First time buyer – should I continue with my purchase?

jimpix12

I refuse to believe it. I'm going to stick my fingers in my ears and pretend it isn't happening.

david1951

indianabones wrote: »

Well according to the news articles people have posted here and that are available online. Prices have already come down.

I've only seen these ones:

http://www.telegraph.co.uk/business/2016/07/16/uk-to-skirt-recession-as-house-prices-drop-and-joblessness-climb/

http://www.telegraph.co.uk/property/house-prices/emb-0001-house-prices-to-fall-in-post-brexit-tumble/

Neither of these say prices have already come down. They predict that house prices will fall.

I guess I may have missed the articles you refer to that say house prices have fallen? Please post these up if you have access to them.

No one is sticking fingers in their ears (or anywhere else for that matter), just saying that they will happily believe it when they see it.

jimpix12

http://www.thisismoney.co.uk/money/mortgageshome/article-3695278/House-prices-dip-2-6k-Brexit-vote-says-Rightmove.html

I think you did miss them.

These are asking prices, the official LR paid prices are a few months in arrears so this will have to do for now.

smile88egc

http://www.standard.co.uk/news/london/london-housing-market-returning-to-business-as-usual-despite-house-price-fall-a3297956.html

david1951

-0.9%

Looks like the start of something big.

indianabones

david1951 wrote: »

-0.9%

Looks like the start of something big.

0.9 in less than a month since Brexit. Let's say it's 1% when the month is up. At that rate could be 6% drop by Christmas.

ukcarper

indianabones wrote: »

Well according to the news articles people have posted here and that are available online. Prices have already come down.

There is no way of knowing if prices are falling until figures have been released and that takes time.

ukcarper

spunko2010 wrote: »

http://www.thisismoney.co.uk/money/mortgageshome/article-3695278/House-prices-dip-2-6k-Brexit-vote-says-Rightmove.html

I think you did miss them.

These are asking prices, the official LR paid prices are a few months in arrears so this will have to do for now.

Asking prices are just that and to be sure we will have to wait until a couple of months.

paisted

ukcarper wrote: »

Asking prices are just that and to be sure we will have to wait until a couple of months.

I think this post may have become side-tracked from its original intention... but now that it has I'm happy to wade in!

• It takes time for house price data to show; initial data does not a trend make
• the media has a vested interest in promoting scare stories to sell newspapers and gain hits to websites
• general pricing trends are silly when trying to consider individual purchases. I think that high end property in London was waning even pre-Brexit, but the value of one bed flats was at this time was strong and will likely remain so (or so I hope!)

Just a couple of thoughts on this complex topic.

jimbog

smile88egc wrote: »

http://www.standard.co.uk/news/london/london-housing-market-returning-to-business-as-usual-despite-house-price-fall-a3297956.html

Rightmove director Miles Shipside said: "The summary so far based on two weeks of post-Brexit-vote statistics is that the housing market remains steady, underpinned by the same fundamentals that have led to its recovery since the last downturn."

Not sure how that supports the argument tbh