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Off Plan New Build / Mortgage / BREXIT concerns.
Comments
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I think you are right to buy an existing built property than one yet to be built at this time. We seem to be in a similar situation as 2008 with London property prices falling and people who bought off plan being burnt and sued by the builders when they couldn't get a mortgage. If it falls in value it will most likely go up again after a few years.
Personally I am waiting to see what happens with the Landlord tax changes coming in April. Many London landlords are on really small rental yields and are looking to sell with the increased costs as their buy to lets become unviable so hopefully be more supply and even lower prices.:exclamatiScams - Shared Equity, Shared Ownership, Newbuy, Firstbuy and Help to Buy.
Save our Savers
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graceygirl wrote: »What particular situation are you suggesting we be wary of? Brexit?
Not sure how you can put it down to Brexit.0 -
DCFC79 - I wasn't focusing on this but it has been mentioned to me a lot.0
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If you are adversed to risk don't buy off plan or pay deposits. Keep it simple, find a property and just buy. Then it will be sorted in 3 months and you'll in.
Not a comment on Brexit or the economy.0 -
There is a chance you will lose money on property post Brexit, especially in London with the eclectic mix that makes it.
But I am sure things will recover; economists hate uncertainty, the share indexes hate uncertainty, governments hate uncertainty. No one likes uncertainty. But if will settle, it will find a resolution and it will be certain but it's going to be a bumpy ride for a time.
Alternatively, toss a coin, it would probably be as accurate as the smartest economists we have...missed the great economic collapse...Brexit...oh, the list is almost endless.
Brexit may not be the main issue, it could be that the EZ eventually breaks up, and that will have a big effect on house prices and interest rates?0
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