Brexit vs FTB by EU Citizen

PawelK

Hello everyone.

I am considering starting a ftb process in early 2017 as I am still on my probation period. However, I hear different comments about whether it's better to wait until EU exit negotiations will begin or even finish as this may shake up the property market, even in London where I am planning to buy. However, due to my full time work and studies, I had a little time to do any research online to see experts comments and other objective arguments from each side who either advises to buy as soon as possible before Brexit will happen or wait and dont buy until is finished.

Can someone provide a summary of logically sounded advices or just a link to some articles or perhaps similar threads that are already on this forum?

Thank you.

Pawel

AdrianC

The simple answer is "nobody knows".

Nobody knows when Article 50 will be invoked.
Nobody knows when the Article 50 negotiations will be finished.
Nobody knows what the outcome of the Article 50 negotiations will be.
Nobody knows what the migration status of EU nationals will be afterwards.
Nobody knows what the property market will be like afterwards.

It's all guesswork. Some of those guesses are easier than others - but they're still guesses. Your guess is as good as mine, and nearly as good as those of experts - if you can get the experts to give any kind of consensus...

PawelK

Thanks Adrian. "Nobody knows" scenario is something I had on my mind but thought that maybe I've lost some information that would make my mind lean more towards either side. At the moment, with so little known, I probably should not consider the unknown future but carry on as if it was pre brexit. Especially that I am a long time UK resident.

Cakeguts

It basically comes down to this. Do you want to own or rent your home? No one has ever know what house prices will do in the future.

Miss_Samantha

It's hard to see how Brexit could be good for house prices (good = price increase).

On the other hand, there is also no reason for prices to crash in desirable areas just because of Brexit.

AdrianC

Cakeguts wrote: »

It basically comes down to this. Do you want to own or rent your home? No one has ever know what house prices will do in the future.

Indeed.

But there is now an added dimension of uncertainty for somebody in Pawel's position. Fortunately, the biggest actual threat is the easiest guess - whether there'll be a right to remain here. Whether he continues to want to live here, and feels welcome here, is another question entirely right now, I suspect.

PawelK

Cakeguts wrote: »

It basically comes down to this. Do you want to own or rent your home? No one has ever know what house prices will do in the future.

It's not as simple as that. On top of what Adrian very rightly added, it is my situation of heing a single person with no view to have a family. Otherwise, it would be a no brainer that I buy the flat no matter what. in the current climate I have to even stronger than before consider potential purchase as an investment rather than just my own place to live in. I believe being professional and having a permanent residency, living here now for over twelve years should not make me worry whether I will be allowed to stay but even if that happens, I would be perfectly fine to move elsewhere as long as I can rent my property out or sold it without losing on the investment.

Chanes

I think, as a people, it would stick in our gut if there was no right to remain for people who have settled here. As I understand it we are leaving the EU not the human race. And I expect that would be a reciprocal negotiation.

I think house prices (and rents) will rise anyway, we have a population without adequate housing stock and no chance of building at the speed required to house folk.

bobobski

Miss_Samantha wrote: »

It's hard to see how Brexit could be good for house prices (good = price increase).

For one, pound drops, foreign investors come flocking.