First time buying and Brexit

Awswish17

Hi I am 22 years old and looking to get on the property ladder in the next year. I anticipate that me and my girlfriend will have enough money saved by around January at the earliest to buy a house but have been hearing rumours that Brexit on 29 March could affect house prices.

Although obviously nobody knows for certain what will happen with Brexit, do you think that I would be best served to get our finances ready (perhaps obtaining an agreement in principle mortgage) and looking to take advantage of potentially undervalued house prices when Brexit happens? Or as prices appear to be steadily rising anyway in the last year would I be better to just try and get on the ladder as soon as we are financially ready?

wymondham

Doubt Brexit will have any impact on house prices..... carry on as you normally planned for....

Herzlos

Are your incomes likely to be reliant on a good Brexit? If so then I'd probably wait and see.


Otherwise I think I'd rather be in with a 2+ year fixed rate mortgage before it happens, in case the worst happens and interest rates fly up. That said, I wouldn't rush into a house that wasn't suitable or overstretch myself either.

sevenhills

Awswish17 wrote: »

Hi I am 22 years old and looking to get on the property ladder in the next year. I anticipate that me and my girlfriend will have enough money saved by around January at the earliest to buy a house but have been hearing rumours that Brexit on 29 March could affect house prices.

If you will only just be ready by January 2019, then wait a little longer and have a bigger fund for solicitos/deposit etc.
You could combine you house warming party with the Brexit street parties :beer:

TomPucci85

General sentiment seems to be caution over Brexit from buyers seems to be growing. I had a buyer a year ago which unfortunately fell through, but at least I was able to find a buyer relatively easily. I ended up taking my property off the market, but have put it back on the market about 2 weeks ago - literally zero interest despite the same marketing price (a year ago I would have had about 5 viewings by now!) - the only difference is the year between it all.

That's my two cents anyway.

lisyloo

the only difference is the year between it all

Was it exactly a year ago or roughly.
It's now less than 6 weeks before christmas, so usually a very quiet time.
You might just have been lucky a year ago.