Brexit & house prices?

SavvySaver007

Hi all. I'm just wondering what everyone's opinion is on Brexit and how it will potentially affect house prices. I've done a bit of reading into the subject but I always like to hear other people's thoughts on the topic, especially those on these boards with a lot more knowledge than myself. We are looking to sell two lower value properties this year, with the intention of buying a larger, higher value property as a family home. I am a nervous buyer anyway, so Brexit is really putting me on edge! I'm probably worrying over nothing, but would be interested if anyone had any thoughts or theories about the housing market next year. Cheers in advance
:beer:

copperclock

SavvySaver007 wrote: »

Hi all. I'm just wondering what everyone's opinion is on Brexit and how it will potentially affect house prices. I've done a bit of reading into the subject but I always like to hear other people's thoughts on the topic, especially those on these boards with a lot more knowledge than myself. We are looking to sell two lower value properties this year, with the intention of buying a larger, higher value property as a family home. I am a nervous buyer anyway, so Brexit is really putting me on edge! I'm probably worrying over nothing, but would be interested if anyone had any thoughts or theories about the housing market next year. Cheers in advance
:beer:

The trouble with any information that you can read on the subject is that it's likely to be skewed to one side or the other.

00ec25

there is a whole board dedicated to fruitless speculation from nutjobs about house prices, it is called the DEBATE house prices and the economy board the idea being to leave this board for people who need help with real issues, not speculation

it can be found here:
http://forums.moneysavingexpert.com/forumdisplay.php?f=149

Brexit has been discussed on there numerous times, eg:
https://forums.moneysavingexpert.com/discussion/5725592

capital0ne

No one knows, just buy your house now

Cakeguts

Depends on where you want to buy. Some areas of the country have their own economies that are not reliant on the EU.

kaych

Agree with Capita0ne. If you see a house that you like at the right price then just buy it. If it's going to be your long term home, I wouldn't worry too much about the price fluctuations. No one knows what is going to happen from Brexit. Instead of worrying about it, buy the house that you like and enjoy it now.

When we bought our flat new, our valuation report stated that we would never get back what we paid for and we were paying a premium for it because it was new. It didn't really bother us, we are still happily living here after 7 years and paying less on mortgage than what we would have paid in rent.

Vampyr

No one knows. There have been lots of "crashists" predicting huge falls in house prices for years and only in 2008 was that really true. House prices only really matter if you are buying property for investment purposes. If you're buying it to live in over the long term, the better comparison is the interest you are paying on your mortgage vs rent you would pay if you didn't purchase property. Generally mortgage costs will win out over rent, so if you're settled for the long term and you've found somewhere you like, you should buy and not worry about volatility too much.

cybervic

We were planning to buy a year ago but was too worried about Brexit effect , house price crash..etc. We've been watching our local property market closely and have seen a lot of expansive high-end property reduced in the last 12 month than previous year. However, many mid-range property are still getting snatched pretty quickly so my feeling is if an area has good/strong demand then it won't make too much difference, we have now decided to buy is actively looking.

Thrugelmir

SavvySaver007 wrote: »

I am a nervous buyer anyway, so Brexit is really putting me on edge!

If you worried about everything that might happen in life you'd never even get out of bed! Best to only concern yourself with matters that impact you directly.

xsor

This is just my opinion..

There will be more people than houses/flats anyway, so prices will stabilise, and probably won't drop much.

And even if it does drop.. so what? You think you'll miss out? You'll still need to compete against the dozens of people who are looking to buy.

No one can tell you for sure, when is the best time to purchase, the boat rocks both ways and it's up to you to take the lead!

Like many have said, if you're not doing it as an investment.. then live a happy life in your ideal dream home, no point worrying about the rest.

PokerPlayer111

Only thing we can be certain about is uncertainty right now, Markets dont react well to uncertainty so im guessing either sideways or down for 2018.