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

Emidb

Can I honestly thank you all for your honest and excellent advice.
Based on the feedback and advice on this forum, I think as it is such a huge percentage that is likely to be affecting the value of the property as soon as Brexit is officially trigerred, I think as much as I truly love the property, I will have to with draw my offer and just wait and see what happens, unless you have a better advice.

AnotherJoe

I think that's the most prudent decision Emidb, what you were doing is property investment and not buying a house to live in as the primary aim.

Now, if you were moving from (and selling) say a £400k house to buy a £600k one, then you are first of all investing a lower sum, £200k instead of £600k, you arent losing an extra £30k in stamp duty, and you've only got £600k exposed to a possible drop in property prices instead of £1M (£600k + £400k).

Emidb

Hi All Again,

To be frank, I am not sure whey I am still kind of communicating with the agent and my solicitor about the same. today, the agent has come back to me saying if I want to proceed? I know it is a house I want to live in for a long time but at the same time, I just cannot get my head over the fact that is it at all a big mistake to buy a property now or should I really wait because I do like the house in that particular area and I have not yet found another similar house in there for now.

Any final and honest advice please as I will have to make my final decision today.

twinklex2

You will need to make your own decision I am afraid.

We had exactly the same concern (even until now!) and seek advice from friends and colleagues but at the end of the day, we still had to make our own decision. And we just exchanged contracts yesterday after the vendor agreed to reduce the price by 1.5% just to give us a bit more confidence to go ahead. We are first time buyer by the way. You already have your first house so it may be different!

Good news: interest rate cut to 0.25% will support house price to some extend though the state of the economy is a bit worrying

sheff6107

It's become apparent that a few weeks ago there was a short period of people going for discounts / pulling out citing Brexit. Unsurprisingly most proud sellers told them where to stick it.

This sounds like it has spooked you a bit, but things are pretty much back to normal, if pretty stagnant.

You are basically looking for a property crash and your odds are much much better on a small decline or a small increase, rather than something spectacular. A crash also wouldn't be much of an issue if you aren't planning on selling in the next 1-7 years.

I can't seen any reason for not proceeding. Even if you buy when the market looks as rosy as it can be, you'll never be able to put a timing on the next big downturn.

Linton

Who knows what will happen in the future, by the time BREXIT has settled down there will be some other potential catastrophe on the horizon. If you buy the house, in 10 years time which is more likely - you still love the house and have forgotten exactly what you paid for it or you are kicking yourself because you didnt go for something you didnt really want to save a few £10Ks?

If you really want the house go for it and stop messing the poor vendor about. If not and BREXIT is really a problem to you why did you faff around with a £10K reduction? £10K is irrelevent in the overall scheme of things.

DRP

Actual brexit will likely take up to a decade, so just get on with it.

Daniel54

Emidb wrote: »

Hi All Again,

To be frank, I am not sure whey I am still kind of communicating with the agent and my solicitor about the same. today, the agent has come back to me saying if I want to proceed? I know it is a house I want to live in for a long time but at the same time, I just cannot get my head over the fact that is it at all a big mistake to buy a property now or should I really wait because I do like the house in that particular area and I have not yet found another similar house in there for now.

Any final and honest advice please as I will have to make my final decision today.

I'm very much in agreement with Another Joe

It appears you would like to buy and live in this new house,which would enhance the quality of living for you and your family.

It seems to me that the question you should be asking yourself is why you are not selling your current home.You have never addressed this on the thread,so we are left to guess your reasons.

In your shoes,I would be selling the first property and diversifying my investments to be less dependent on UK residential property.

Emidb

From your post it sounds like you are a seller as well and not being objective which is what this forum is all about?

Daniel54

Emidb wrote: »

From your post it sounds like you are a seller as well and not being objective which is what this forum is all about?

I assume you are not replying to my post ,but another one ?

If you are replying to mine,I do not understand what you are trying to say