If we vote for Brexit what happens

Crashy_Time

AFF8879 wrote: »

Take the hit?? That assumes you only buy a property to sell on for a profit for the future?

In addition, all the money you have wasted in rent for all those years is worse IMO than losing a few k in equity.

In the case of the examples I gave the losses were in the millions, might not have been those exact people, but you know what I mean. For the more ordinary punter we would be talking about more than a "few k" in many cases. Whether you like it or not many people stretched to get on the ladder because they thought it was a one way ticket, and will be in a very precarious position now.

Crashy_Time

ukcarper wrote: »

Even if the rooms he has been renting have been OK who wants to rent a room for 15 to 20 years especially if the rent they have paid over that time would have bought a flat.

Long time since I`ve rented a room, but the last two flats have been so cheap per month it is not really something to sweat about. I would be sweating though if I had recently just stretched to get into the London bubble.

sheff6107

http://www.economicshelp.org/blog/5709/housing/housing-market-stats-and-graphs/

I'm just leaving this here.

I'd rather make up my own mind from the statistics and use probability rather than insist scenario X is guaranteed to happen imminently.

_CC_

peter_we wrote: »

It cannot grow exponentially forever, unless wages do the same. So a crash is guaranteed, not just a possibility.

Wages do exponentially grow over time.

Unless you work for a crappy employer, you don't get the same nominal £ increase in your wages each year, you get a % increase.

divadee

Thrugelmir wrote: »

The joys of home ownership come at a price. Worth having a savings pot for those repair and renewal jobs that will crop up every so often. Property requires maintenance it's not cost free.

We have gone 30k below our aip so not to stretch ourselves and have 10k in savings for a rainy day. So should be ok. Have had a property before with my ex husband so know the maintenance issues that can crop up.

theartfullodger

Dave (according to the Times ..) took out a new £800k mortgage a few days before referendum....
http://www.telegraph.co.uk/news/2016/06/27/david-and-samantha-cameron-took-out-new-mortgage-eight-days-befo/
- the Times also reporting tenants given NTQ. (Presumably over £100k/pa so an NTQ would be valid, unlike with ASTs)


The timing was of course purely coincidental. Aye, right (example of two positives making a negative..)

ruelle

My friend's boss managed to get £30k knocked off his house sale post-Brexit. It's the first time I've heard of someone renegotiating successfully after the EU vote.

brodawel

Ask anyone over the age of about 60, 65 and they'll tell you how hard it was to buy a house. A property back then might only be say £4K but it was huge compared to their wages and unaffordable for most people. Buying a house was unheard of for many unless you were a professional. You got married and lived with one of your in-laws while you saved, that was the norm. Mortgages were hard to get, lenders didn't lend to ordinary folk, and mortgage rates were high. The monthly mortgage payment swallowed up most of their wage packet and left little or no money for luxuries like a meal out, never mind cars, hols and tech stuff.

Anyway the point is, it's always been a big commitment, a big step, potentially unaffordable and potentially risky. Looking back at house prices on that link from Sheff I feel a bit of a fool for not buying a house in the 90's when prices were much lower. I'm now wondering why I didn't buy two or three properties! instead of living with parents and spending my wages on rubbish. But back then no one I knew was buying a house unless they were getting married.

theartfullodger

Well yes but....

All older people in almost all societies will say how much harder it was for them....

(I'm 68 btw, in receipt of 6 benefits, thank you you lovely tax-payers...)

It was different: What was "fun" was going to BoE rate of 17% ....
http://www.bankofengland.co.uk/boeapps/iadb/Repo.asp
That hurt! (Who in Power - Thatcher... ..).

In the good old days around then women needed their husband's or father's permission to get a loan.....

ukcarper

Crashy_Time wrote: »

Long time since I`ve rented a room, but the last two flats have been so cheap per month it is not really something to sweat about. I would be sweating though if I had recently just stretched to get into the London bubble.

We've gone though all this before and you keep changing your story anyway you've spent £80k renting.