Buy now or wait for after Brexit

Giggidy

We found a property we really like, and will be putting in our final offer which is £10k under the asking price, which the estate agent has hinted will most likely be accepted. We have our own property to sell. Both in SE London, 3 bedrooms, we are upgrading to more living space, bigger garden, etc. I am bit nervous about buying now, only because I am not sure if it is better to wait. We have a mortgage in principle at a good rate, which we will fix for 3-5 years, we can comfortably afford and some savings as a buffer. Some advice please, wait or go for it?

ReadingTim

Toss a coin - it's no less accurate.

davidmcn

Wait until when? Brexit probably isn't happening on 29 March, we've no idea if, when or what sort of Brexit will occur, let alone when the market will settle down (if it's disrupted at all) and there are probably people who have already been waiting for 2.5 years...

tlc678910

Hi
As you already have a house if house prices do drop your existing house would be affected just like the new one so the difference might not be that large. It’s a different position to someone buying for the first time. If you wait and prices fall you will buy cheaper but have to sell cheaper also. Mortgages might also be harder to get.

It’s probably more important whether you feel your jobs will be safe going forward?

Tlc

Giggidy

tlc678910 wrote: »

Hi
As you already have a house if house prices do drop your existing house would be affected just like the new one so the difference might not be that large. It’s a different position to someone buying for the first time. If you wait and prices fall you will buy cheaper but have to sell cheaper also. Mortgages might also be harder to get.

It’s probably more important whether you feel your jobs will be safe going forward?

Tlc

That's my main worry, that we wait and the additional borrowing would be more difficult or the rates would be higher.

Gurj247

Echo other responses to this post.
If you are comfortable that you have job security and you can afford to move without putting undue pressure on you and your finances then I say go for it (so long as you get what you want for your current home).


If it was an investment I would wait and continue to save up money so if prices did come down then you would hopefully be in a good position to buy.

MEM62

Buy now or wait for after Brexit

What specific issue with Brexit are you expecting to impact on your house purchase?

Giggidy

MEM62 wrote: »

Buy now or wait for after Brexit

What specific issue with Brexit are you expecting to impact on your house purchase?

To be honest, we've done our homework on what we can afford, mortgage rates, how much houses in our area are going for, and so on. So I am confident this house move is a good step forward but us, but suddenly today with all the talk of Brexit and the estate agent saying it has put people off viewing and so on, I just thought perhaps I should just ask for advice first if its right to go ahead or wait. We will be staying there for at least 10 years hopefully so housing prices wont have a direct bearing on us, but what if we need to move in a year or so, would we regret it then. Sorry I cant really articulate what I am worried about very well. Just wanted to hear what the general consensus is

hazyjo

Whole long thread re the same thing here:


https://forums.moneysavingexpert.com/discussion/5943872/buy-now-or-wait-till-brexit