It's Budget eve, the UK property market is supposedly dead, and the goose of choice looks like the banks. Adam works through the leaks, the landlord angle and what the data says about mortgage rates and house prices.

Recorded the day before John Healey's first Budget, this is the round-up of the past eight days. The reported leaks (fuel duty frozen, the minimum wage up to £13.20 an hour, an extra £1bn for social and affordable housing), the long-overdue case for re-rating local housing allowance, and why a tax on undeveloped land might be the curveball.

Then Trump watch, with Brent closing at $116.72 and Hormuz still the pinch point, plus Andy Burnham on defence spending, the EU and the polls. Chris Watkin's numbers answer the week's big question: the market isn't dead. It's running about 8% below normal, and what's actually dying is overpricing.

The macro-scope covers unemployment at 4.7%, inflation at 3.5% in what Adam calls a "3% world", and why a 10-year gilt at 5.37% against a 3.6% average cost of debt will matter for years. Plus Charlie Munger's reminder that people behave as they're incentivised. Economics first, politics second.

In this episode:
(00:00) Budget eve: plucking the goose
(02:30) The leaks: fuel duty, minimum wage and £1bn for housing
(11:30) Help to Buy 2.0, pensioners and the £100k cliff edge
(20:30) Local housing allowance and a land tax curveball
(28:00) Zoopla and the London bloodbath
(32:00) Trump watch: oil, Hormuz, the Fed and the AI bubble
(42:30) Burnham, defence, the EU and the polls
(51:30) Chris Watkin's real-time numbers: is the market dead?
(62:00) The macro-scope: jobs, inflation and the 3% world
(77:00) Gilts, swaps and the 6.5% limited company fix
(80:00) PBW13 and the Budget for the bloody-minded
(86:30) Price it right on day one: KCCO

Next workshop: PBW13, Birmingham, Thursday 7th January 2027.
Join Adam and Rod Turner for a full day on strategic planning, productivity, systems and processes, and financial management and reporting. Interactive, with materials to take away. Grab a VIP dinner ticket for proper time with Adam and Rod.
Book here: https://www.tinyurl.com/AdamRod27

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2.1% growth nobody mentioned, Chris Watkin's week 40 numbers, $110 oil and a quiet Budget run-up.

The UK economy grew 2.1% over the last year and almost nobody mentioned it. Recorded nine days before John Healey's first Budget, this week asks what that means for UK property, mortgage rates and rents.

Jim O'Neill told the Treasury Committee that the most important thing about this Budget is that it doesn't screw anything up. Adam agrees, and gives the government credit for keeping the kite-flying down this time. The stories so far are small beer: income tax rather than CGT on redeemable shares passed to the next generation, the small business rates relief threshold rising from £12,000 to £18,000, and CGT talk that would only feel fair with indexation or taper relief back.

Rightmove's average new asking price is £371k, yet 38% of London listings have cut their price. Chris Watkin's week 40 numbers show net sales 6.3% behind 2025 and running at roughly 92% of normal, with a pricing gap of 17.8%. Struggling, yes. Crashing, no. (Find Chris on YouTube at @ChrisWatkin.)

Trump watch takes in $110 Brent, attacks in the Strait of Hormuz, a Fed decision on Budget day and a sharp AI-driven tech sell-off. The macro-scope asks why the forecasters keep getting UK growth wrong, and whether the 3% inflation world is now nearer a 2.5% one.

Then rent versus buy. Both take about 30% of gross income, but the average private renting household earns around £35k against about £60k for first-time buyers. Rightmove puts gross yields at 6.6% across Great Britain and 8.3% in the North East, and Solihull tops the rent hotspots, up 26% on the year. With swaps around 4.65%, Adam still sees limited company mortgages costing 6.5% to 6.75% in six months' time.

It closes with the cost of building a home, up £76,000 since before the pandemic according to the Prosper UK Housing Commission, the new high loan-to-income mortgage rules that start on Budget day, and, as ever, KCCO.

In this episode:
(00:00) The 2.1% nobody talks about
(12:00) Rightmove asking prices and the London squeeze
(17:00) Budget kite-flying: family firms, business rates and CGT
(32:00) Markets, LinkedIn round-up and the week ahead
(40:00) Trump watch: $110 oil, the Fed and the AI sell-off
(55:00) Chris Watkin's real-time numbers: struggling, not crashing
(1:07:00) The macro-scope: 2.1% growth and the forecasters
(1:18:00) Rent vs buy, yields and the rent hotspots
(1:31:00) Gilts, swaps and the 6.5% to 6.75% outlook
(1:33:00) PBW13 Birmingham: the next workshop
(1:34:00) A quiet Budget run-up and the cost of building homes
(1:37:00) High loan-to-income mortgages and KCCO sign-off

▶ Next workshop: Property Business Workshop 13, Birmingham, Thursday 7th January 2027
Adam and Rod Turner spend a full day on strategic planning, productivity, systems and processes, and financial management and reporting, with whatever the Budget changes built in. Super early bird tickets are still more than 20% off face value, and the VIP dinner is where the best chat happens.
Book here: www.tinyurl.com/AdamRod27

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More from Propenomix: https://propenomix.com/

Is the UK property market really dead? Chris Watkin's real-time data says no. It's slow, choosy and oversupplied, but still agreeing sales at around 92% of the normal rate.

This week Adam works through the numbers behind the crash talk. The budget lands on Wednesday 28th October, and markets are pricing roughly an 80% chance of a rate rise on 5th November. With the 10-year gilt at 5.45% and five-year swaps at 4.73%, new mortgage debt is heading for 6.5% to 6.75%. That's why a property yielding about 6.75% gross, on a 3.28% mortgage with a year left to run, has gone on the sell list.

Also this week: the IFS's £36bn gap, mansion tax and the triple lock. Kensington and Chelsea prices down 26% since September 2022, and why the exit tax question may be behind it. Flat Lloyds prices, a RICS price balance of minus 32, and PMIs still growing but not hiring.

Then the deep dive: who's really paying the rent? The Joseph Rowntree Foundation and Onward have rival plans for local housing allowance, one with rent controls attached and one without. There's also Awaab's Law and the pension money moving into build to rent.

It opens with Nye Bevan in 1946, on being judged in ten years' time by the type of houses we build. It closes, as ever, with KCCO.

In this episode:
(00:00) Rates bite: Bevan, the housebuilders and landlords selling
(11:00) Budget countdown: the £36bn gap, mansion tax, triple lock
(19:00) Polling after conference season
(21:00) Trump watch: diesel, Iran and the midterms
(28:00) Chris Watkin's real-time numbers: is the market dead?
(32:00) Kensington's 26% fall and the exit tax question
(39:00) PMIs, Lloyds and RICS: flat prices, weak sentiment
(52:00) Gilts, swaps and the 6.75% backstop
(68:00) Deep dive: LHA, rent controls, JRF vs Onward
(83:00) Awaab's Law, enforcement and build to rent
(89:00) KCCO sign-off

▶ Next workshop: Property Business Workshop 13, Birmingham, Thursday 7th January 2027
Adam and Rod Turner spend a full day on strategic planning, productivity, systems and processes, and financial management, bookkeeping and reporting. It's a chance to start 2027 with your numbers in order, a few weeks after the budget has rewritten some of them. The super early bird offer is on now: a genuine 20% off face value.
Book here: www.tinyurl.com/AdamRod27

* * *
Subscribe to the Sunday Supplement: https://www.linkedin.com/newsletters/propenomix-sunday-supplement-7164384154992771072/
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More from Propenomix: https://propenomix.com/

Is the UK housing market rolling over? Sales agreed are slipping, the 30-year gilt has broken 6% and help to buy is back. This week Adam works through what it all means for house prices, mortgage rates and your next move.

The short answer is not yet. Chris Watkin's real-time numbers show 96,500 UK sales agreed in September. That is around 6 to 7% down on the last two years, but still nearly 10% ahead of 2023. Adam's line in the sand is a 20% drop in transactions, held for a few weeks. Until then this looks like a stall, not a slump. Adjusted for RPI inflation, house prices are now the cheapest since Q4 2002.

Then the macro-scope. Newly drawn mortgages are costing 4.6% against 4% on the outstanding book, and that gap is widening again. The 30-year gilt touched 6.073%, its highest since 1998, and markets see a rate rise on 5th November as more likely than not. Adam explains why his working assumption for new borrowing sits at 6.5 to 6.75%, arrangement fees included.

The deep dive is the deposit, the debt and the discipline. Help to buy 2.0 means a 2.5% deposit, a 20% government equity loan and a 77.5% mortgage. Adam unpicks what a saving of around £350 a month really costs you, what the evaluation of the old scheme found, and why "fiscal discipline is the rock" needs evidencing in the budget on 28th October rather than just saying. People behave as they are incentivised, as Charlie Munger had it.

In this episode:
(00:00) The party is over: Crosland, Healey and the week's data
(12:00) Trump watch: Iran, diesel and the crack spread
(25:00) Chris Watkin's real-time numbers: is the market rolling over?
(39:00) The macro-scope: new lending vs the backbook
(48:00) The Decision Maker Panel and the 3% world
(52:00) Gilts break 6%, and what money will cost
(58:00) PBW13 Birmingham: the next workshop
(1:01:00) Deep dive: the deposit, the debt and the discipline
(1:05:00) "Fiscal discipline is the rock": Healey, Burnham and the budget
(1:27:00) Help to buy 2.0: what the saving really costs
(1:31:00) Old help to buy evaluated, and Lloyds on affordability
(1:39:00) Your questions and KCCO

▶ Next workshop: PBW13, Birmingham, Thursday 7th January 2027
Adam and Rod Turner start the year with a full day on strategic planning, productivity, systems and processes, and financial management and reporting. Round tables, real deals and real numbers, with the VIP dinner as your chance for proper one-to-one time with them both. Super early bird tickets carry a genuine 20% discount.
Book here: https://www.tinyurl.com/AdamRod27

* * *
Subscribe to the Sunday Supplement: https://www.linkedin.com/newsletters/propenomix-sunday-supplement-7164384154992771072/
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More from Propenomix: https://propenomix.com/

John Healey's surprise Treasury, Chris Watkin's real-time numbers, and rent controls back on the table.

Burnham's in, Starmer's gone, and John Healey is the surprise new chancellor - but for property the real question isn't who runs the country, it's what a new Treasury means for UK mortgage rates and house prices. This week Adam works through the cabinet reshuffle, softening inflation, and a market quietly repricing in real terms. No tribal economics, no hype - just the numbers and what they mean.

There's a surprise CPI drop to unpick, a five-year swap creeping the wrong way, Chris Watkin's real-time withdrawal and pricing numbers, rent controls openly back on the exploration list, and a Molly report on London new-build that lands like a warning shot - 589 people bought a new home in the whole of London in three months. Add a land value tax that could reshape the game for a 710-unit portfolio, and there's plenty to settle.

In this episode:
(00:00) Surprise inflation drop - framing the week
(07:00) Healey's the shock chancellor - the Burnham cabinet
(19:00) Trump watch and the world economy
(30:00) Chris Watkin's real-time numbers: the withdrawal coin-flip
(42:00) The macro-scope: GDP, construction and rents
(51:00) Buy-to-let lending: the amateur sells, the operator buys
(58:00) Guilty or Not: guilts, swaps and 6% money
(66:00) Workshop - JV & M&A, Manchester, 1 October
(70:00) Deep dive: planned or unplanned - Mansion House, rent controls, London new-build
(93:00) Seed questions: should you wait for Healey's budget?
(104:00) KCCO - sign-off

▶ Next workshop - Property Business Workshop, central Manchester, Thursday 1 October: Join Adam and Rod Turner for a full day on joint ventures, mergers and acquisitions - how to structure a JV that survives contact with reality, how to buy companies rather than just houses, and the classic blowups to avoid. Super Early Bird is a genuine 20% off and more than half the VIP dinner tickets are already gone. Book at www.tinyurl.com/pbwoct26 or use the link below.

Subscribe to the Sunday Supplement: https://www.linkedin.com/newsletters/propenomix-sunday-supplement-7164384154992771072/
Follow Adam on LinkedIn: https://www.linkedin.com/in/adamglawrence/
Watch on YouTube: https://www.youtube.com/@propenomixwithadamlawrence
More from Propenomix: https://propenomix.com/

Andy Burnham wants to tax the land under our feet. This week Adam works through the land value tax - the maths, the politics, and what it would really mean for the UK property market, landlords and house prices. No tribal economics, no hype - just the numbers.

There's £7.1 trillion of UK land value on the table, a compulsory purchase threat aimed at landlords, a possible re-engineering of capital gains tax, and an England that's on course to build just 56% of its housing target. Plus Chris Watkin's real-time data - 45.2% of homes leaving estate agents' books unsold - a Trump watch on the digital services tax, and swaps closing under the 4% handle.

In this episode:

(00:00) Workshop week & the big numbers of the week
(07:00) Land value tax: does the maths add up?
(11:00) Re-engineering capital gains tax?
(14:00) Next workshop - JVs & M&A in Manchester
(20:00) Trump watch: digital services tax vs tariffs
(25:00) Social homes: 18k a year built, 90k needed
(29:00) Reform or raid? Council tax & the north-south unfairness
(33:00) Compulsory purchase: combat or collaboration?
(37:00) Why the state still needs private landlords
(40:00) Chris Watkin's real-time numbers: unsold stock & the pricing gap
(43:00) The macro blast: swaps under 4%, PMIs & prices
(47:00) KCCO - sign-off

▶ Next workshop - PBW12, Manchester, Thursday 1 October: Join Adam and Rod for a full day on joint ventures and mergers & acquisitions - real-life case studies, how the deals were structured, how they got through the legals, and how to add value to your balance sheet quickly and sensibly. Book here: https://www.tinyurl.com/pbwoct26 - or Google "Property Business Workshop 12".

Subscribe to the Sunday Supplement: https://www.linkedin.com/newsletters/propenomix-sunday-supplement-7164384154992771072/
Follow Adam on LinkedIn: https://www.linkedin.com/in/adamglawrence/
Watch on YouTube: https://www.youtube.com/@propenomixwithadamlawrence
More from Propenomix: https://propenomix.com/

Kier's gone, Andy Burnham is the runaway favourite, and the bigger question for property isn't who runs the country - it's who runs the Treasury. This week Adam works through what a new chancellor means for UK mortgage rates, the housing market and your next move. No tribal economics, no hype - just the numbers and what they mean.

There's an election question to settle first, a mortgage backbook converging on new lending rates, Chris Watkin's real-time market data on the withdrawal rate and pricing gap, and a land value tax that could reshape the whole game for a 710-unit portfolio. Plus Trump watch, the macro-scope on mortgage pricing, the "3% world" and the debt, and what Adam is actually buying at 65p in the pound right now.

In this episode:
(00:00) Kemi's out, Burnham's in - framing the week
(08:00) Will there be a general election? Runners and riders
(24:00) The real question: who is the next chancellor?
(34:00) Trump watch & the world economy
(40:00) Chris Watkin's real-time numbers: withdrawal rate & pricing gap
(52:00) Mortgage backbook vs new lending
(66:00) Inflation, the debt & the "3% world"
(78:00) Land value tax: what half a percent really means
(84:00) What Adam is buying right now
(89:00) KCCO - sign-off

▶ Next workshop - PBW11, central London: Join Adam and Rod for a full day on due diligence - on deals, on JV partners, and on the diligence people will run on you. The only real chance to grab proper time with us. Grab a VIP dinner ticket while they last. Google "Property Business Workshop 11" or use the link in the show notes.

Subscribe to the Sunday Supplement: https://www.linkedin.com/newsletters/propenomix-sunday-supplement-7164384154992771072/
Follow Adam on LinkedIn: https://www.linkedin.com/in/adamglawrence/
Watch on YouTube: https://www.youtube.com/@propenomixwithadamlawrence
More from Propenomix: https://propenomix.com/

Workshop: www.tinyurl.com/pbweleven

The argument was never whether to cut, only how fast. That's gone. There won't be any cuts this year. The next move is a hike, and this episode walks you through exactly why.

Part one of a heavier-than-usual week, split into two because it ran close to three hours. This half is pure macro: the war, the rates U-turn, the real-time market, and the gilts.

Trump Watch - The ceasefire that isn't. Oil came down on hope value, not supply actually returning, and the physical damage to Hormuz is months of work away even if the politics cooperate. Plus an objective audit of the tariff regime: $264bn raised, the deficit untouched, $166bn ordered back out the door with a $23m-a-day interest penalty. Expensive is a better word than winning. And the framework break at the Fed under new chair Kevin Walsh, who wants to scrap forward guidance and the dot plot in favour of "strategic ambiguity."

The Real-Time Market - Chris Watkin's week 22 data, and the first of three independent datasets that all agree on the shape of the market: softening, selectively, not collapsing. Gross sales down 8.9% year on year and down in every single region, outer London off 18%, yet price per square foot still rose 1.7% in a month. Fewer homes selling, the ones that do achieving more per foot. The pounds-per-square-foot index that correlates 98% with the Land Registry, five months ahead.

The Inflation Attitude Survey - Rarely covered, more revealing than half the official data. Median inflation expectations up to 5%, the year-ahead figure jumping to 4%, and 53% now expecting rates to rise. Why belief greases the outcome, and why the Bank fears the survey more than a weak GDP print.

The Gilts and the MPC Call - The five-year closed at 4.375%, that 6% limited company money still stubbornly in place. Hugh Pill already voted for a hike last time, the first vote for higher rates in nearly three years. The curve now prices a base rate higher in a year than today. Adam gives a member-by-member breakdown of Thursday's vote and lands on 7-2, with 6-3 not far behind.

No hype, no sensationalism. The turn is real, but it's a turn, not a screeching handbrake. Build your LTVs, your stress tests, and your fix-versus-tracker calls around the direction, not the exact date.

Part two covers the deep dive: four reports on the affordability wall and why building more won't fix it. Listen next.

Property Business Workshop - Central London, Wednesday 1st July. Real due diligence: on lenders, on JV partners, on deals, and the DD being run on you. Live exercise, no-holds-barred Q&A, VIP dinner. Tickets selling now: search "Property Business Workshop 11" or visit tinyurl.com/pbweleven

Keep calm, listen to the Supplement, and carry on.