6th June, 2013 BACK TO ALL PODCASTS

For the last few years the only people buying property have been investors, and those wannabe owner-occupiers who’ve managed to save up a whacking great deposit.

Now, the government has announced new schemes designed to make it easier for people to buy, and get the market moving again. So what are these schemes, and what do investors need to know about how they might affect the property market in years to come?

Firstly, if you’re not familiar with the normal house buying process, we ran through it and shared some tips. You can also check out a good explanation from Nationwide.

And here are the schemes we discussed:

New Buy

  • In operation since March 2012
  • For new build properties only
  • Property values up to £500,000
  • Allows you to get a 95% mortgage, as the lenders get these loans guaranteed by the government

Help To Buy – Mortgage Guarantee

  • In effect from January 2014
  • Effectively the same as New Buy, but for all properties, not just new builds
  • Property values up to £600,000
  • Allows you to get a 95% mortgage with any lender who’s joined the scheme

Help To Buy – Equity Loan

  • In operation since 1 April 2013
  • New build properties only, but not only first-time buyers
  • The government lends you 20% of the equity if you’ve got a 5% deposit, allowing you to get a normal 75% mortgage for the rest
  • The loan is interest free for 5 years, then is 1.75% in year 6, then increases by RPI + 1% every year

So, how might these schemes affect the market, and therefore affect you as an established investor? You’ll have to listen to the episode to find out our views…

Resource of the week

We were talking about news apps last week, and this week we mentioned Feedly – a cross-platform alternative to Google Reader, which is shutting down in July.

Also, Rob D went a bit off-piste and started sharing exercise tips: specifically, a scientifically proven 7-minute workout. To guide you through all the different exercises and timings, there’s a website called 7 Minutes of Hell.

This week’s news

We reported that the average London asking price is now over £500,000 – double that of the rest of the country.

We’re not planning on buying a Mayfair apartment any time soon, but we speculated about the knock-on effects for the rest of the country.

Tell us what you thought of the show!

Do you think the new government schemes will make a big difference to the property market, or are you sceptical? Are you planning on making use of one of them?

Did we miss anything out, or was there a part of the show you particularly enjoyed?

Just let us know by leaving a comment below!

If you enjoy The Property Podcast, please leave us a review on iTunes

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If you’d like to hear your name on the show, leave us a review on iTunes here. Not sure how to do it? This video shows you how to review and subscribe.

Full transcript

Ric:                                         Welcome to The Property Podcast, the home of news and debate about building long-term wealth from property investment for beginners and experts alike. Now for your hosts; they may not be as cool as me, but they do know their property. It’s Rob and Rob!

Rob Bence:                         Welcome to The Property Podcast episode twelve, The First Time Buyers’ Guide. You’re joining us after a record week of downloads so thank you very much thousands of you who are tuning in every week. Rob, are you there?

Rob Dix:                               I am. I am joining you from Budapest this week where it’s actually pretty drizzling grim at the moment and apparently; at the time we’re recording this you just had a glorious bank holiday weekend. On the plus side though, you can get a glass of wine for forty P here in Budapest so that about balances it out.

Rob Bence:                         You don’t even know it’s raining by mid-day.

Rob Dix:                               Exactly. If this is a bit of a shaky podcast, you’ll know why.

We’re going to be doing something a little bit different this week. It’s going to be the first time buyers’ guide because as we mentioned a few times in the past, the government’s announced some new schemes that are aimed at getting the housing market moving again. When we started looking into them we realized they’re spectacularly hard to understand so we’ve done our best to decipher them and explain in this episode what options you’ve got if you’re a first time buyer. Also, if you’re an established investor it’s important to understand the changes that are coming up so you can get an idea of how it’s going to affect the market and you can start planning accordingly. We’re going to be gazing into our crystal ball and talking about how that’s going to affect you as an investor.

Rob Bence:                         This episode is really important because the information isn’t that simple or clear. We spend a lot of time in property investment – I do it full time and it took us quite a bit of time and research to put this episode together. It’s not very clear. It was really interesting for us as investors to understand what’s going on. First time buyers, you’re going to love this episode because you’re going to learn how to get in the market. But investors, this is just as important information because you’re going to understand how it’s going to affect the market over the next few years.

We promised last week we’re going international with our reviews so thank you very much to the following people: Louise in the USA says, “Five stars, looking forward to hearing more.” James, also in the USA says, “Awesome podcast; very informative, really like the lay-out, very helpful.” Thank you, James. I love this name: Jedi Danny from Australia says, “It’s great to listen to, gets you motivated as well as informative and sensible discussion. Gets your mind going. Loved the Richest Man in Babylon recommendation, bought several copies and passed them out to friends.” Thank you, Jedi Danny.

Actually Rob, I didn’t tell you this before we started recording so I think you’ll be impressed with this. We’ve actually got listeners in over one hundred countries.

Rob Dix:                               Wow! How many countries even are there? Aren’t there only about two hundred countries in the world or something?

Rob Bence:                         We got half boxed off in less than three months.

Rob Dix:                               Halfway mark, I like it.

Rob Bence:                         We got a hundred to go and we’ve got world domination.

Rob Dix:                               It’s great to hear that we’re helping people all over the world. I love hearing that people are using the resources that we talked about or that we’ve helped them get some kind of clarity in what they want to be doing. Thank you so much for the reviews, we love to hear from you.

Let’s have a quick update of what we’ve been doing. Rob, what have you been up to?

Rob Bence:                         It’s been a bit of a quite week because of the bank holiday so it’s more about the week coming up. We’ve got some exciting things happening; we’ve got another property launched which keeps us busy considering it’s only a four-day week. I don’t know when I’m going to sleep. That’s really where my time is spent between client meetings and the launch, but actually the most exciting thing I have coming up this week I believe is coming up after this recording.

Rob Dix:                               Absolutely! Mr. Pete Matthew from Meaning Money, the unofficial third person in our podcast relationship; we mention him every week. We’re going to be getting our voices on his show, as well.

Rob Bence:                         We’re doing a recording with him on the Meaningful Money podcast right after this recording so that should be out in the next couple of weeks. Have a look on his podcast to see if that episode is live when you listen to this. We’re really excited, Pete’s great. We can take down the shrine that we have on him now we’re coming on his podcast but we’re really looking forward to it. We’ll link to that in the show notes as and when it’s launched.

Rob Dix:                               In case you haven’t got quite enough of our voices – or my voice in particular – this week again has been a quiet week for me property-wise. But I have re-launched the Property Geek podcast which I mentioned last week. By the time you listen to this, the first few episodes will be up. If you want to take a listen to that, you can search on Property Geek on iTunes or go over to propertygeek.net where so far I’ve spoken to Tessa Shepperson from Landlord Law and Francis Dolley; we got into Rent-To-Rent with him. If you’re interesting in getting some perspectives from other people in the property world it might be worth checking out.

Rob Bence:                         I’ve been enjoying them, Rob; they’ve been very good interviews.

Rob Dix:                               Thank you very much.

Rob Bence:                         Let’s have a look at News of the Week. This week we’ve got some informative news from Right Move. Right Move has released the data on the house prices and an interesting trend develops. Long-term prices now are double the rest of the UK, which is incredible. For London, the average asking price according to Right Move is over half a billion pounds; where the rest of the UK it’s only a quarter of a million pounds. It’s actually gone so far ahead it’s actually doubled which is incredible.

Rob Dix:                               It’s just mad, isn’t it? In prime London there’s not even a really property market anymore. It’s just a store of value for overseas investors. That has rippled out even on the outskirts of London or areas that weren’t primarily thought of as those desirable prices have not gone up there. There’s really nowhere cheap in London anymore. Like you were saying earlier, that effect ripples out. It’s not like we’re going to be buying a house in Mayfair anytime soon, anyway, but the fact that London has romped away so much its effect is being noticeable further afield as well.

Rob Bence:                         It’s the ripple effect. Previously, Rob’s talked about different areas of London benefited from this but it’s not just London. Your commuter towns around London will benefit; your Readings, your St. Albans, your Cambridge, your Oxford, all these town and cities will chuck a quick new turn to London will feel the benefit as they get priced out of central London and feel like looking at better value elsewhere. Over time what will happen is towns and cities further north will benefit; your Leeds, your Manchester, your Birmingham, your Liverpool, your Sheffield, they’ll start to see the ripple effect as well. At the moment London prices are pushing on and the rest of the country is not really doing anything at all. What I think will happen in the medium term is people will start to see value elsewhere in terms of returns but also living standards and the property prices in the rest of the country will uplift because of that. It’s a really interesting story on what to keep in mind when you’re choosing your areas that London has been booming for a while and there’s a lot of value outside of London now as well. It may be worth opening your search up.

Rob Dix:                               The other piece of news which is our own news, but I just want to sneak it in quickly. We teased it a little bit last week and we’re going to tease you a little bit more. We are planning a special live episode which is going to be limited to a hundred people only. We’re not going to tell you too much about it, but it’s going to be really exciting. It’s going to be a chance to get some real interaction going and it’s only going to be available to the first hundred people. The way to make sure that you’re one of those hundred is to sign up to the mailing list because we’re going to be releasing the details there before we release them on the podcast in general or on the website. If you want to be the first to have your chance to sign up to that, you’d want to join the mailing list by going to thepropertypodcast.com and just popping in your email address there. We will send you an email every week so you know that the new episode is out and you can go and check it out. We will also make sure that you’re the first to know about this special thing we’re planning.

Rob Bence:                         A special hard episode might be scary because we might sound polished, but that’s only because we’re got a brilliant editor. We might lose those hundred people after they’ve listened but that’s why we’ve limited it.

Rob Dix:                               Yeah, exactly. We’re going to destroy our reputation to a hundred people at a time, that’s why we’re planning this.

Let’s get moving on, then. Our topic of the week this week is the first time buyer’s guide. As we said earlier in the show, this isn’t just about first time buyers; it’s about established investors as well because you’re going to want to know how these new measures that the government have got planned are likely to affect the market over the next few years.

What we’re going to do is we’re going to start by having a really quick rundown of the property buying process. If you are a first time buyer and it’s not something you’re too familiar with. We’re then going to talk about the schemes that the government has got, some of them are already running and some coming up. Then we’re going to give our analysis of how that’s going to affect investors in years to come.

Rob Bence:                         Let’s have a look how you can go about getting your first property. Some of this may seem really because you may have parents or relatives who has bought property before and you learned a lot from there. We’re going to go over the key points very quickly, just input in as and where we feel you’ll get more benefit then we’ll talk about the actual government schemes which are really interesting.

First of all, pick your budget and arrange your finance. There’s no point in wasting your time going on looking at properties and doing viewings if you can’t get the finance or you haven’t got the funds to actually purchase. Go and speak to a mortgage broker, find out what your options are and based on the information they give you, go look at properties that are in your budget.

Rob Dix:                               We talked about the importance of using a broker last week when we talked about your property team in episode eleven. We’ll talk about that more when it comes to property investing, but the same applies. You want to get the opinion of a broker to value your own time and get the benefit of their knowledge and make sure you use an independent broker rather than one who is tied to a particular lender.

Rob Bence:                         Second, pick an area. Really simple; once you pick your budget find an area that suits you. It may not be your first choice so you may want to consider areas that are very close to it because then you get the benefit of your prime area as we talked about the ripple effect before. Your first choice area may be out of your range for your first time buy, try and get somewhere as close as you can because that area will probably be the next area that will benefit from the growth in the property prices. Pick an area; find an area you like then start contacting local agents there.

Rob Dix:                               In episode ten we talked about the best areas for families which some research has came out and we linked that to hotspots which we covered in episode number six. My tip would be, if you’re stuck renting for a while because you need to save up for a deposit or whatever, you can try making the most of that by moving around and trying out different areas to get a feel for where you want to base yourself in the long term. That might not be so easy if you got kids in school or whatever else, but it’s something to think about. Just be open-minded regarding the areas that you are looking at.

Rob Bence:                         Number three is view and review your property choices. Go and have a look; don’t buy blind if you’re going to live in it. Have a look, get a feel for it. Often, the first time you go and look at a property you have your love glasses on and you end up falling in love with the property without seeing it for its potential faults. If you really like somewhere, make sure you go for a second viewing and take someone along with you who is neutral, who isn’t someone who will be living there and get their opinion, too. Does your viewing, once you’ve found your short-list go and view them again.

Rob Dix:                               People spend twenty minutes in the most expensive purchase they’ll ever make. That’s such a common thing and for some reason that’s okay. You’d spend a hundred thousand or more on a house and you spend longer planning a holiday which you’re spending five hundred quid on; it’s just crazy. So, go back and if you get the chance go back in the evening and see if you can talk to the vendor directly. If there’s an owner occupier who is living there now, if you go back and speak to them on their own they might be able to give you some really valuable information about the property and the area.

Rob Bence:                         Next for our number four: make an offer. Number four is not pay the asking price, it’s make an offer. The asking price is something stated by the estate agent. Don’t be afraid to go under there; you’re not going to lose any friends by putting a cheeky offer in. Test the boundary, see what’s doable. Rob’s mentioned a great tool previously that you can use on Right Move to see what the history of the asking prices have been already. We’ll link to that again on the show notes. Rob, if you could remind everyone what it’s called?

Rob Dix:                               That will be Property Bee.

Rob Bence:                         Property Bee, fantastic! Have a look at Property Bee and assess what the prices have gone already on that property and make an offer. Don’t be scared to put something under the asking price because you never know, it might get accepted.

Rob Dix:                               If you’re listening to this podcast then you’re not just a clueless first time buyer who’s fallen in love with a property and you’ll pay whatever it takes; make the most of that. You can go in there, make a low offer. You can back that up if you’re confident that you’ve done your research and your price is right then don’t be afraid.

Rob Bence:                         Next, once your offer has been accepted you get to the legal stage. That’s why you employ a solicitor, it’s not something you can do yourself. We’ve talked about it last week, how to find a good solicitor so we’re not going to go on about it again. Listen to last week’s episode. Find a good solicitor and they’ll start processing the legal work for you.

Rob Dix:                               The thing you want to be doing at the same time as that is getting your mortgage in order. That’s where your broker comes into it again. That’s also the stage which you might want to get a survey done. People often ask if they should get a survey done or not because it will cost you some money; you just don’t know if it’s necessary or not. Your lender will require a survey but that’s a very superficial one. If you do want to get your own survey done then a home buyer report is the one that’s probably best to get. It will cost you a few hundred pounds but it’s a standardized thing and it will give you quiet an easy to understand run-down of the condition of the property. It will tell you if there’s anything you need to watch out for and you might be able to recoup your cost if it points out any flaws that you weren’t aware of, you can use that as leverage to get the pricing down a little bit.

Rob Bence:                         Finally, exchange and complete. Hurray! You’re done all the legal work, you’ve mortgage is all set up, survey has come back fine hopefully; as long as it’s all going to plan then you will exchange and often complete on the same day. You may exchange and complete at a later date, if some reason or it can be multiple reasons; but often you will exchange and complete the same time if everyone’s ready to complete. Make sure once you’ve done that that you’ve send Rob and I an invite to your moving-in party because we’ve given you such valuable advice.

Rob Dix:                               That’s the easy bit. Now we’re going to get into the new schemes of the government brought in to make it a little bit easier to do all this stuff that we talked about. So many people have been unable to either get on the housing ladder or move up. There’s a scheme that’s running now; well two schemes running now and there’s another one that’s coming up in January next year. We’re going to do our utmost to explain this in a way that makes some kind of sense because they’re not making it easy for us.

Rob Bence:                         No, far from it. There are three schemes as Rob said. The first is new buy. Point to take from this we’ll link to all these schemes in the show notes so if you’re following this and you’re struggling to keep up you go to thepropertypodcast/12; thepropertypodcast/12 you’ll be able to find all the links to what we’re about to talk about.

First is new buy. New buy has been around since March twelve and it basically means you can get a ninety-five per cent mortgage and it’s on new build only so you can’t go and find a second-hand property, it’s only on new build. Only on selected new builds as well, I might add. Lenders will sign up to the scheme getting a guarantee by the government; the lenders’ risk is reduced because the government will guarantee a certain proportion of that mortgage. It means that you as a first-time buyer only need to same about five per cent and once you’ve done that you can then go and buy one of these properties which is great! It’s been around just over a year now and people have been taking advantage of it.

But, there are two schemes – one that’s just been released and one that’s coming up – that I think will have more effect on the market.

Rob Dix:                               We’re not entirely clear on whether new buy is going to be replaced or supplemented by one of these new schemes. Both schemes could help a buyer which is confusing in itself. The one that’s most similar to new buy is called “Help to buy mortgage guarantee”. This is the same effectively as new buy in that it allows you to get a ninety-five per cent mortgage. The difference is that it applies to all properties, not just new builds. The limit is a bit higher as well so it’s any property up to six hundred thousand pounds (£600,000) is eligible for “help to buy mortgage guarantee” scheme. It doesn’t have to be a new build and that means you can get a ninety-five per cent mortgage from one of the lenders who signed up to this scheme. Basically, the government is guaranteeing that loan so they’re willing to take a change on it whereas in the open market they might only lend you seventy-five or eighty per cent of the money. All you need to do is meet the lender’s criteria so you still need to have the credit history that will make them confident enough to lend and you still need to be able to show that you can meet the repayments. But effectively it means that you can buy any property up to six hundred thousand with just five per cent deposit.

Rob Bence:                         The “help to buy mortgage guarantee” scheme is the big news here because it’s allowing people to buy second-hand property. We’re going to cover what we feel the effects will be when it’s launched in January 2014, but that’s really the big news story I feel that’s the one that’s going to have the most impact.

But there is another help to buy to make things confusing and that’s called “Help to buy equity loan.” Again it’s new build only, but it’s not just for first time buyers so if you’re listening to this, it’s not just for first time buyers. What this scheme involves is basically – mortgage again is guaranteed by the government. You need to meet the criteria as Rob said for the ninety-five per cent mortgage that they’ll lend you so you’ll only need five per cent down. What the government will do is they’ll lend you twenty per cent; so you only need to deposit five per cent and you get a seventy-five per cent mortgage. The mortgage is only seventy-five per cent because twenty-per cent of it is lent to you by the government. For the first five years you don’t pay back for that twenty per cent which sounds fantastic! Remember the name: equity loan. This is not a loan, it’s an equity loan. The government has a twenty per cent stake in your property. If over the five years your property prices go up say, ten per cent, the government share is going to buy ten per cent as well. Here’s an example: if the property is worth two hundred and it’s now worth two twenty the government’s share was twenty thousand but not it’s twenty-two thousand. When you repay them back, you have to pay back what their slices were. After the five years they then start to charge you interest and that’s one point seven five per cent (1.75%) for the sixth year. Then it follows RPI, which is the Retail Price Index which is a monitor of inflation, its RPI plus one per cent every year. I know that sounded really simple, but if you didn’t pick that up this is going to be in the show notes what we’re covering and the links are there as well so you can find out more.

Equity loan is out now; it came out in April of this year, 2013. It’s available on new builds and it’s not just open to first time buyers but everyone and “help to buy mortgage guarantee” is coming out in January 2014. You don’t get your equity slice given to the government, it’s all yours and you can do it on second-hand property not just new builds.

Rob Dix:                               As Rob said, the big news here is the mortgage guarantee scheme. For me, that’s the better of the two in commerce because it basically means you get a mortgage so it means that like with any mortgage, if the value of your property goes up your equity stake increases. Whereas with the loan you’re splitting that increase equity with the government. That scheme is coming in in January, that means the details haven’t been all announced yet so we don’t really know how widespread or effective that would be. We don’t know if this is suddenly going to unlock the market again and the transactions will go through the roof or if it’s just gone to headlines and nothing much is really going to happen.

But we are now going to be kind of talking about how we think that this could affect investors bearing in mind that we don’t know all the details yet.

Rob Bence:                         So let’s look at this. What’s going to happen this year? Not a lot, because the main scheme as we’ve said is starting in January 2014. Although two of the three schemes are out, the most important one or the one that’s got the potential to make the biggest impact on the market is yet to come out. So this year, not much is going to change. But from 2014 to 2016 when this scheme is going to run for – it may be extended but at the moment it’s 2014 to 2016 – it has the potential – note the word: potential – to have a big effect on the market because there’s a big proportion of first time buyers who are renting at the moment who want to get on the market but feel trapped or restricted so they can’t take that first step. That may be because they don’t necessarily want a new build property because new build property aren’t everything so you might not have a new build scheme that you like in the area that you want to move to.

But when it opens up to second-hand property – we’ll see what the finer detail say, but it sounds like it means that you can pretty much go and buy anywhere you like; in any area as long as you meet all the criteria. That means a lot of people who are waiting to get on the market; potentially in January 2014 can suddenly join the market. So what happens? Some people are predicting property prices can go up thirty per cent and that’s because with all these new buyers coming in with limited supply, it’s going to push the prices up.

Rob Dix:                               Effectively, the market is going to start functioning like a market again. The activity will increase and that means that more buyers are going to come on to the market; that should push prices up. Then again you could argue that there are going to be extra supply as well because when people start seeing the market moving, people who had been thinking about selling their house and haven’t gotten around to it yet because they think there are no buyers are going to start selling. That extra supply in the market is going to balance things out. But on balance it seems likely that prices are going to increase. Also, the possibility that if everyone starts buying instead of renting then the current levels that we are seeing are going to be suppressed and they’re not going to rise or they might even fall. Again, that seems unlikely to me that there’s going to be a sudden glop all in one go, but it’s a possibility.

Rob Bence:                         Although it starts in January 2014, it’s not as if every single person is going to fall into the market in that one. It’s not going to happen. It’s going to be over the two years but from what we talked about, we feel that the market will push up. Some people are throwing big numbers out like thirty per cent in two years, I find that hard to believe but I do think it will make an impact. What’s interesting though is what’s going to happen after these two years? Will the government feel compelled to continue the scheme so the market can keep pushing on? Or will they withdraw it? And if they withdraw it, will property settle again, will they continue to rise or will they fall? It’s hard to say. You could argue that it’s a light that kindle in the property fire and once the government takes away their input then the fire will burn and off it will go and the market will go on and on and on? Or will the fire just simply go out and property prices stall again? Nobody knows. A lot of people pretend to say they know, but actually nobody does.

So from 2014 to 2016 I think it’s reasonable to say that prices probably will increase over those two years. How much by, nobody knows. What will happen after 2016? Nobody knows. So there you go, all you need to know.

Rob Dix:                               Are in-depth analysis is, “nobody knows.” I’ve seen some pretty bear-ish stuff in the last week and people say, “Oh yeah, prices are going to rocket.” But then this scheme will get withdrawn, the bubble bursts and it will all plummet. You’ve got to look at people’s motivations; people got reasons for spinning things whatever way to support their own agenda. People don’t know.

I think like you said, Rob it seems that things are going to get moving again for this next couple of years. As an investor, I’m pleased. I’m not necessarily pleased about the prospect of price rocketing because I’m more about long term as I know you are. I’m pleased that the market is going to start moving again but you just don’t know what’s going to happen a few years down the line. We could have had a change of government by then; the scheme might continue, it might not. Personally, I think it’s unlikely that the government are going to allow property prices to fall, are going to allow interest rates to rump away or anything like that because the government is so invested in this. They’re going to be literally invested in this if they’re going to be doing this equity loan scheme.

Rob Bence:                         A level-headed, sensible approach which I know all our listeners are highly educated so that’s the approach they’ll be taking. This is going to have a good effect. I don’t think it’s going to cause a boom; it will probably increase prices but let’s hope its steady, realistic growth. Once the scheme – if it is withdrawn in 2016 then that allows the market to carry on the way it was going. I think it’s going to have a positive effect on property prices and hopefully things will tick off nicely, not get carried away and therefore not fall off the cliff as well. I think people – the middle ground people – would agree.

Rob Dix:                               That just about wraps it up. Like we say, we are going to link to all those different schemes and we’re going to try and explain them in brief on the show notes. I know it’s quite hard to follow. If you think it’s hard to follow, you should have listened to our phone call earlier in the week when we were trying to figure it out ourselves because it’s not easy. We’ll link to all that in the show notes so you can be fully up to speed on what’s coming up.

Okay. So we move on to our resource of the week, then.

Rob Bence:                         Yes, let’s do it. Just like last week, these are three resources that you can pick up and use. I said they were all for Apple, but actually two of the three are on Android as well. For everybody without an Apple phone you can pick up the Pulse app and you can also pick up Flipboard. You’ve got two of the three there. Rob, you’ve also got another one you mentioned I think last week as well; Feedly.

Rob Dix:                               Yeah, that’s right. I mentioned that as an Android alternative last week. I haven’t investigated much but I’ve been playing around with it this week. I always used to use Google Reader for keeping up with the news and having all the news coming in to one place so I can browse through it; that’s being shut down in July so I’ve been looking to Feedly as an alternative and I can recommend it having used it for a week or two now. Feedly works on your desktop, it works on your phone and it’s worth checking out. I’m sure you can get it on the iPhone as well. Whatever platform you use, that could be worth looking at.

I’ve also got a bit of a funny one for us this week, Rob. I know it doesn’t apply to you because you’re a fine figure of a man and a marathon runner and everything else.

Rob Bence:                         I’m glad this isn’t a video.

Rob Dix:                               A lot of property investors – my theory – are not going to have the healthiest lifestyle. You’re going to spend a lot of time at your desk going through your Right Move and going through your spreadsheets and everything; you spend a lot of time in your car driving around to check on things or do viewings, whatever. Maybe missing meals and snacking on pasty at service stations at that means you might not be in the best shape but you also might not have enough time to exercise. I have found the solution. It’s called “Seven Minutes of Hell”; just to help really sell it to you.

There’s this research that’s been done recently and these people reckon that they found a scientifically-proven seven-minute work out that exercises all the muscle groups and it’s got all the cardio benefits as well and it’s all in seven minutes. It’s basically a full training, you’ve got thirty seconds of really intense exercise then a ten-second break and then thirty seconds of another really intense exercise and then a break and you just keep looping this for seven minutes. “Seven minutes of hell” is just a website that guides you through it. It will tell you what exercise you’re meant to be doing at any one time; it will count you down and show you how much time you’ve got left until you can stop the whole horrible thing. You would be absolutely amazed how knackered you can get in seven minutes. I’ve been doing it for the last couple of weeks and it is exhausting. But I really like it because I like being healthy but I don’t enjoy exercise that much. I don’t enjoy running. I’d like to go to the gym but I move around a lot so I can’t sign up anywhere. So if you want to do a work-out at home, I can recommend “Seven Minutes of Hell”. If you survive you can let us know in the comments what you made of it; if it’s going to become part of your exercise routine.

Rob Bence:                         I’m going to give it a go, Rob. I can commit to seven minutes.

Rob Dix:                               Shall we not do like a video of us demonstrating this work out? I don’t think that’s necessary.

Rob Bence:                         Let’s definitely not do that.

Rob Dix:                               Okay. It’s a bit of a funny resource of the week for you. Normal service will be resumed next week. But yeah, give it a try.

Rob Bence:                         That’s another week wrapped up. Thank you so much for listening.

A couple of things before we go. First of all, Pete Matthew left us a lovely recording. Yet we’ve got thousands of listeners in over a hundred countries but not one person has left us a recording yet. Come on guys, what’s going on? We want to hear our listeners’ voices. Leave your reviews week in, week out and we love you got that, thank you. But come on; let’s get your voice on. Ask us a question, give us some feedback. We’ll put you on the show, it’s not scary. We’ll do a nice editing job if you’re shaky; we’ll get you on the show we can interact with you. We’d really love it if you could do that. Just go to the website, bottom left corner of thepropertypodcast.com; bottom left corner it says leave a message. Click on it, follow the simple instructions and you can leave us a message within a few minutes.

Rob Dix:                               Please do. We’d love that.

Next week we’re going to be talking about why property goes up in value. We’re always talking about properties going up, we debate about what we can do in the short term, but we’re convinced the property is going to go up in the long term. We’re going to talk about why that is.

Rob Bence:                         Yeah. Don’t accept it as “All property goes up in value” and just take it face-value. Let’s look at the details. We’re going to dig into it, explain exactly why it does, how it does and therefore you’ll be better educated by the end of the episode. We really look forward to that.

Rob Dix:                               Rob, another great episode and I look forward to doing it again next week.

Rob Bence:                         Super! Thanks, Rob! Bye!

Rob Dix:                               Bye!

Ric:                                         Thank you for listening to The Property Podcast. Don’t forget to check out the show notes and join the mailing list at thepropertypodcast.com!