Should first time buyers wait until after Brexit, or rush and buy before 29th March?

jimbog

Crashy_Time wrote: »

https://www.independent.co.uk/news/business/news/uk-house-prices-property-market-growth-sales-drop-england-wales-latest-a8590626.html

From your link:
The data shows the average price in England and Wales rose 0.9 per cent to £302,626 year-on-year

51mm5

Crashy no longer concerns himself with house prices which he's being saying for 10+ years they're about to crash. He now bangs on about sales volumes which fits in more with his narrative and the only thing he has to cling onto.

If OP sees a property that they love and it's a forever or long term home then just go for it. A certain someone here has proven it's just too difficult to time the market. No one here can tell you with 100% certainty where prices will go.

Crashy_Time

jimbog wrote: »

From your link:
The data shows the average price in England and Wales rose 0.9 per cent to £302,626 year-on-year

"The number of transactions dropped significantly, by 16 per cent on a monthly basis".

ukcarper

SouthLondonUser wrote: »

That was not my interpretation of what crashy said. The whole discussion has been about the short to mediun term: shall one buy now or wait till there is more clarity on Brexit?

You add nothing to the discussion and are of no help to the OP by saying that buying worked well for you in totally different circumstances and with a totally different (much longer) time horizon than what is being discussed here.

I suggest you read more of Crashy's post he appears on all threads of this type and preaches his misguided theories.

SouthLondonUser

I have no interest in entering into a debate between you and this other guy. I wanted to answer the OP's question. Anything which doesn't is off topic.

ukcarper

SouthLondonUser wrote: »

I have no interest in entering into a debate between you and this other guy. I wanted to answer the OP's question. Anything which doesn't is off topic.

If you go back through the posts you will find I did give him what I consider to be reasonable advice, I always try to but crashy highjacks all these threads with his crash theories which rightly belong on discussion forum and have no place here.

deaglecat

My guess... and it is a guess... is that prices will fall in the medium term.



Interest rates may at first be cut, but eventually will have to rise as inflation kicks in. Confidence will fall and demand from overseas buyers will fall as some EU workers choose to return home and city money becomes less plentiful.


If I were in a "buy" or "hold steady" position now, then I would be sitting on my hands. I did see folk lose tens of thousands in the 1980's by mis-timing the housing market.


Confidence...sentiment... whatever you call it, is a funny thing. Once it is gone, then it will seem crazy the prices that UK houses are going for.


Personally, I will lose asset value - but I will be happy to do so because houses are homes, not investments, and it will help my children if it means they are no longer in a country which prices them out of property.


It will be one of the (few) positives of brexit.

ProDave

I think there are other issues to be worried about at the moment. The "magic money tree" being one of them.

It now does not seem to matter who is still in government in 6 months time. It might be Jeremy Corbyn, It might still be a conservative.


If JC well we are into a Labour socialist spend spend spend government. But if the tories hang on to power they have already told us Austerity is over, so if that is true, they will be spending a lot more as well.

I can only see taxes going up, but hold on the tories have pledged not to do that, hence the magic money tree being needed.

The only thing for certain, is the uncertainty. And that is not good for a housing market.

Crashy_Time

ProDave wrote: »

I think there are other issues to be worried about at the moment. The "magic money tree" being one of them.

It now does not seem to matter who is still in government in 6 months time. It might be Jeremy Corbyn, It might still be a conservative.


If JC well we are into a Labour socialist spend spend spend government. But if the tories hang on to power they have already told us Austerity is over, so if that is true, they will be spending a lot more as well.

I can only see taxes going up, but hold on the tories have pledged not to do that, hence the magic money tree being needed.

The only thing for certain, is the uncertainty. And that is not good for a housing market.

It is the best thing for the UK market at the moment, because it will bring down prices, many people no doubt voted Brexit for just this reason IMO.

icypear

Historically prices double every 10 years.


Brexit is acting as a false resistance on house prices by putting buyers off, wait till Brexit is over and the flush of buyers will come back into the market.


Basic laws of supply and demand - there is far more demand than there is supply = house prices will go higher in the future. I was considering selling a property of mine but have changed my mind and will look to do this with hopefully a 20% gain in 2 years from now.