Brexit the economy and house prices part 7: Brexit Harder

BobQ

Greenglockenspiel wrote: »

Hello everyone, you might get this question on here a lot - we are looking at buying our first home around September time, is this completely mad and should we wait for after Brexit? OH is worried about negative equity but I don't want to spend longer than necessary wasting money on rent. Or should we use this as an opportunity to try to haggle sellers down?

Probably not the best thread to seek such advice. In reality nobody knows what will happen after Brexit or if it will happen. There are lots who claim that house prices will fall but equally there is still a shortage of housing which suggests it will not fall.

melanzana

Masomnia wrote: »

Labour?

Well most of the strongly remain areas would vote for a hat stand if it had a red rosette on it, so they don't need to worry too much about those and don't need to be remain for them to stay Labour. It's all about the marginal seats. Not just the Labour ones, the Tory ones that they would need to win back if they were to get a majority at the next election, and for those they can't be a party of Remain. Hence Corbyn's now rather impressive fence sitting act. Just need to sit out the Tories delivering Brexit, then they'll ditch Jez.

That is a good reflection of the totally undemocratic FPTP system really. Red or Blue nodding donkeys no matter what. Awful system and very rare in most countries with some notable exceptions.

Are UK voters incapable of understanding a STV system or what? I reckon they are fully capable, but the reds and blues don't want them to have a truly democratic choice anyway, well why would they?.

Thrugelmir

melanzana wrote: »

That is a good reflection of the totally undemocratic FPTP system really. Red or Blue nodding donkeys no matter what. Awful system and very rare in most countries with some notable exceptions.

Are UK voters incapable of understanding a STV system or what? I reckon they are fully capable, but the reds and blues don't want them to have a truly democratic choice anyway, well why would they?.

Nicola would be appalled at the concept. No longer ruling the roost.

SouthLondonUser

Greenglockenspiel wrote: »

Hello everyone, you might get this question on here a lot - we are looking at buying our first home around September time, is this completely mad and should we wait for after Brexit? OH is worried about negative equity but I don't want to spend longer than necessary wasting money on rent. Or should we use this as an opportunity to try to haggle sellers down?

Wasting money on rent... You should remember that mortgage interest, stamp duty, legal fees and all the other costs that come with buying a property are money down the drain, too.

You'd need to run some numbers and compare the cost of buying vs renting. But it's probably not a discussion for this thread.

Herzlos

That's a very good argument against buying a series of homes, rather than buying in general. Might be cheaper in the long run to buy the bigger one first instead of paying 2 or 3 sets of fees.

SouthLondonUser

?? It's not an "argument", it's just the basic maths of working out the cost of renting vs that of buying.

I am not saying one should or should not buy. I am simply pointing out what needs to be compared.

Even if I had 20 millions in the bank, I'd never buy a house in Chelsea or a new build by the river, because I think the risk the market for those specific properties will continue to go down is too high.

Non-prime London and non-London areas are less at risk, IMHO, but then it depends on your time horizon. If you think you might need to move in 3-4 years (eg new job elsewhere) well, there are many scenarios in which buying may end up more expensive than renting, even if prices stay absolutely flat. That's why I said one needs to run his numbers, otherwise it's one of those meaningless how long is a piece of string type of discussions.

pioneer22

I voted to leave which I know regret as I feel very uneasy pulling Wales, England, Scotland and Northern Ireland out of the EU seeing as though Scotland and Ni voted to stay.

Why didn't Cameron tighten the referendum to say we can ONLY leave if all 4 parts of the UK voted to leave.

Ergh

movilogo

Why didn't Cameron tighten the referendum to say we can ONLY leave if all 4 parts of the UK voted to leave.

Using same logic next Scottish referendum should agree that Scotland can be independent if both ( England + Wales + NI ) and Scotland allow Scotland to leave

Herzlos

Because Cameron (and everyone else) was sure the answer would be Remain - it was intended purely to shut up the Euro-skeptics in the Tory party and bring back the UKIP voters/donors.

2scompany3sfamily

SouthLondonUser wrote: »

?? It's not an "argument", it's just the basic maths of working out the cost of renting vs that of buying.

I am not saying one should or should not buy. I am simply pointing out what needs to be compared.

Even if I had 20 millions in the bank, I'd never buy a house in Chelsea or a new build by the river, because I think the risk the market for those specific properties will continue to go down is too high.

Non-prime London and non-London areas are less at risk, IMHO, but then it depends on your time horizon. If you think you might need to move in 3-4 years (eg new job elsewhere) well, there are many scenarios in which buying may end up more expensive than renting, even if prices stay absolutely flat. That's why I said one needs to run his numbers, otherwise it's one of those meaningless how long is a piece of string type of discussions.

Depends on OPs personal situation. Buying offers security that renting does not - which is worth a fee or two when we are discussing young families with school age or impending children.

Buying to make a quick buck right now is only going to work for you if your pockets are deep enough to ride out the risk of rises and falls in the market. Property, as with all other investments, is a long game.

Buying for life, security and family? If you can afford it there is never a bad time. Just ensure you're ready to absorb the costs of home ownership to future proof that security :beer: