Brexit and House Prices

Prothet_of_Doom

Panic. Don't panic.

House prices will do what they do, interest rates will go where they go.

As long as you are not gearing yourself up to silly levels, take on insurance against job loss, and save a bit for the !!!! hitting the fan, then do what you need to do to buy a put a roof above your head.

iantojones40

booksurr wrote: »

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

Thanks for the reply, I've actually been on here a very long time but had to recently renew as my old log in details were linked to an inaccessible email account, but that's by the by.

Ive never seen a thread on here where these unrealistic vendors have been described as being anything other than, well, unrealistic... all very polite and diplomatic. They don't seem to be subject to the same level of bitter vehement criticism and name calling that I've seen leveled at buyers hoping to get a modest reduction due to prevailing uncertainty.

Prothet_of_Doom

harrys_dad wrote: »

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.

Having once been in Negative equity, I believe that it's important to get a decent deposit down, if there is any likely hood that you might need to move in the future.

Jhoney_2

G_M wrote: »

Last Thuusday, some people in government who don't know what's going to happen, asked a whole bunch of other people who don't understand, a question no one knows the answer to.

Now that a decision has been made, we will spend the next 2 years discovering what it means.

Any predictions, either before or since Thursday, whether by experts or the rest of us, are meaningless.

kinger101 wrote: »

I'm deeply offended by that comment. I can assure you I was rigourous in my calculations, and even used a second beer mat to check my workings.

My finger hit the wind just as well as all the economists standing beside me.