House Buying whos pulling out

Grenage

It's tricky because I don't think most people honestly thought the leave campaign would win.

We're a week away from contract exchange, and we have no property to sell (but there is a chain.). We've got a 10 year mortgage, so short-term fluctuations are less of a concern.

Not to say I'm not slightly worried the value will drop 60k over 2 years, but something can go wrong at any time.

fforsythuk

We all exchanged yesterday. Four parties in the chain and the whole process couldn't have gone smoother.

I believe that all parties paid FULL ASKING PRICE for the properties.

Our decision has always been to continue. We have fixed onto a 5 year deal and we believe that our house move will benefit our live and be way we live (not our pockets!). We have 3 small children so our focus was about attaining a suitable home and not what profit we can make after 5 years.

If in 5 years (when we will the about moving again), if our house value drops it will generally mean that our onward house value will drop too. It's all proportionate so at this stage we're not really worried.

Money_saving_maniac

fforsythuk wrote: »

We all exchanged yesterday. Four parties in the chain and the whole process couldn't have gone smoother.

I believe that all parties paid FULL ASKING PRICE for the properties.

Our decision has always been to continue. We have fixed onto a 5 year deal and we believe that our house move will benefit our live and be way we live (not our pockets!). We have 3 small children so our focus was about attaining a suitable home and not what profit we can make after 5 years.

If in 5 years (when we will the about moving again), if our house value drops it will generally mean that our onward house value will drop too. It's all proportionate so at this stage we're not really worried.

Or if it's the right house for you you just stay in it. Negative equity or a loss in 'value' really only matters if you need to move.

Bossypants

marksoton wrote: »

From whom? Banks? Good.

The majority of the financial services industry is made up of ordinary, hard-working people trying to support their families on very ordinary salaries, and it is they who will suffer. The stereotypical fatcat bankers with five or six figure bonuses are a tiny minority, and they will be just fine.

Money_saving_maniac

marksoton wrote: »

From whom? Banks? Good.

And then new job creation. An economy evolves.

The economy will evolve and change, but there will be short to medium term pain. People just need to think it over really carefully before parting with a lot of money in the next 6 months.

marksoton

Bossypants wrote: »

The majority of the financial services industry is made up of ordinary, hard-working people trying to support their families on very ordinary salaries, and it is they who will suffer. The stereotypical fatcat bankers with five or six figure bonuses are a tiny minority, and they will be just fine.

Oh rubbish.

I used to work in catering and to this day they are far worse paid.

The pity party is over.

moneyistooshorttomention

Grenage wrote: »

It's tricky because I don't think most people honestly thought the leave campaign would win.

Yep...I agree...personally. I dont think most people thought we would Brexit.

But - I think its a numbers game - 10 years ago it wouldnt have been so "cliff edge" (it would be Brexit without all this darn brinkmanship). 10 years time I dont think it would be so "cliff edge" (I think it might be Remain) courtesy of loads more emigrants (legal or otherwise).

Personally - I see it as a close call and a numbers game and the powers-that-be (aka Cameron in this case) worked out just how many of us that knew "what things were like" pre "EU and all that" would be here/determined to cast our votes accordingly. They got it wrong:rotfl::). We DO remember and we are old enough/cynical enough to have had "scare tactics" used on us before (whether communally or personally) - and realise that all the "Ohmygawd the sky is gonna fall in" stuff was just Paper Tiger/frightener scenario stuff basically.

With age cometh cynicism - and hard-won experience (darn it!).

Quite frankly - I wouldnt put it past the "Remain-ers" to try and stage some excuse/any excuse to "shove it all on into the future for a few years before a re-run" because they know this as well as we blimmin' do:cool:.

I just don't think most people believe in democracy frankly. I think most people believe in "What suits themselves personally":( and will lie/lie by ommission/fiddle the figures/you name it.

Quite frankly - I've seen it all from the inside - and there were several different ways a group I was in "counted supporters" - and it was entirely down to which criteria we decided to use. Hastens to add - I personally took the view that boiled down to "recent renewers" (which was loadsa people after all...so why worry...<shrug>).

Bossypants

marksoton wrote: »

Oh rubbish.

I used to work in catering and to this day they are far worse paid.

The pity party is over.

Right, so what's the threshold where we're allowed to feel sorry for people being made redundant then? Just for future references.

And incidentally, most big financial services sites employ caterers, gardeners, janitors, reception and security staff, in addition to the evil bankers (you know, the fatcats on £22,000 a year...).

upoiupou

Kudos to the people who are going ahead. A supposed "buyer's market" wouldn't happen overnight anyway. If prices drop then sellers will withdraw from selling. The whole market will stagnate. A buyer's market happens only on an upswing, when people feel it's worth buying again and it's taking time for sellers to catch up. What we're about to head into is unlikely to be a buyer's market, more likely to be what is called a recession.

I think a home is an investment as in a place to live long term. If you're viewing the investment as something else such as buy to let you're in a different category and I won't go there.

I think it's good to go ahead and buy (to live in). Even if your property price does drop a few thousand in the short term after you move in, in the medium term it's likely to still be a good purchase and in all the intervening time you won't have been paying a few thousand in rent.

jimpix12

A few thousand but what about on a 750k house in London ie a 3 bed flat. Would you then be so confident? If prices drop by 20pc that's 150k in negative equity. Easy to say it won't worry you when you don't have that round your neck. ..