What does brexit mean for UK property?

Mistermeaner

Turns out Clapton was right. I just bought a 1bed bedsit in woodgreen for under a million

CLAPTON

Mistermeaner wrote: »

Turns out Clapton was right. I just bought a 1bed bedsit in woodgreen for under a million

I hope you are very happy there with your partner and the three children.
I'm sure Cells will come along in a moment and explain why, taking a 1000 year view, it is a fantastic buy.

Mistermeaner

CLAPTON wrote: »

I hope you are very happy there with your partner and the three children.
I'm sure Cells will come along in a moment and explain why, taking a 1000 year view, it is a fantastic buy.

If I had a partner and 3 children I'd look to buy in the northwest

TINKERBELL

Was in the process of buying an investment property for buy to let as pension investment, only paid survey fees so far. Very concerned now due to brexit. Should we proceed or renegotiate price or pull out and purchase later in the year? I know no-one has a crystal ball but would like to hear other views

lisyloo

Mistermeaner wrote: »

If I had a partner and 3 children I'd look to buy in the northwest

Really.
What if your parents who offer free childcare and your job that lets you work flexible hours were in the local area?
I don't know your circs, but it's not so easy for most people.
Most people would not take their kids away from both sets of grand parents.

lisyloo

TINKERBELL wrote: »

Was in the process of buying an investment property for buy to let as pension investment, only paid survey fees so far. Very concerned now due to brexit. Should we proceed or renegotiate price or pull out and purchase later in the year? I know no-one has a crystal ball but would like to hear other views

I don't know which way property is going to go but I'm very glad to be diversified.
Recently as well as brexit we've had btl changes that could break some people's business models, so diversity is key not just to economic risk, but political, legislative and
tax risk as well.

Buying a single property is a risk.
If it fits well into your portfolio then maybe it makes sense, but I see diversification as more important than ever.

I think house prices will go down, but you'll get opposing views on that.

Mistermeaner

lisyloo wrote: »

Really.
What if your parents who offer free childcare and your job that lets you work flexible hours were in the local area?
I don't know your circs, but it's not so easy for most people.
Most people would not take their kids away from both sets of grand parents.

If they are a family unit in that context then would it be unreasonable for the grandparents to stump up the equity to allow them to purchase locally? Or the young family co-habit with the grandparents?

A 4 bed detached with a double garage and south facing garden are not a right - if that is what people want and it is not affordable for them in the southeast then the choices are quite simple for me (i) move somewhere it is affordable (ii) buy less than you would ideally like

Plenty of people cope many miles from their parents - ironically how much of the london and south east population moved there from elsewhere leaving their parents behind?

lisyloo

would it be unreasonable for the grandparents to stump up the equity to allow them to purchase locally? Or the young family co-habit with the grandparents?

Well of course it depends on the circs. In wealthier families that happens and it's called BOMAD. I'm sure you're familiar with the term Bank of Mum & Dad.
But not everyone's parents have money and a large home.

A 4 bed detached with a double garage and south facing garden are not a right

Absolutely.
I think most people would go for ii) because family is more important than material possessions to most people.

Yes, some people do leave. I think it's a minority and you might comfortably sit in that minority.
If it wasn't we'd have millions of economic migrants from poorer parts of Europe wouldn't we?? The evidence is there is something keeping them where they are at a place called home.
Even people in Syria would ideally like to stay in their own homes and their own country.

Mistermeaner

so do we conclude that people have choices?

cells

lisyloo wrote: »

Really.
What if your parents who offer free childcare and your job that lets you work flexible hours were in the local area?
I don't know your circs, but it's not so easy for most people.
Most people would not take their kids away from both sets of grand parents.

you dont need to move that far out of London to get better value. Not that I am suggesting Birmingham and London are close but they are only 100 miles apart and Ive driven from one to the other in less than 2 hours many times. Someones its taken me longer to get from west London to East London.

With time the situation will improve further. Eg there was talk about increasing the motorway speeds. Plus self drive taxis might make it even cheaper and more convenient.

Also whats to stop the extended family moving? If the parents are retired and their main thing is looking after and helping with the grand children they may be able to move too. Many people move out of London each year. IIRC its in the 60-70k a year region.

Also within London the market is substantially different. A £1 million terrace in Hackney falls towards a £0.7m terrace in Leyton next door falls to a £0.5 million terrace in upper waltham forest etc