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Brexit Effects in London
crondom
Posts: 7 Forumite
I suspect there have been many other threads like this but I thought I would get people's opinions...
My partner and I are considering buying in Woolwich, our limit is 300k which includes a 40k deposit. This is about the price of most new build 2-bed flats near the station. We picked Woolwich as it's fairly easy to commute to our workplaces, and Crossrail in 2018 should make it a good investment.
Then, the referendum happened!
I know that no-one can give certainties, but how do people think prices of 1-2 bed average flats will fare? My thoughts are that because demand still outstrips supply, and any actual exit from the EU is at least 2 years away, and with Crossrail coming, the prices should either stay stable, or increase, but my partner is (understandably) more hesitant.
My concern is that we will twiddle our thumbs waiting to see what happens, by which time the prices will have increased and we will no longer be able to afford to buy there!
Any thoughts appreciated...
My partner and I are considering buying in Woolwich, our limit is 300k which includes a 40k deposit. This is about the price of most new build 2-bed flats near the station. We picked Woolwich as it's fairly easy to commute to our workplaces, and Crossrail in 2018 should make it a good investment.
Then, the referendum happened!
I know that no-one can give certainties, but how do people think prices of 1-2 bed average flats will fare? My thoughts are that because demand still outstrips supply, and any actual exit from the EU is at least 2 years away, and with Crossrail coming, the prices should either stay stable, or increase, but my partner is (understandably) more hesitant.
My concern is that we will twiddle our thumbs waiting to see what happens, by which time the prices will have increased and we will no longer be able to afford to buy there!
Any thoughts appreciated...
0
Comments
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You are going to need a bigger deposit if you buy a new build flat. 25% deposit required.I am a Mortgage & Protection Broker
MSE doesn't check my status so you have to take my word for it. Any information posted is for discussion only and should not be seen as advice. I am FCA Registered, registration details available on request.0 -
You can actually get 85% on a newly built flat so our poster is not a million miles away.
As to the effect of last month's referendum. Don't put your life on hold. Presumably, you will need somewhere to live no matter what the UK's relationship with Europe, or the name of the Prime Minister.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
How many lenders are offering 85% on a new build flat, you could probably count them on one hand.I am a Mortgage & Protection Broker
MSE doesn't check my status so you have to take my word for it. Any information posted is for discussion only and should not be seen as advice. I am FCA Registered, registration details available on request.0 -
You only need one - I can think of three.
Actually 4.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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