Sell before Brexit?

dutchcloggie

Hi,

What do people feel about the housing market after Brexit? I am thinking of selling my house now and then buy another one after Brexit as I believe house prices will drop substantially. Is that a stupid idea or do people think there is mileage in it?

Doozergirl

There's a board specifically for debating house prices.

I like living in my house. It also costs time, money and stress to move and to rent.

No one has a crystal ball either. Some people are quite delighted about Brexit, hence it's happening.

Comms69

Define substantially...

Like any major change there is a dip for a short period of time. But Brexit will have no real effect on prices.

If you think you’re going to grab a bargain, you’ll most likely end up missing out.

trailingspouse

If selling is such a fab idea - why would anyone want to buy your house??

dutchcloggie

Erhm ... Slight misunderstanding here. Im not just out for a bargain. I'm thinking of moving anyway. Just wondered about timings. This is a forum for money saving so I don't think there's any issue with trying to save money?
Brexit is a pain so I don't have any problems with making at least part of it work in my favour...

phillw

Comms69 wrote: »

Define substantially...

Like any major change there is a dip for a short period of time. But Brexit will have no real effect on prices.

If you think you’re going to grab a bargain, you’ll most likely end up missing out.

If you're living in an area of depressed house prices, then there is less of a chance of a strong movement. However I know someone who rented a converted barn with land and during their tenancy the value of it dropped considerably more than the rent they were paying. That couple could afford to take the risk, or at least they have a high income that they are willing to gamble will always be there.

Everyone can't make money in a market that is hard to predict, some people could sell before brexit and buy afterwards and make money while others will lose out.

If you can afford to take the risk and have the ability to guess well then you might make out of it. I doubt anyone like that would be asking the question on MSE though.

dutchcloggie wrote: »

I'm thinking of moving anyway. Just wondered about timings. This is a forum for money saving so I don't think there's any issue with trying to save money?

Asking people you don't know for gambling advice is kinda pointless. The kind of people who are successful with those kinds of risks rarely tell you how to duplicate their success, because it would affect their own.

Brexit could cause a drop or a rise in property prices. Depending on how many properties are available in an area and how many people are desperate to buy in that area. If you're looking to buy a property near one of the car manufacturing plants then you may be able to snap up a bargain. It depends on whether the people who work there are selling up to move to europe, or whether they get stuck there with a mortgage they can't pay. The latter then depends on how the lenders deal with the situation as the government might step in.

dutchcloggie

Sorry. Please ignore the snipy tone of my reply. I misinterpreted one of the responses but on re-reading it, I realise I jumped the gun. Sorry.

lewisa

We waited 4 or 5 months to move because I wanted to wait for the outcome of the vote, my thinking being that if leave won prices would drop.


All we achieved was missing out on a few houses we liked and paying more for the house we eventually bought than we would have if we hadn't hung around.

AnotherJoe

To answer your question, I think it's a stupid idea to do it purely on Brexit criteria.
Whether it's a good idea to rent between moves is a very different question and dependent upon multiple factors. Since you only dropped in, in passing the fact you were moving anyway and have given no more details, no way to say.

SmashedAvacado

People like certainty
We are already in a place where there is no certainty because we are not clear how things will look in April
So selling now will likely already be negatively impacted - regardless of what a deal or no deal looks like - because people are already pricing that risk in.

This is why every time there is a news story about getting closer to a deal the currency strengthens - because any deal will provide certainty.

The best time to sell is in a strong market, the worst time to sell is in a weak market. We are not in a strong market generally but there will be pockets of strength at the moment in particular types of properties and in particular places. Where you live and your type of property is more relevant than anything else.

SeasideSally

SmashedAvacado wrote: »

The best time to sell is in a strong market, the worst time to sell is in a weak market. We are not in a strong market generally but there will be pockets of strength at the moment in particular types of properties and in particular places. Where you live and your type of property is more relevant than anything else.

We are in an area with a strong market, and we're moving to one that's weaker. Despite the uncertainty following the referendum, and that surrounding the events to come, the prices here have just gone up and up. Apparently, the high prices here are due to the town being the set of a TV programme, so what's on the box has more of an effect than world changing economical events when it comes to the property market. :undecided