Buy now or hold after Brexit?

JohnLock

Now seems like a good time to sell a house but a bad time to buy.

Should I hold off buying for a few years until the inevitable crash - maybe after Brexit?

What do you think is the best thing to do?

I'm in no hurry to buy and can wait 5 more years.

I just don't want prices to increase even more.

John.

Beardmidget

I suspect if a crash was !!!8216;inevitable!!!8217; it would already be happening.
The extent to which you believe people who say it is or isn!!!8217;t likely is up to you.

It seems unlikely to me that you would lose money if you were looking 5yrs +, given past recovery times after price falls/ flat markets, but much more likely that prices will have moved on owing to a) our continued obsession with home ownership (myself included), b) the government!!!8217;s singular inability to address the need for vast quantities of new houses, c) the persistence with which rental prices remain very high.

Davesnave

There's a whole forum dedicated to these sorts of questions :

http://forums.moneysavingexpert.com/forumdisplay.php?f=149

If you missed that, your crystal ball probably needs more RAM.

Lauralou79

Although brexit will have an impact when it actually all completes who knows? People need homes regardless.

AdrianC

How long have these threads been going on now?

Crashy_Time

Lauralou79 wrote: »

Although brexit will have an impact when it actually all completes who knows? People need homes regardless.

They don`t need them at any price though, that is why sales volumes are steadily slipping.

kingstreet

JohnLock wrote: »

Should I hold off buying for a few years until the inevitable crash - maybe after Brexit?

Inevitable?

While demand continues to outstrip supply?

While we still aren't building enough new homes?

While there is still little upward pressure on interest rates?

While non-EU immigration is running at 200K pa plus and can only increase once we "take back control of our borders and decide on our immigration needs?"

AdrianC

kingstreet wrote: »

While non-EU immigration is running at 200K pa plus and can only increase once we "take back control of our borders and decide on our immigration needs?"

The only effect Brexit will have on non-EU migration is that there may be 27 more countries that count towards it. The UK government has always had 100% control over non-EU migration.

catshark88

I'm not expecting Brexit to be a disaster, but we are certainly in a time of uncertainty. There is a possibility that the government could fall and who knows what affect a Corbyn government might have.

I have no more idea than anyone else what will happen and what prices will do, but we're postponing our London flat purchase for a couple of years in the hopes that things will be clearer then.

buggy_boy

Its a gamble, how much rent will you pay over the 2 years.. Yes house prices could go down, but they could also go up.. Im not saying go for it but do your sums, its unlikely Brexit will have too much effect next year as we are likely not to actually get out of single market etc till 2021. Thats a lot of rent...

Crashy_Time

kingstreet wrote: »

Inevitable?

While demand continues to outstrip supply?

While we still aren't building enough new homes?

While there is still little upward pressure on interest rates?

While non-EU immigration is running at 200K pa plus and can only increase once we "take back control of our borders and decide on our immigration needs?"

Read as far as that and knew it was a wind up :rotfl: