If we vote for Brexit what happens

Niv

jimbog wrote: »

Yep. A one bedroomed flat no more than 10 miles from me was reduced in price yesterday

You must be right, house prices were never reduced before the brexit vote!

studentguy

Niv wrote: »

You must be right, house prices were never reduced before the brexit vote!

I've seen more properties getting reduced, and also not seen many properties selling since the referendum

Niv

studentguy wrote: »

I've seen more properties getting reduced, and also not seen many properties selling since the referendum

That’s pretty anecdotal, I have seen a reasonable number selling(stc) – similar rate to pre referendum. I have seen reductions, but again notat an alarming rate / by any greater value than pre referendum rates (all anecdotalobservations).

indianabones

studentguy wrote: »

I've seen more properties getting reduced, and also not seen many properties selling since the referendum

Evidence please. Not sure to validate what you're saying, but also so we know which areas of the country are being impacted.

iantojones40

I've got 55 properties currently on my Rightmove watch list, none of them have gone under offer since brexit, pre-brexit about 3-4 per week were going under offer.

I've also seen a marked increase in reductions, although by pretty modest amounts, maybe 5-8% off properties that are 20% overpriced.

I've also seen a marked decrease in new listings so it seems potential new sellers are holding off from coming to market.

HouseBuyer77

I've seen more properties getting reduced, and also not seen many properties selling since the referendum

How do you know what properties are selling and for how much since last week? Land registry has a lag of at least a month before it publishes data or do you mean seeing properties go SSTC on rightmove? This is a rather different thing to properties being sold.

I think it's reasonable to say brexit has put the breaks on the market due to the uncertainty it introduces. Some buyers will certainly take advantage of this to get properties on the cheap.

It's impossible to say what's happening to prices long term because of it yet. It's only been slightly over a week and I don't think we have any answers to what a post-EU britain may look like (indeed we can't be 100% sure we'll actually leave after all!).

Bfowler91

isn't it supply and demand that's causing huge rises along with rich landlords (hence increased stamp duty), until the demand is suppressed I cant see prices going down. houses are selling in hours of being advertised where I am (south east London). my parents bought a property and they have made circa £50K profit in a year, ridiculous for first time buyers.

Crashy_Time

Bfowler91 wrote: »

isn't it supply and demand that's causing huge rises along with rich landlords (hence increased stamp duty), until the demand is suppressed I cant see prices going down. houses are selling in hours of being advertised where I am (south east London). my parents bought a property and they have made circa £50K profit in a year, ridiculous for first time buyers.

IMO it is positive sentiment (understandable recently in London) along with availability of credit/equity that has been powering rises, along with foreign/banking money in London "prime". Betting on prices not going down is not a bet I would take at this point.

Crashy_Time

HouseBuyer77 wrote: »

How do you know what properties are selling and for how much since last week? Land registry has a lag of at least a month before it publishes data or do you mean seeing properties go SSTC on rightmove? This is a rather different thing to properties being sold.

I think it's reasonable to say brexit has put the breaks on the market due to the uncertainty it introduces. Some buyers will certainly take advantage of this to get properties on the cheap.

It's impossible to say what's happening to prices long term because of it yet. It's only been slightly over a week and I don't think we have any answers to what a post-EU britain may look like (indeed we can't be 100% sure we'll actually leave after all!).

Not leaving will mean the end of the Tory party, they will follow Labour into the desert, and for this reason they are going to act on the democratic will of the voting public IMO. Leave would have had a 250 seat majority if this vote was repeated at a GE?

studentguy

iantojones40 wrote: »

I've got 55 properties currently on my Rightmove watch list, none of them have gone under offer since brexit, pre-brexit about 3-4 per week were going under offer.

I've also seen a marked increase in reductions, although by pretty modest amounts, maybe 5-8% off properties that are 20% overpriced.

I've also seen a marked decrease in new listings so it seems potential new sellers are holding off from coming to market.

This is what i'm seeing - I'm only on about rightmove, it's a very crude indicator of what's going on.

This is in Shropshire.