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Value of property after exit from EU
Comments
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Property is a long term thing, so over time you'll be fine.
We purchased our first flat in 88, then the bottom fell out of the market and we sold it 8 years later at an £11K loss, (after paying some of the highest interest rates we've ever had). Obviously the house we went on to buy was at the bottom of it's value as well, so when the upturn happened we rode the wave.
Yep, I remember that, we lost about 20k on our first house in the same situation as you. remember when the Chancellor announced an interest rate hike to 15% (briefly on that bleak day) I was working out if I could live on beans and walk to work each day! I read people worrying about interest rates they have no idea what a terrifying interest rate hike does to your blood pressure. Not yet, anyway.0 -
What are your thoughts on this? As far as we are able to rationally predict, could the market change once the exit from the EU is official?
Absolutely it could change. Prices could go up, down or stay the same compared to what would happen without Brexit, which would be that prices might go up, down or remain the same. Hopefully this makes it clear.
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Where's crashy time? He's not logged in for a couple of weeks now, I do miss his blind persistence!0
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In the short term (you should never base investment decisions on the short term) I would expect a jump in demand from overseas buyers given the fall in the pound. U.K. property must be looking like a bargain now.0
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In the short term (you should never base investment decisions on the short term) I would expect a jump in demand from overseas buyers given the fall in the pound. U.K. property must be looking like a bargain now.
Such a theoretical effect would be very localised. Central London and a few other small areas. People from Hong Kong arent going to rush in and buy a property in Darlington, lets say, or even for sake of argument Reading or Croydon.0 -
So the OP knows that there are no crystal balls but wants people to use them? Erm......0
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I've missed him/her too.
Stockholm syndrome perhaps?Gather ye rosebuds while ye may0 -
So I'm looking to buy a small property to let.
Depends on your outlook. Are you banking on capital appreciation or doing it for good rental yield?
Assuming you have a budget, you need to select a location based on that.
Majority of people think on a short term basis, economy will be worse of following Brexit. There will be fewer EU migrants coming to UK so there would be less demand for properties. On the other hand, if £ becomes weaker, a lot of foreign investors will buy in UK. So kind of situation would be balanced.
Inflation adjusted property price won't fall in long term but all depends what you want to get out of your property investment.
Note that price has already kind of flattended and in London price started falling (still way overpriced IMHO).Happiness is buying an item and then not checking its price after a month to discover it was reduced further.0 -
The Government has given no indication it intends to address non-EU immigration, which was a net 190,000 last year.
If only 10% of previous levels of EU migration continue, that will mean another 18,000, so 208,000 in all each year.
We also still aren't building enough...!
I can't see any great reason for a slump in demand across the board, but there may be localised pockets of growth/decline.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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