30% fall in property if no deal brexit

DaveandMayu

At least 30% fall in property if no deal brexit
Channel 4 news just said it will be at least 30% crash in property prices if no deal.

The good news is the uk will save the 39billion divorce fees

Moe_The_Bartender

Oh, no. It will be much worse than that. Brexit will be the end of civilisation as we know it.

DaveandMayu

Moe_The_Bartender wrote: »

Oh, no. It will be much worse than that. Brexit will be the end of civilisation as we know it.

Not at all, just an equalising as the rich get poorer and the poor get a chance to get on the ladder for 30% cheaper 😁

Jack_Johnson_the_acorn

DaveandMayu wrote: »

Not at all, just an equalising as the rich get poorer and the poor get a chance to get on the ladder for 30% cheaper 😁

30% cheaper than what point? My property has increased by at least that amount since 2011..... Plus it's been about £300 pm less to buy than rent. So buyers are still quids in. Good news all round

DaveandMayu

Jack_Johnson_the_acorn wrote: »

30% cheaper than what point? My property has increased by at least that amount since 2011..... Plus it's been about £300 pm less to buy than rent. So buyers are still quids in. Good news all round

Great so you won't mind the coming crash

Default
One way or another it's looking like property will fall

We will see how much

Jack_Johnson_the_acorn

DaveandMayu wrote: »

Great so you won't mind the coming crash

Default
One way or another it's looking like property will fall

We will see how much

I don't give much credibility to people who can predict the future with such certainty.... But best of luck with that :beer:

Herzlos

AFF8879 wrote: »

Do you think mortgage lenders will be happy to lend at current rates/ deposit levels to all these new eligible FTBs if prices crash 30% overnight?

What about people who have scrimped and saved for 10+ years to finally afford a little house/ flat recentlly? I guess they just deserve it too right?

That's exactly what I was going to say; if house prices drop by 30% overnight then mortgage lending is going to toughen up hugely. You might be able to get a £60k drop on a £200k house, but it might still cost you more if you're paying 6% apr on the mortgage instead of 4%. If the bank will even lend you the money.


Far from a re-balancing, a price drop like that will be a great opportunity for foreign and/or cash investors to increase their investment portfolio whilst all the little people will be stuffed in one way or another.


Anyone close to retirement age with any pension portfolio invested in property is going to have a terrible time, too.


Personally, I'm hoping for a smallish drop, or at least a slowing of the market, as I'm hoping to take the opportunity to move up, but the side effects of a 30% drop would be severe.

movilogo

Let the 39 billion be distributed among all UK tax payers.

Herzlos

movilogo wrote: »

Let the 39 billion be distributed among all UK tax payers.

We've still got to pay the £39bn anyway.


Plus, UK property is worth ~£1.5 trillion, so a 30% drop would see us "losing" £350bn in property value, about 10x the divorce payment.

jay213

Herzlos wrote: »

We've still got to pay the £39bn anyway.


Plus, UK property is worth ~£1.5 trillion, so a 30% drop would see us "losing" £350bn in property value, about 10x the divorce payment.

How much has property increased over the last 10 years? A lot of homeowners didn't buy properties at today's prices.

xzibit

I want property to fall as I'm chain free looking to buy a house. But I think prices will continue to rise. Currently the market is stagnant and there's nothing happening as people wait around. It's a bit frustrating for people like me desperate to buy.

I reckon, once it's all happened, whatever the result, people will go 'meh' and then get on with their lives and start putting the properties on the markets and buyers will start to buy. There will be a mass frenzy as everyone has held off so long.

But my guess is as good as anyone's.