London Help To Buy apartment due exchange 17th, should I wait until referendum

G_M

At present the market is to some extent suffering from 'uncertainty'. People (just like you) worrying about what might happen.

After 23rd june, either

* we'll vote stay, the uncertainty will vanish and the market will pick up (as people like you commit). As suggested, what is to stop your seller saying "Prices are rising - I now want £XK".

* we'll vote leave, some of the uncertainty will vanish. People will realise that it is going to be 2 years at least before we leave (it could be 5!), and although the terms of exit will not be known (some uncertainty) property buying & selling cannot go on hold for 2+ years. So normal service will resume.

ps - on June 24th feel free to resurrect this thread and tell me how wrong I was!

cashbackproblems

I agree either way the vote goes prices wont shoot up/down over the weeks or months. Prices already are sky high and unaffordable for the majority as we are seeing now with agents pricing things more than pre-BTL tax and things not selling (my experience is in the South East). So I don't see massive spikes up immediately

However...I agree this shared ownership thing is a rip off unless you get huge capital increases short term which is not likely. You pay a mortgage, rent and owe the government their % and market levels when you sell. I personally would look to move out to cheaper areas and buy 100%

sann420

The most likely outcome of the referendum is that we stay and things carry on as they currently are which is crazy.

But if for some reason we do exit then its anybodys guess. My prediction based on gut feeling is that the house prices could drop from 20 to 50%. This is based on the fact that just because leave campaign has gained momentum the pound has overnight lost significant value. Imagine if the brexit actually happens. I cant see how things will carry on as they are.

Hoploz

Hold on a minute ... If they are asking you to sign and transfer the deposit on 17th (which is a Friday) chances are it won't exchange until at least voting day in any case. You probably won't need to delay things.

Unless you want to delay until the results of leaving or staying are known, which would mean waiting erm, let's say 6-12 months?!

AdrianC

Hoploz wrote: »

Unless you want to delay until the results of leaving or staying are known, which would mean waiting erm, let's say 6-12 months?!

Longer than that. There is a two-year period for the exit negotiations. Then some time for the actual effect to become known.

You should be reasonably safe after maybe three or four years, OP.

megaginge

Someone REALLY thinks there will be an IMMEDIATE 50% housing price crash if we vote leave ?!?!?

What's in the pipe and can I get some?

AnotherJoe

sann420 wrote: »

The most likely outcome of the referendum is that we stay and things carry on as they currently are which is crazy.

But if for some reason we do exit then its anybodys guess. My prediction based on gut feeling is that the house prices could drop from 20 to 50%. This is based on the fact that just because leave campaign has gained momentum the pound has overnight lost significant value. Imagine if the brexit actually happens. I cant see how things will carry on as they are.

So have you done an analysis of sterling rate vs say dollar and euro compared to house prices? Because I think you'll find zero correlation.

magicpork

Hoploz wrote: »

Hold on a minute ... If they are asking you to sign and transfer the deposit on 17th (which is a Friday) chances are it won't exchange until at least voting day in any case. You probably won't need to delay things.

Unless you want to delay until the results of leaving or staying are known, which would mean waiting erm, let's say 6-12 months?!

I only want to wait until the outcome of the vote is clear, so a few days maximum. I know an exit vote doesn't mean any immediate change in terms of how the country is run, but I fear its impact on London housing market will be much larger so I'll probably pull out if we vote to leave.

AdrianC

magicpork wrote: »

so I'll probably pull out if we vote to leave.

Then what?

PixelPound

magicpork wrote: »

I only want to wait until the outcome of the vote is clear, so a few days maximum. I know an exit vote doesn't mean any immediate change in terms of how the country is run, but I fear its impact on London housing market will be much larger so I'll probably pull out if we vote to leave.

In that case, pull out NOW. Then if we vote to stay you can buy for lower as the prices will have been suppressed by all the anticipation :rotfl: