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

Emidb

With your £600k cash are looking to buy a second one and keep the first, or will the £600k mostly be from sale of the house you live in now? Two very different situations.

I will be keeping the first one as well. It is just I am wholeheartedly not sure and cannot make up my own mind whether to buy or withdraw. My only fear is that I have invested my 10 years of life, sucrificed my most important times not able to really spend so much time with my family in order to make savings which is what I have now), I just do not want to have lost over £50k or £60k in just 1 or 2 years once Brexit has been fully applied.

Which is why I am genuinely looking for some honest and constructive advice of some professionals.

Crashy_Time

Emidb wrote: »

I will be keeping the first one as well. It is just I am wholeheartedly not sure and cannot make up my own mind whether to buy or withdraw. My only fear is that I have invested my 10 years of life, sucrificed my most important times not able to really spend so much time with my family in order to make savings which is what I have now), I just do not want to have lost over £50k or £60k in just 1 or 2 years once Brexit has been fully applied.

Which is why I am genuinely looking for some honest and constructive advice of some professionals.

Many property "professionals" will tell you anything you want to hear, if it makes them a commission, many posters on here appear to have already committed to big mortgage debt (or multiple BTL`s) and will tell you what THEY want to hear!

ukcarper

Crashy_Time wrote: »

Many property "professionals" will tell you anything you want to hear, if it makes them a commission, many posters on here appear to have already committed to big mortgage debt (or multiple BTL`s) and will tell you what THEY want to hear!

Same as you then, the truth is nobody know.

glasgowdan

Holy cow - a 3 bedroom flat in Sutton Coldfield is on RM for £595k! (I'm sure this isn't the property you're looking at, I'm just surprised the area is so expensive!).

If you're worried, just buy it. It's obvious you earn wel to have probably near £1m in assets... if you sell and get less, you'll find a cheaper onward buy.

peter_we

From the risk point of view you should diversify your investments., you are already invested enough in property. Buying more property now is risky, no doubt about it.

lush_walrus

Crashy_Time wrote: »

It wasn`t people having jobs that created the bubble in property though, it was a wave of cheap money made available to the public during the biggest credit binge in history, and the problems related to that unwinding are still there, Brexit (although a healthy sign that people are waking up to how they have been manipulated IMO) is just one factor among many other things that have to work their way through the system.

And none of that has changed. There have been no alterations to lending since Brexit was announced. There were changes before via taxation changes to secondxhomes and prior to that via greater means testing for lending. Neither of those made any difference to values, at least not in the areas I know which covers London and the south east / west.

thesaint

Crashy_Time wrote: »

Just glad I didn`t "double down" on BTL....

I guess making money isn't for you which is fair enough.
Good luck with your wait for a 40% drop.

AFF8879

Even if you lose 30%, you're paying cash. So if house prices fall in general anything you lose you would just save on the next house. You'll never have negative equity / be trapped in a mortgage.

Secondly, for that price in that area I imagine you're getting a pretty grand house. Larger houses tend to hold their value more than small places.

deaglecat

nobody is really credibly predicting significant house price rises at the moment... so as an investment it is likely to be a poor idea to go through with the deal.

if you need a house to live in then it is a different matter because you are getting other benefits.

nobody can predict the future ...but the housing market is looking overvalued

cash is king. stay with it.

Thrugelmir

lush_walrus wrote: »

And none of that has changed. There have been no alterations to lending since Brexit was announced. There were changes before via taxation changes to secondxhomes and prior to that via greater means testing for lending. Neither of those made any difference to values, at least not in the areas I know which covers London and the south east / west.

Early days. I suspect there's many LL's that don't even realise that they need to declare the rent. Now with databases's interlinking. HMRC can overview an individual at a click of a button.