My house Buyer Has Pulled Out Hours After Brexit . .

Maxwell007

My house Buyer Has Pulled Out Hours After Brexit . .
2months and all going SMOOOTHLY with a completion date of 20th July 2016, my 2bed flat in London was good to go, but I had a feeling this would happen if we voted to leave, what are the chances of getting another buyer quick fast in the Brexit fear of the unknown state the uk is in now . ., all I want is 400k that not a lot to ask is it . . .

ruelle

Maxwell007 wrote: »

My house Buyer Has Pulled Out Hours After Brexit . .
2months and all going SMOOOTHLY with a completion date of 20th July 2016, my 2bed flat in London was good to go, but I had a feeling this would happen if we voted to leave, what are the chances of getting another buyer quick fast in the Brexit fear of the unknown state the uk is in now . ., all I want is 400k that not a lot to ask is it . . .

I'll buy it! I can offer you £200k

smile88egc

It's a really hard pill to swallow if you're somebody who voted remain.

Will you be remarketing the property at a lower asking price? Are you in a hurry to move?

ruelle

sorry your buyer pulled out though. i'm a ftb and thinking of doing the same...

smile88egc

You have to look at it from the buyers point of view too, London property prices are going to fall more steeply than most in the UK after this referendum result.

It is the only sensible decision for a buyer to pull out if this house price drop will put them into, or risk negative equity.

hazyjo

Try remarketing - see what interest you get now the result is known. There will still be people looking...


Jx

DRP

ruelle wrote: »

I'll buy it! I can offer you £200k

I'll beat your offer - 201k.


Sorry to hear about this, OP.


It seems like not many people (including politicians), have considered the implications in detail - beyond 'taking back control'

PixelPound

Well, post brexit we have had people say both mortgages will go up and that we are in a deflation so rates won't increase.

ruelle

OP during my house hunt an EA agent told me 2 beds are always hugely in demand. as long as it's priced keenly i think there will still be people looking and brave enough to buy especially as a 2 bed means it might be a forever home.

brit1234

Any right minded buyer would wait it out to see what happens, prices are already falling in London, this is likely to make the falls bigger especially with the huge oversupply of 50,000 flats being built in London at the moment.

The second stamp duty changes have only started to have an effect, the removal of landlord tax advantages starts next year and this Brexit is going to force the cost of borrowing higher.

Very uncertain times for all workers.

teneighty

Maxwell007 wrote: »

My house Buyer Has Pulled Out Hours After Brexit . .
2months and all going SMOOOTHLY with a completion date of 20th July 2016, my 2bed flat in London was good to go, but I had a feeling this would happen if we voted to leave, what are the chances of getting another buyer quick fast in the Brexit fear of the unknown state the uk is in now . ., all I want is 400k that not a lot to ask is it . . .

Feel bad for the OP but this just about sums up the insanity of our housing market, especially in London. £400k for a 2 bed flat!

So called experts are talking about a 20% drop in London but who really knows. A bitter pill to swallow for anyone who bought since 2007 but probably better for the economy in the longer term if we have a house price correction and maintain a more sensible house price inflation.