Brexit and House Prices

Miss_Samantha

Thrugelmir wrote: »

That's what the majority of experts actually all say. As all their words have caveats, i.e. subject to.

What the experts say is not what you are claiming.
Yes, they are caveats, etc. but this does not make predictions meaningless or useless, or speculation.

[Deleted User]

Its like gambling, if a horse doesn't have an injury, if the ground is the right ground for it, jockey technique, is the jockey having a good day or a bad day, is the horse having a good day or a bad day, it stands x chance of winning against 20 other horses who all have their own set of ifs and buts.

There are too many variables. The EEC doesn't know quite what is going to happen, industry doesn't, government / shadow or otherwise doesn't because any one prediction (and there are more than one or two) are dependent of different sets of circumstances. Any of which may or may not occur. And then there's the effect of spin, and the calming measures being introduced now. Outside influences.

So yes, a crystal ball is about as much use as predictions right now.

Oh and remember the booking shops got the odds wrong on the referendum result too lololol.

kinger101

deannatrois wrote: »

Oh and remember the booking shops got the odds wrong on who the referendum result too lololol.

Bookies don't make their profits by predicting the result. They aim to make the same profit regardless of the outcome. They might lose on a single event, but in the long run, there is only one outcome.

Crashy_Time

cashbackproblems wrote: »

Its silly to say for definate prices will fall by x% but what we can say for certainty is that they will fall. This is based on economic instability (billions wiped off stock market impacts us all through pensions/investments/job losses).

Bingo. People who had debt were given 8 years of emergency rates to pay it off, if they have not done so, or borrowed more, then they only have themselves to blame. The vote was only 48 hours or so ago, we need weeks and months to see where this is going, buying a house now is just pure madness IMO.

kinger101

Crashy_Time wrote: »

Bingo. People who had debt were given 8 years of emergency rates to pay it off, if they have not done so, or borrowed more, then they only have themselves to blame. The vote was only 48 hours or so ago, we need weeks and months to see where this is going, buying a house now is just pure madness IMO.

Buying a house is always madness IYO. You'd still be renting if you won the lottery every week for a year.

Crashy_Time

kinger101 wrote: »

Buying a house is always madness IYO. You'd still be renting if you won the lottery every week for a year.

So you are saying just ignore the Brexit vote and dive in? Actually there is another thread that seems to be saying mortgage companies are putting the brakes on the amount people can borrow post Brexit.

Running_Horse

Not you again!

Why don't you just enjoy living in your home?

Alternatively, have a giant scoreboard on your roof displaying the daily change in value of your house.

iantojones40

Interesting to note that people who have posted on here saying that they're considering reducing any potential offer by, say 10% as a result of brexit are being condemned as "unethical" "greedy" and receiving comments about "circling sharks" etc

And yet vendors who have been putting their properties on the market for 10% or even 20% more than what any other comparable property has recently sold for aren't regarded in the same light.

booksurr

iantojones40 wrote: »

Interesting to note that people who have posted on here saying that they're considering reducing any potential offer by, say 10% as a result of brexit are being condemned as "unethical" "greedy" and receiving comments about "circling sharks" etc

And yet vendors who have been putting their properties on the market for 10% or even 20% more than what any other comparable property has recently sold for aren't regarded in the same light.

I note your post count is still relatively low so I will give you the benefit of the doubt that you haven't actually read many posts either yet

there are countless numbers of posts telling owners who come on here whining that they have no viewers/ can't get an offer/ have been on the market for months exactly why that is so: they are being unrealistically greedy in their asking price

harrys_dad

All markets are based on confidence and confidence is based on certainty. There is now uncertainty, so confidence will fall. Who knows what effect that will have on the market?

It is also clear that this market is regionalised. The fall in the pound means that all those super expensive houses in London have just got 10% cheaper for their rich foreign buyers. At the other extreme, all those poorer areas that rely on EU funds for any development of industry/jobs etc will get poorer still and their market may get even weaker than it is at the moment. All other areas of course will be between these these two extremes, but where on that continuum nobody knows.

My house is my home, somewhere I live, not somewhere I invest in. Its price is not relevant to me as I don't intend to sell. Most people on here seem to be "moving up the ladder". When house prices fall then the rungs of the ladder get closer together, hence these people will be better off. The only important point when you sell and buy is the "price to change". The only people who lose out when house prices fall are those who want to downsize, and those who have overextended, especially if and when interest rates rise (which may be many years in the future). Oh, and also those beneficiaries of houses when people die.

If I was buying and selling now of course I would try to get a bigger reduction from my vendor than the one I offered my buyer.