No decent houses on the market right now

FitzWilliams

I'm just going to start off by saying I was lied to. All of you manic 'Brexit is going to drop the price of houses' people got it all wrong. I've been actively watching the housing market waiting for a decent 3 bed to come up. There were a few around but I thought I would leave it a few more months and see where the market went. Fast forward post Brexit and there is literally nothing. If anything, house prices have actually gone up in the areas that I was looking in.

I'm wondering if I should just buy from the options available or rent a few years, risking prices going up more, but having a big deposit?

jimpix12

If you buy now then you'll be on here whinging in a few years about how nobody warned you. Make your own decision.

Plus it's been a month. It takes much longer for things to start falling.

cloo

I'd say the thing is it's not that prices just drop like a stone the minute something worrying happens. I wouldn't be at all surprised if the more likely pattern is 'everyone stops putting houses on market, buyers give up, prices drop. But then some other economic issue arises that prevents people from being able to buy because crashes wouldn't be an issue if they just meant that now more people were able to buy a house.


That said, I am not necessarily a doom-munger re Brexit. People usually don't put as much on the market at this time of year. I'd keep looking, and if, as may be the case, there's slightly fewer buyers around as well, you may be in luck. Hoping you'll be in luck, anyway!

alchemist.1

You probably mean no decent houses for the price point you thought you would be at after Brexit.

The reality is that no one needs to sell with low interest rates and not enough time has expired for people to reduce prices.

MistyZ

Looking to buy in Norwich ..... I've been keeping my eye on Zoopla & Rightmove for ages. Definitely think that there are far fewer properties coming online since Brexit though haven't noticed any change in price as yet.

Penelope_Penguin

FitzWilliams wrote: »

I'm just going to start off by saying I was lied to. All of you manic 'Brexit is going to drop the price of houses' people got it all wrong. I've been actively watching the housing market waiting for a decent 3 bed to come up. There were a few around but I thought I would leave it a few more months and see where the market went. Fast forward post Brexit and there is literally nothing. If anything, house prices have actually gone up in the areas that I was looking in.

I'm wondering if I should just buy from the options available or rent a few years, risking prices going up more, but having a big deposit?

Basic economics - supply and demand - as supply reduces, prices rise

Saying that nobody needs to move isn't right. Some people will have to move - changes in jobs, relationships, etc, etc.

Running_Horse

Nothing to do with Brexit.

Round here, the decent houses go on the market in spring and are snapped up by summer. If it is a popular area, you are going to need to keep pestering the agents then move fast.

Don't know or care if prices are up or down.

kinger101

FitzWilliams wrote: »

I'm just going to start off by saying I was lied to. All of you manic 'Brexit is going to drop the price of houses' people got it all wrong.

You need to learn the difference between an opinion and a fact. In any case, in most places, it's too early to know what the effect of Brexit will be.

Thrugelmir

No decent houses on the market right now

People take holidays in the summer. House moving is well down the agenda.

Kynthia

Very little goes on tge market during the summer holidays.

It's only been a month since Brexit. Initially people respond to uncertainty by not moving if they don't have to so something that causes a drop in prices takes time to have an effect.

House prices are unlikely to drop without a cause. Just saying we're going to Brexit probably isn't the trigger but other related things tgat are or might later occur are. Job losses and higher unemployment or reduced job security, trickle down from foreign investors not buying in London, higher costs of borrowing, lenders reducing the number mortgages they give or imposing stricter lending restrictions so there are less buyers, etc. None of these things happen in weeks if they happen.

brodawel

Hardly any decent houses in my area for the past year, nothing to do with Brexit. Many in the £300K to £400K bracket have been lingering on RM for 18 months or more, and with good reason, no one wants them because they are awful. Then as soon as a decent one wants to come on, they compare their nice house to the awful ones and decided that if that's worth £400 then mine must be worth £450.