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

Crashy_Time

51mm5 wrote: »

You've been saying that for over 10+ years. Only thing that may cause a wobble is a no deal Brexit which I think the TPTB will do everything to avoid or kick down down the road. Anyone that thinks house prices will crash at 00:00 on 29th March 2019 is smoking the pure crack.

The only thing?? People getting into the biggest debt of their life are hopefully going to disregard this bit of financial wisdom.

51mm5

Crashy_Time wrote: »

The only thing?? People getting into the biggest debt of their life are hopefully going to disregard this bit of financial wisdom.

And you know all about financial wisdom right??? :rotfl::rotfl:

Crashy_Time

51mm5 wrote: »

And you know all about financial wisdom right??? :rotfl::rotfl:

I would say I have more than the average punter interviewed here....


https://www.theguardian.com/politics/2018/nov/18/brexit-confusion-reigns-dominic-raab-constituency-esher


" being in the EU has meant, as Hill claims, that the younger generation, including her children, can’t get on the property ladder, followed by the complaint that “property is dropping like a stone round here”.:rotfl:


The bankers knew the level of "Financial Wisdom" the average person had when they were giving out loans like sweets all right.

HollySocks_2

Not wishing to agree with Crashy Time, but the papers in the morning will be showing a £5000 average reduction in house prices for the month of Oct - the biggest fall since 2011. In the past week alone we have the Govt on the verge of collapse, a vassel state Brexit or no deal looming and Comrade Corbyn waiting in the wings. Enough to scare anyone i would have thought..


From todays Daily Mail -

'House prices are now lower than they were a year ago, according to research.The average asking price of a newly marketed property is 0.2 per cent, or £607, less, property website Rightmove found.
This is the first year-on-year fall in asking prices since 2011.They have dropped by more than £5,000 in the past month alone – giving some house hunters an early Christmas present.'


The Guardian today -

'House Prices fell by more than £5,000 on average in November, sliding fastest in Britain’s wealthiest towns as Brexit uncertainty gripped the property market, according to the website Rightmove.
In the largest November drop in prices since 2012, RightMove said the average price of property coming to the market was down by 1.7%, or £5,222, on the month alone. It said the biggest falls were in London, where the typical asking price fell by £10,793 (a fall of 1.7%) and in the south-east of England, where prices were down £8,647 (2.1%).'

Davesnave

HollySocks wrote: »

Not wishing to agree with Crashy Time, but the papers in the morning will be showing a £5000 average reduction in house prices for the month of Oct - the biggest fall since 2011. In the past week alone we have the Govt on the verge of collapse, a vassel state Brexit or no deal looming and Comrade Corbyn waiting in the wings. Enough to scare anyone i would have thought.

Yes, certainly enough to give anyone pause for reflection, but it's nothing specifically to do with Crashy.


A stopped clock is right twice a day.

MaMoneyMaMoney

They have dropped by more than £5,000 in the past month alone

It's a ridiculous amount. It's nothing. Have you seen the prices in and around London and other big cities?

Unless a serious price correction happens (so reduction of at least 10%, NOT 1.7%), this country will only see fancy empty flats worth 1.3M on average bought by some russian/saudi oligarch. When that happens, then don't come crying at No. 10 because daddy can't get you on the property ladder.

[End of rant]

nyermen

The problem with averages. I suspect some areas are still increasing and others reducing.
I'm still looking, i've taken the view I will change nothing as I have no idea where brexit is going.

That said - the Farnborough area (and I don't mean just next to the station) has some rather fanciful expectations of sellers. I get it's a nice area, but looking at history, asking prices are a lot higher than what is actually completed sales. The christmas period has seen some massive increases in asking (in some cases, between two similar 2bed semis in the same road, one was 325k and one 425k. 325k is more in keeping with actual sales...)

51mm5

HollySocks wrote: »

Not wishing to agree with Crashy Time, but the papers in the morning will be showing a £5000 average reduction in house prices for the month of Oct - the biggest fall since 2011. In the past week alone we have the Govt on the verge of collapse, a vassel state Brexit or no deal looming and Comrade Corbyn waiting in the wings. Enough to scare anyone i would have thought..


From todays Daily Mail -

'House prices are now lower than they were a year ago, according to research.The average asking price of a newly marketed property is 0.2 per cent, or £607, less, property website Rightmove found.
This is the first year-on-year fall in asking prices since 2011.They have dropped by more than £5,000 in the past month alone – giving some house hunters an early Christmas present.'


The Guardian today -

'House Prices fell by more than £5,000 on average in November, sliding fastest in Britain’s wealthiest towns as Brexit uncertainty gripped the property market, according to the website Rightmove.
In the largest November drop in prices since 2012, RightMove said the average price of property coming to the market was down by 1.7%, or £5,222, on the month alone. It said the biggest falls were in London, where the typical asking price fell by £10,793 (a fall of 1.7%) and in the south-east of England, where prices were down £8,647 (2.1%).'

Arguably those are asking prices so it could be that asking prices have been too ambitious of late. Sold prices are the better measure of the actual prices and I guess at a stretch asking prices can be a measure of confidence or sentiment. Yes prices are not going up at the same rate of the last few years and historically prices do go down but do trend upwards over the longer term.

What people the likes of Crashy mistake is looking at a house purely in financial terms. If you want a home long term prices should not be a worry. Buy now and lock in a fix rate for as long as you can if you want a home IMO..

SeasideSally

We have two properties. Our flat is in an area where prices have been steadily climbing for the past few years, and there doesn't appear to have been any slowing down. Flats that were around the £150k mark ten years ago are around 50k more now, so the increase isn't all that dramatic.

Our house is in a different area, and prices have fallen a little. But, to be honest, they'd shot up so much the past three/four years that it's no surprise. Houses worth about £180k five years ago shot up to £300k almost overnight when the town became home to a TV programme. Apparently, having a TV crew in the vicinity does more to property prices than a toppling government does.

We're planning to buy in a completely different area (two hours away), and the prices there are continuing to rise, which is why we're in a hurry to get things moving.

The only reference any estate agent has made to us about Brexit has been a complaint that silly people keep on asking him to speculate about the post-Brexit property market. I have no idea why, but some people in our house's area are expecting prices to go up, so they're holding off putting their properties on the market.

Whatever prices do... Up, down, around the mulberry bush... We need to move, so we will. I don't imagine we're alone in wanting to just get on with things.

Crashy_Time

HollySocks wrote: »

Not wishing to agree with Crashy Time, but the papers in the morning will be showing a £5000 average reduction in house prices for the month of Oct - the biggest fall since 2011. In the past week alone we have the Govt on the verge of collapse, a vassel state Brexit or no deal looming and Comrade Corbyn waiting in the wings. Enough to scare anyone i would have thought..


From todays Daily Mail -

'House prices are now lower than they were a year ago, according to research.The average asking price of a newly marketed property is 0.2 per cent, or £607, less, property website Rightmove found.
This is the first year-on-year fall in asking prices since 2011.They have dropped by more than £5,000 in the past month alone – giving some house hunters an early Christmas present.'


The Guardian today -

'House Prices fell by more than £5,000 on average in November, sliding fastest in Britain’s wealthiest towns as Brexit uncertainty gripped the property market, according to the website Rightmove.
In the largest November drop in prices since 2012, RightMove said the average price of property coming to the market was down by 1.7%, or £5,222, on the month alone. It said the biggest falls were in London, where the typical asking price fell by £10,793 (a fall of 1.7%) and in the south-east of England, where prices were down £8,647 (2.1%).'

:rotfl:They can`t help themselves can they? Falling sales transactions are saying that buyers will need a much bigger present to stay at the table. In actual fact it is the banks and mortgage lenders who are putting the brakes on this, because they know what is coming.