House Buying whos pulling out

marksoton

Uncertainty about what?

The motorways appear to running as normal (i.e a pain) Planes are still taking off.

People are getting on with their lives.

Money_saving_maniac

People need to think seriously about their own position.
The truth is that nobody knows what will happen and having a huge debt around your neck is not a nice position to be in.
It is likely that there will be job losses, it is possibly that house prices will fall, the UK may split up.
Buyers need to consider what the situation is going to look like in 2 years time let alone right now.
Getting into negative equity can cast a blight over an individual's life for the next 10 years or more.

lewishardwick

From BBC News:

The Treasury has said house prices could be hit by between 10% and 18% over the next two years, compared to where they otherwise would have been. This would be good news for first-time buyers, but not so great for existing homeowners.

The International Monetary Fund (IMF) has warned that Brexit could cause a sharp drop in house prices. This was on the expectation that the cost of mortgages would rise.

The National Association of Estate Agents (NAEA) believes house prices in London could see the biggest change, losing up to £7,500 on average over the next three years, compared to where they otherwise would have been. Elsewhere, it said values could fall by £2,300. But since it expects prices to continue rising anyway, this means a slower rate of increase, rather than a fall in real values (see table below).

I have by no means been following the property situation like a hawk, however, as with everything post 'out' winning, we just don't know.

We could have found ourselves on the receiving end of Greece defaulting and leaving the Euro Zone in a few months any way and still seen all sorts of panic.

I don't think the bottom will fall out of the market this weekend, I do think prices will slow. This may help FTBs but then other factors may impact their affordability (inflation, interest rate hikes, who knows!) By all means, put a low offer in of you're looking to buy, but then I would irrespective of Brexit. If the vendor doesn't agree with your prediction you can hardly blame them for saying no.

brodawel

We are two weeks into the purchase of a house and will definitely not be pulling out. If we lost this house I would be gutted as there has been very little else coming up for sale and possibly even less if people decide not to move.

marksoton

Money_saving_maniac wrote: »

It is likely that there will be job losses,

From whom? Banks? Good.

And then new job creation. An economy evolves.

cashbackproblems

marksoton wrote: »

From whom? Banks? Good.

And then new job creation. An economy evolves.

From all employers not just banks, its not as easy and new industries popping up overnight :rotfl:. There will be years of falls

SaverDave

Reports today from relatives (downsizing) and friends (moving up the ladder), of buyers pulling out today. Everyone involved very angry that chain has been broken.

And this is in Northern Ireland, where we had a crash a few years back.

Peccary

we will discuss this weekend, just had mortgage approved today after waiting ages!


We think we are getting a good deal on the house and are likely to proceed. We could live in it for good if we wanted. Obviously it would be nice to get it cheaper but if we do renegotiate it will be based on the survey findings.


We are FTB but our rented house is sold and we have to leave. The alternative to proceeding is finding a new rental, paying fees, moving costs and another 6 months minimum rent plus losing what we have already paid out for buying.

moneyistooshorttomention

What is stretching my credulity to the limit is all those (would-be) buyers that apparently havent foreseen Brexit and are therefore trying to use it as an excuse.

Pull the other one - its got bells on.

I thought it would be Brexit personally. I was nervous up until I woke up this morning as to whether it would be or I had got it wrong - as it was so close. I knew which way the counties would vote in my Home Area (ie South West England). I knew which way the Welsh counties (ie where I now am) would vote. I knew which way Scotland would go. But there were a lot of "unknowns" - and many people that hadnt decided until pretty much last minute.

That's the thing - you have to mentally try and "step outside" the mindset of your "tribe"/peer group/call it what you will (ie those you identify as being similar to yourself) and try and work out what people as a whole are likely to decide. It's not that hard. My "tribe" have pretty universally voted to Remain - darn it. But that's just my "tribe" and there are many others...

As I see it = people who ARE British were most likely to vote for Brexit. People who see themselves as British (because they have a British passport) are more likely than not to vote Brexit. People who see themselves as Scottish or Welsh are likely to vote Remain. People who see themselves as English are likely to vote Brexit.

Now - I know I am personally someone that IS British (not English/Welsh/Scottish imo - though my parents tell me I'm English) and not European - and so the chances were I would vote Brexit - and I did.

But I weighed up what proportions the rest of the population would see themselves in - and the answer was pretty clear as to how things would go - if "just".

So - quite frankly - I have no sympathy whatsoever with those who are "trying it on" to cut offers on houses they have already made. Because if I could work out this particular equation - then I'm darn sure lots of others could too.:cool: (ie the majority - just - of people in Britain either are British or see themselves as British).

zzzt

I'm not pulling out. I don't even think I can now. I have signed the mortgage contract and the transfer deed and sent them off to my solicitor (although, I suppose the seller doesn't know that so I could tell my solicitor to shred it).

But I don't want to pull out anyway. I'm not buying a home as a speculative investment or something to let out. I'm buying it to live in. Pulling out of the EU might make prices volatile in the next 2-5 years, but I'm sure it'll pick up. Most likely there will be an initial drop, followed by a resumption of the usual rises, so that in a few years, they're back to where they were.

Also it's been a hugely stressful process, not just the actual buying process and all the money I've wasted on solicitors and surveyors and mortgage lenders, but actually finding a house and getting my offer accepted. I don't want to go through it all again.

The house I'm buying isn't worth that much. It might lose £2k in value, at most £5k. I've spent nearly £2k just on the buying process. I'm not gonna pull out just to spend that again.