Buy now or wait till BREXIT

MobileSaver

lookstraightahead wrote: »

everyone is being silly with houses priced by over ambitious agents and owners. But nothing is selling.

And yet 100,000 properties are being bought and sold every single month and that's been consistent for years so your anecdotal experience is not what's happening across the rest of the UK.

Crashy_Time

lisyloo wrote: »

Here’s one

https://forums.moneysavingexpert.com/showthread.php?t=5953884

Post #6 out of context.

Sorry I could back it up during working hours, I’m not here 24/7 but job done now I think.

Context is super important.

Post 6 is something the seller should ask themselves, Post 9 is something they can ask the EA. What is your point?

lisyloo

Crashy_Time wrote: »

Post 6 is something the seller should ask themselves, Post 9 is something they can ask the EA. What is your point?

The seller asked what questions they should ask the EA.
You replied with something they can ask themselves (without making that clear).
That's out of context (of their question).


You asked me to back up where you'd taken something out of context and I have done.


If you are going to answer a different question to the one being asked them it would be extremely helpful if you could make the context clear as it would make your posts a lot easier to understand.

Crashy_Time

lisyloo wrote: »

The seller asked what questions they should ask the EA.
You replied with something they can ask themselves (without making that clear).
That's out of context (of their question).


You asked me to back up where you'd taken something out of context and I have done.


If you are going to answer a different question to the one being asked them it would be extremely helpful if you could make the context clear as it would make your posts a lot easier to understand.

You consistently discuss your experiences of buying in the early 90`s in relation to people buying now, at the tail end of the biggest property bubble in history. IMO that is well out of context.

GarethEmc2

IMO, there may be a small decline in prices directly after Brexit, however experts are all suggesting the market could rise by between 1-4% by the end of the year.

Banks are also still lending a fairly high LTV at the same rate as has been for quite some time now. If they were predicting a housing crash, they would be currently preparing - by decreasing max LTV and increasing rates.

Also, demand for housing is still high. This should therefore mean that prices will remain fairly safe from a market crash. Plus, this is nothing like the crash of 2008 - banks now have much stricter rules to pass when providing mortgages than pre 2008.

If you're in the market for the long-run, I don't think there's any reason not to purchase property now - Brexit may go on for months past the March 29 deadline

Monkeysocks42

Out of interest, does anyone else literally just skip past any comments from Crashy Time? Don't get me wrong, I'm definitely a "glass half empty" kind of person but my glass does at least have something in it!

Crashy_Time

GarethEmc2 wrote: »

IMO, there may be a small decline in prices directly after Brexit, however experts are all suggesting the market could rise by between 1-4% by the end of the year.

Banks are also still lending a fairly high LTV at the same rate as has been for quite some time now. If they were predicting a housing crash, they would be currently preparing - by decreasing max LTV and increasing rates.

Also, demand for housing is still high. This should therefore mean that prices will remain fairly safe from a market crash. Plus, this is nothing like the crash of 2008 - banks now have much stricter rules to pass when providing mortgages than pre 2008.

If you're in the market for the long-run, I don't think there's any reason not to purchase property now - Brexit may go on for months past the March 29 deadline

That`s right, QE won`t work now, and rates could hardly go any lower? (The US could go through the pantomime of dropping rates slowly again until they bump into Big fat Zero once again, but what would be the point?) So don`t expect another bailout like last time, they just don`t have the ammo left IMO.

JakeHall

It all depends on your area, what's available and your risk appetite.

I recently exchanged, but it was at a price that for me was comfortably lower than the highest sold on the street. So it met my appetite. But that doesn't mean it would have met someone else's.

I saw many listings where sellers were trying to sell at a new high, the same high, or just under. I moved straight on. I simply don't have the risk appetite to buy something that could be worth thousands less by the time I complete.

A lot of estate agents also tried to show me new builds. That's generally even higher risk in this market as they carry that new premium that immediately disappears and modern designs are very box-like and undesirable, which can limit the reselling market.

However, others may be entirely happy to buy those types of properties. For example it may be their forever home or perhaps it's a property that rarely comes to the market where they live etc.

Just make sure you do lots of research, don't get emotionally attached, and don't fall for any estate agent tricks. Failing at these things is costly at the best of times. In these uncertain times it can be disastrous.

Crashy_Time

JakeHall wrote: »

It all depends on your area, what's available and your risk appetite.

I recently exchanged, but it was at a price that for me was comfortably lower than the highest sold on the street. So it met my appetite. But that doesn't mean it would have met someone else's.

I saw many listings where sellers were trying to sell at a new high, the same high, or just under. I moved straight on. I simply don't have the risk appetite to buy something that could be worth thousands less by the time I complete.

A lot of estate agents also tried to show me new builds. That's generally even higher risk in this market as they carry that new premium that immediately disappears and modern designs are very box-like and undesirable, which can limit the reselling market.

However, others may be entirely happy to buy those types of properties. For example it may be their forever home or perhaps it's a property that rarely comes to the market where they live etc.

Just make sure you do lots of research, don't get emotionally attached, and don't fall for any estate agent tricks. Failing at these things is costly at the best of times. In these uncertain times it can be disastrous.

Very good advice.

Crashy_Time

Monkeysocks42 wrote: »

Out of interest, does anyone else literally just skip past any comments from Crashy Time? Don't get me wrong, I'm definitely a "glass half empty" kind of person but my glass does at least have something in it!

Don`t you realise that probably more than half the country will be celebrating a house price crash? The Leave vote is partly a direct result of silly high housing costs propped up by low rates and government schemes designed to help bankers and developers.