exchanging your time for money watch this free on demand training now to learn how to become financially free without working any harder.

As a thank you, I will give a special free gift which can help transform your finances when you attend the online training.

If you enjoyed this and found it helpful, please like and share with your friends and follow me on social media to give more people free value.

Click on this link to watch the free training now https://bit.ly/3wLWqx2

The UK is now paying almost £9 billion per month to service its debt of £2 trillion – close to 100% of GDP.

In America, the situation is even worse with an acknowledged debt of $30 trillion costing $600 billion per annum.

The real American liability amounts to over $150 trillion if you take into account pensions and social security liabilities. The UK has a similar problem with unfunded pensions, state benefits, elderly care and the NHS.

With record low interest rates the debts I’ve just about manageable, but what would happen if interest rates went up to a normal five or 6%?

The ONS said that by December 2020 9 million people had to borrow more money.

Where will this all end?

The answer is that nobody knows because we’ve never been in this situation before where every country in the world is printing money like there’s no tomorrow.

Inflation looks set to rise which will force up interest rates plunging millions and some government into bankruptcy.

You need to educate yourself about money, so that you know how to build and preserve your wealth when disaster strikes.

Would you like to learn how to become financially free without working any harder and spending your life exchanging your time for money watch this free on demand training now to learn how to become financially free without working any harder.

As a thank you, I will give a special free gift which can help transform your finances when you attend the online training.

If you enjoyed this and found it helpful, please like and share with your friends and follow me on social media to give more people free value.

Click on this link to watch the free training now https://bit.ly/3wLWqx2