To Exchange if we Brexit

Crashy_Time

https://www.theguardian.com/money/2016/jun/15/landlord-mortgages-plummet-by-85-after-stamp-duty-changes


Personally I would see how things play out for a year, unless you just want keys to a house and don`t care about how much it costs.

Crashy_Time

http://www.dailymail.co.uk/news/article-3641921/The-average-house-price-100-000-told-Officials-admit-figures-way-typical-property-valued-209-000.html


London skews the averages upward on many indexes, and you can get any result you want by messing about with stats, as any good property VI knows, but this sort of headline is interesting so close to the IN/OUT vote? Are they saying - Look what your Brexit ideas have done, or - It doesn`t matter how you vote, high prices are going to be a thing of the past soon?


I would certainly see how the vote plays out before commiting to any house purchase.

economic

being so close to the vote i would wait until after. however dont wait ages and ages as you dont know what will happn to prices. you save so much on rent and once you buy you have bought and no need to worry. london property prices are fairly priced and NOT in a bubble although be care what and where you buy if you want the property to outperform or hold its value in a downturn.

marksoton

Crashy_Time wrote: »

https://www.theguardian.com/money/2016/jun/15/landlord-mortgages-plummet-by-85-after-stamp-duty-changes


Personally I would see how things play out for a year, unless you just want keys to a house and don`t care about how much it costs.

Or want a roof over your head..... Your claim is ridiculous.

kelpie35

can someone tell me if we leave the eu next thursday that overnight things will change for the better or worse.

I was under the impression that it would be months or even years before we saw the economic effects

Crashy_Time

marksoton wrote: »

Or want a roof over your head..... Your claim is ridiculous.

So buying a house when you are not even sure if you should is the only way to get a roof over your head?

Crashy_Time

david171 wrote: »

Hi all,

We are in the final stages of our house purchase and are looking to exchange towards the end of this month.

If we Brexit on June 23, should we ask for a price reduction? If so what percentage would be reasonable? or should we abandon the sale all together?

Brief background on the house - its a great first time buyers / a starter family home - it has 3 good sized bedrooms (1 in loft) and is in the catchment area for the best school in town, possibly the county, but it doesn't have a garden, nor any space to extend. Its not a forever home, illustrated by the fact the vendor is moving because they have a toddler and another on the way.

I think we could happily live there for 5-8 years, but not much longer, depending on how soon and how many kids we have.

Let me know your thoughts

Thanks

How much over-priced is it?

loufsun

Ignore all the comments from leave supporters who are trying to downplay the dangers of a leave vote.

That being said, don't expect dramatic changes over night. I am in the same position as you and in the middle of a chain.

In places like London, Cambridge, Oxford where house prices are more volatile(they are very influenced from markets as there is a bigger interest from investors), house prices will probably slowly fall. However, that fall is not going to be 18% as the chancellor says. Instead of 10% increase year on year in these areas, you can expect lets say 5% increase instead. Instead of recouping your expenses in two years time you might need to hold on to the property for lets say 5-6 years. In high demand areas, house prices will keep going up but not at the current rates in the case of vote leave.

Less expensive and less popular areas will probably see more steady decrease as the buying power of people will go down. Banks will increase lending criteria as it happened in the last financial crisis. People will need more deposits etc.

If you think you offered a fair price on the current market and you are planning to stay for more than 5 years I wouldn't really worry about it too much. If you are planning to move in two years time like I do, be prepared to call it off and see how the markets move let's say in three months time. Don't negotiate unless you are prepared to call it off. But as big changes are happening that affect the economy you can always re-negotiate. There is nothing immoral to it. This is the house buying system in England and Wales. Likewise, your vendor can come and ask more from you in the case of vote remain and you cannot say it's immoral. You might not like it, you might be !!!!ed off but that's the things go here.

Davesnave

loufsun wrote: »

Ignore all the comments from leave supporters who are trying to downplay the dangers of a leave vote.

That being said, don't expect dramatic changes over night. I am in the same position as you and in the middle of a chain.

So, ignore the leave lot, but assume they're going to win and listen to my personal predictions of what will follow.

Okayyyyy.....

loufsun

I didn't say ignore all the leave lot and I didn't say listen to me I know it all.

I said "Ignore all the comments from leave supporters who are trying to downplay the dangers of a leave vote.".

Because those comments don't help the question OP has asked.

Let's try and not clutter the forum with politics of referendum and focus on the question please.