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Buy now or wait till BREXIT
Comments
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My house is on the market at the moment, typical FTB property, and there has been a bit of interest. Unfortunately more tourists than qualified buyers, but time will tell. I'm selling to buy something larger with my partner, so we decided to see what happens.
If we only get silly offers / no offers we'll come off the market and wait it out.
My thoughts are that by the time a FTB has spent another two years in rented accommodation, they'll have paid out over £25k, if not more, so house prices would need to fall by 10% to come close to making sense for them to wait.0 -
Homersimpson wrote: »Crashy Time, you were absolutely right:
https://www.msn.com/en-gb/money/news/brexit-uncertainty-is-continuing-to-kill-house-prices/ar-BBSjHhe?ocid=spartanntp
Houses dropped 0.1% in a month, give it another 20 years at this rate and they will be approaching the 25% drop you want.:beer:
It's a sign of how messed up the UK property market is that a 2.8% annual increase is presented as things being 'dead'I hope prices do come down - I think that'd be a positive thing overall - but who knows how Brexit is going to affect.things.
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Almost 5 years ago just before the Scottish independence vote I bought a flat in Edinburgh. Some buyers were holding back worried about prices. Paid 96k, now worth over 150k.
Just after Brexit vote bought another flat in Edinburgh ( at closing date bidding against lots of interested parties). Paid 140k. Identical flats now selling 165k
The point is life is constantly uncertain. If you like flat buy it and get on with your life. Renting is insecure and a waste of money.
I’m looking to sell a flat just now to buy a house. If I don’t get an acceptable price i’ll Rent it or Airbnb it. I won’t sell it cheap. I’ll wait the market out. I don’t expect a bargain at the buying end either.
Brexit might happen but looks like it will be delayed so i’m not sitting around in limbo.0 -
IMHO waiting until after 29 March (unless Article 50 is extended!) before buying makes sense; there will quite likely be a drop in prices, how much depends on how hard/soft a Brexit we get. But bear in mind that until the end of 2020 we will still be in the transition phase of Brexit, and so the full impact on the economy may not be known for 5+ years. It may be that there'll be a short-term wobble which will take some years to adjust to.
My personal opinion, for what it's worth, is to wait until after 29 March before buying, but to be prepared to stick with that property for 5-10 years before selling.0 -
My house is on the market at the moment, typical FTB property, and there has been a bit of interest. Unfortunately more tourists than qualified buyers, but time will tell. I'm selling to buy something larger with my partner, so we decided to see what happens.
If we only get silly offers / no offers we'll come off the market and wait it out.
My thoughts are that by the time a FTB has spent another two years in rented accommodation, they'll have paid out over £25k, if not more, so house prices would need to fall by 10% to come close to making sense for them to wait.
Not really remember you have to pay interest on a mortgage. Lots of first time buyers are at their parents' houses. I tend to think 'silly' in terms of high prices rather than low. I'm holding off before I buy again - doesn't need to be two years.0 -
lookstraightahead wrote: »Not really remember you have to pay interest on a mortgage. Lots of first time buyers are at their parents' houses. I tend to think 'silly' in terms of high prices rather than low. I'm holding off before I buy again - doesn't need to be two years.
Very true, many won`t be buying any time soon.0 -
Great mortgage deals out there potentially in light of Brexit property slump
https://www.theguardian.com/money/2019/jan/20/brexit-gloom-property-mortgage-rates-cut0 -
https://www.theguardian.com/money/2019/jan/20/brexit-gloom-property-mortgage-rates-cut
"Great! I`ll have three of the houses in the photo please, wait a minute, what? They are quarter of a million pounds each? Ok, don`t bother."0 -
“We are aware from published mortgage approval numbers that there is a limited amount of mortgage business that banks and building societies are able to compete for"
So much for supply and demand.0
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