I wanted to Buy a House In Cash for £600k but am not sure after brexit

NYM

peter_we wrote: »

Where is it? The regional differences of the Brexit effect are significant.

From the OP...

....The house is in Sutton Coldfield in Birmingham

peter_we

I doubt the Brexit is going to hit Birmingham anywhere near as bad as London.

Grenage

Wouldn't 600k buy you a street in Birmingham?

natrapx

Grenage wrote: »

Wouldn't 600k buy you a street in Birmingham?

Better than a broom closet in London.

foxy-stoat

Emidb wrote: »

Dear Sirs,

I wanted to post my question but I was unable saying that I could not pos it. I a new to the forum. So would highly appreciate if you could please advise on the following:

1. I am almost to exchange contract for buying a house worth almost £595k in cash. The process of my offer and the asking price was all agreed in April this year. The house is in Sutton Coldfield in Birmingham
2. Since Brexit, I have started to get more concerned looking and hearing how things develope. So, I asked the seller to reduce his asking price by £10k which he did after a bit of negotation. Now he says that he is not willing to negotiate further reductions and that he will only proceed with the sale IF we agree to exchance contract before end of this week (29/07/16)
I have been watching news and reading news on the net and I am getting more and more worried whether to buy this house or not to buy as according to the news house prices are going to be affected by up to 30%.

Can you please advise what is the best option for me to do in this case?

Many thanks.

This has to be a wind up thread....OP talks about buying a house for cash at £595,000....then gets 1.7% knocked off the price because of his concerns over Europe and then still doesnt know what to do - well done by the way for saving yourself £10,000.

I am not sure that getting £10,000 knocked off the price will protect the OP against much price flunction in the Birmingham property market at this level though.

david1951

Emidb wrote: »

Can you please advise what is the best option for me to do in this case?

You only have one option - make a decision

david1951

Grenage wrote: »

Wouldn't 600k buy you a street in Birmingham?

https://en.wikipedia.org/wiki/Sutton_Coldfield

"An affluent town ranked as the fourth least deprived area in the country encompassing the prestigious Four Oaks Park Estate and bordering the Little Aston Park Private Estate where the region's multi-millionaire and billionaires reside."

Look on Rightmove and there are only about 3 houses listed as Sold STC that fall in the correct bracket...

Crashy_Time

With 600k and living/renting cheaply, plus creating new income streams for yourself doing things you enjoy, you could have a very pleasant life, not sure why anyone would want to dump 600k into UK property at this point TBH, there is only more volatility and uncertainty to come.

Kynthia

Do you have evidence that property prices have fallen 30% in your area since April? If not then you are trying to buy at a possible future value instead of at today's value and what would your seller agree to that? Should you cone to sell in tge future and prices have dropped by 30% then the place you want to buy then would be lower than now. If people were saying prices might rise in the future would you accept your seller increasing the purchase price to you now?

Your choice is buy at the agreed price or don't. Your seller isn't going to renegotiate again so make a decision.

lush_walrus

Why would prices fall? It's looking positive for post brexit deals with others. New Zealand China US Australia are keen to mention a few. Doors close and new ones open. If everyone stays employed prices stay high. 30 percent is highly unlikely there hasn't been a recession that has made a dip that great.