Brexit and buying a house

booksurr

ReadingTim wrote: »

Everyone knows these things are cyclical, despite promises that 'this time it's different'. The key is getting in at the right time of the cycle, so it's prudent to observe one or two before pinpointing your key moment in the third. Play the long game, but be wary of structural realignment: 15-22 years minimum.

but the long game introduces the fact that, statistically speaking, purchasing at any point during the continuum will, by the end of the long game, have been highly profitable. Therefore, the correct response is to actually have purchased already, so that the profits already flow. OP should therefore have completed yesterday and has already lost money by not doing so

http://www.tradingeconomics.com/united-kingdom/housing-index

from 1983 to 2016 the UK house price index has risen from 96 points to 705 points

jimbog

I miss Crashytime

ReadingTim

booksurr wrote: »

but the long game introduces the fact that, statistically speaking, purchasing at any point during the continuum will, by the end of the long game...

statistically speaking, the only certainty we have in the long term, is that we're all dead.

steampowered

I think the short answer is yes.

If the bank reckons the property is worth less than what you agreed to pay for it, or the bank simply decides it doesn't want to lend anymore as your decision in principle is no longer valid, than you might not be able to get a mortgage.

So far, the impact of Brexit has been felt in exchange rates - i.e. wages and property are all worth about 15% less than they were before the vote, when looked at in comparison with other countries.

There hasn't been much impact in house prices when you look at them in pounds (it is just that each pound is worth less in real terms).