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

EvilScotsman12

Decided to join the forum as I'm in pretty much the same boat as yourselves.

Looking to buy my first property and jumping straight to a house purchase rather than flat. Going to be doing it by myself though as don't have another half (yet) so the burden is on myself pretty much. I was originally going to buy my first property up in Aberdeen back in 2015 but pulled out just before the Oil Crash at the end of the year and very glad I didn't buy as the prices finally slumped up there.

Given it has 3 years now and I'm now working near Edinburgh, I feel more secure in purchasing and just want to stop paying someone elses mortgage. So going to push ahead regardless and just get it done. Better to get something now whilst things are relatively good rather than waiting and not being able to get a mortgage due to Banks and Lenders not lending, like they did after the financial crash, and having to wait even longer.

Crashy_Time

EvilScotsman12 wrote: »

Decided to join the forum as I'm in pretty much the same boat as yourselves.

Looking to buy my first property and jumping straight to a house purchase rather than flat. Going to be doing it by myself though as don't have another half (yet) so the burden is on myself pretty much. I was originally going to buy my first property up in Aberdeen back in 2015 but pulled out just before the Oil Crash at the end of the year and very glad I didn't buy as the prices finally slumped up there.

Given it has 3 years now and I'm now working near Edinburgh, I feel more secure in purchasing and just want to stop paying someone elses mortgage. So going to push ahead regardless and just get it done. Better to get something now whilst things are relatively good rather than waiting and not being able to get a mortgage due to Banks and Lenders not lending, like they did after the financial crash, and having to wait even longer.

Nah, best not to get into a load of negative equity as we hit the biggest economic uncertainty of most of our lifetimes, banks will still lend to the credit worthy after a big crash, lending is what they do after all.

ukcarper

Crashy_Time wrote: »

Nah, best not to get into a load of negative equity as we hit the biggest economic uncertainty of most of our lifetimes, banks will still lend to the credit worthy after a big crash, lending is what they do after all.

You as always forget buying a home is a long term investment how much have you paid in rent over last 10 years considerably more than I have paid out.

Nobody knows what's going to happen in future personally at the moment I don't see any need to buy in a hurry. But if you are buying a home for long term you will be better off even if you do spend some time in negative equity trying to judge market is a fools game.

PhilE

Easy answer, no one really knows. Could favor the buyer, could cause the price of property to rise.

10 years from now, the value of the flat will most probably have increased.

bertiewhite

House prices are still rising according to the press, despite the doomsday predictors so who knows?

SouthLondonUser

Prices still rising? Where? By how much? Measured how?

Certainly not in or around London. The OP was looking to buy between London and the South Coast, so price trends in other parts of the country are totally, completely and utterly irrelevant for him/her.

Crashy_Time

bertiewhite wrote: »

House prices are still rising according to the press, despite the doomsday predictors so who knows?

Transactions are tanking though?

AnotherJoe

Crashy_Time wrote: »

Transactions are tanking though?

They do seem to be, little movement going on. Two houses in my small road (40 houses) took a year to sell (initially they were wildly overpriced though).

Ive got a friend has a (probate) house on the market for 6 months, its still too expensive, thats the basic issue, although its a really nice house its in competition with newbuilds at the same price who can offer help with stamp duty etc etc etc. So its needs another10% off.

Prices round here (Reading area) though are not rising from what i can see. Maybe they are in other areas. Crossrail is probably holding up prices here, there were some big jumps 1-2 years ago and i think they have flattened off now judging by the prices i see nearby houses up for sale at.

akira181

Brexit is going to make the Sterling fall with or without a deal, the question is just by how much. We're never going to get a deal that gives us all the benefits of the EU while simultaneously being free from responsibility. The Tories are trying to have their cake and eat it at the same time.

Whether or not to buy depends on the area I think. Where I stay, house prices have been going up for the last 15 years and the recession only slowed it down marginally. Rent has been going up at an even faster rate so I'm in the process of buying my first place right now. After months of searching, nice flats are being listed and sold in less than a week for top end prices. I saw one that was freshly listed Monday Morning, arranged a viewing for Wednesday afternoon, and when I got there, the EA told me the closing date was Thursday 12pm.

If I stayed somewhere where house prices were over the top and depended on foreign business (i.e. many parts of London I assume), I'd probably hold off and see what happens to the industry. Especially if your job may be affected by the mess that's yet to come.

Craigzeh

Edinburgh doesn't seem to have been hit by the impending doom.

A friend of mine recently bought a flat to let, sold for 30k over valuation and he only just won it, 2 month previous he lost out on one sold for 50k over valuation. 2 weeks seems to be average for them going up to be under offer.

We've decided to jump in and buy now as we feel the time is right for us, no point in stressing about the future as no one knows what will happen. Just have to get on with it.