Why don't people cheer the brilliant elements of No-Deal crash- Such as making property affordable?

BobQ

Autumn86 wrote: »

I personally can't wait for the No-Deal Crash which is now basically 100% guaranteed!

*Property prices will hopefully crash,
meaning prospective buyers like me with large cash deposits will be able to buy a property for a much cheaper price.

*There will be a shortage of available staff to cover essential public-sector jobs such as NHS, so pay will be forced even higher for jobs such as mine.


Brilliant stuff ~ Don't get why people aren't cheering & celebrating this property price correction.

If the economy is really screwed by Brexit, you should be careful what you wish for. For example closing your generous NHS pension scheme would be a way of affording to employ these essential public workers. If the past decade has taught you nothing else it should be that there is no such thing as an essential public service that cannot be privatised, particularly if quality is not a consideration.

I do not know what kind of work you do in the NHS but I assure you it can be privatised.

Herzlos

I don't think anyones expecting a drop in immigration numbers though? They just won't be white European.
The short term visas may prevent home ownership bit it'll push demand to rentals.

mustiuc

I applied for my settled status thursday evening (I "afforded" the £65 fee, Theresa said it will be free after 29.03) and the next day I got the positive answer from home office. My wife was "lucky" as well. But now, after we have a so called certainty in UK we also started to have thoughts about getting a mortgage here or just buy a property on the continent instead.
Living for some good yrs here I started to be more open minded and open to different views and sometimes I can understand the arguments of some pro brexit side. Many times I was fully agree with them. But on the other side, as I said before, is so appealing and STUPID to work and live in a country where I contribute so much for it (as a nurse) and to get only insults and racial remarks from workplace to (almost) everywhere I go once I open my mouth.
Since I left "my bloody country" I never understood why I need to be responsable for other's failure in life or to be blamed because I've took "someone's job".
I bet there will be a lot of drama after 29.03 as Home Office will reject a lot of applications and/or people will be somehow forced to leave without having "right to work". For sure the staff shortages will be put on those bloody immigrants who left.
Unfortunately, masses of people are easy to be "driven" by the right party/media but I said it before and I say it now: If I'll have the power, I'll remove all the immigrants today out of the country. All of them. And monday morning everyone will be happy (until they finish their tea and start working as they are).
Finally, I think I'll do what every bloody immigrant will do: taking the money out of country and investing elsewhere.

Cheers

Herzlos

Well said, and I don't blame you for abandoning us, as a nurse you'll get more money and respect elsewhere.

Tromking

mustiuc wrote: »

I applied for my settled status thursday evening (I "afforded" the £65 fee, Theresa said it will be free after 29.03) and the next day I got the positive answer from home office. My wife was "lucky" as well. But now, after we have a so called certainty in UK we also started to have thoughts about getting a mortgage here or just buy a property on the continent instead.
Living for some good yrs here I started to be more open minded and open to different views and sometimes I can understand the arguments of some pro brexit side. Many times I was fully agree with them. But on the other side, as I said before, is so appealing and STUPID to work and live in a country where I contribute so much for it (as a nurse) and to get only insults and racial remarks from workplace to (almost) everywhere I go once I open my mouth.
Since I left "my bloody country" I never understood why I need to be responsable for other's failure in life or to be blamed because I've took "someone's job".
I bet there will be a lot of drama after 29.03 as Home Office will reject a lot of applications and/or people will be somehow forced to leave without having "right to work". For sure the staff shortages will be put on those bloody immigrants who left.
Unfortunately, masses of people are easy to be "driven" by the right party/media but I said it before and I say it now: If I'll have the power, I'll remove all the immigrants today out of the country. All of them. And monday morning everyone will be happy (until they finish their tea and start working as they are).
Finally, I think I'll do what every bloody immigrant will do: taking the money out of country and investing elsewhere.

Cheers

You failed to mention that you were (and still are?) in receipt of a decent wage and pension for all your efforts in the U.K.
Its not all one way I hope.
PS. I hope you stay, we need you.

kinger101

Autumn86 wrote: »

Can get many luxury 2-bed apartments for £180k - £200k (outside London/Surrey), so 5x income = £150k + 30-40k cash deposit

These type of 2-bed apartment developments that are sold as "luxury" are precisely the types of property that lenders won't touch with a barge-pole in a downturn. Especially not at 5x income multiples.

Whatever happens to the market, you'd do well to stay away from these and find a freehold house instead.

buglawton

mwt wrote: »

+1 this. We purchased our house mid last year and are now knuckling down for the long haul, mortgage fixed for 5 years, topping up savings etc. If we hadn't moved there's no chance I'd have sold my previous property during a crash, I needed the equity to move.

It's foolish to think that a crash means all the properties on the market today suddenly become "affordable". The vast majority of them will come off the marketing because the owners can no longer afford their onward purchase or simply don't want to sell and lose out. Sure there will be people that MUST sell, normally repossesions and auctions, but those exist today and the prices are more likey defined by clearing some sort of debt rather than what the property is worth.

Correct. Any kind of crash will instantly cause the banks to rein in lending, specifically new mortgages. Or maybe the causal chain is best explained as:
No deal
Lenders stamp on brakes
Prices theoretically fall
Transactions stop happening
Some near 100% cash buyers may benefit
Ordinary FTBers and relocaters cannot buy

No instant brilliant elements exist there. Except that after a No Deal Exit the economy will of course recover over time, eventually thrive and one day we might get a government that tries to address housing supply side and the regional imbalances of the UK.

fatbeetle

The-Joker wrote: »

It’s looking increasingly like whatever happens deal or no deal the pound will fall a lot and so will property

I've heard that before...

A UK vote to leave the European Union would cause an "immediate economic shock" that could hold back growth in house prices, the chancellor has said.

In the event of a vote for Brexit, by 2018, houses could be worth up to 18% less than if the UK voted to remain, George Osborne told the BBC.

Rich2808

fatbeetle wrote: »

I've heard that before...

We haven't left yet - like Pinnochio of course only the leave side lied whereas the remain folk always told the truth!

AG47

Crashy_Time wrote: »

The bit you are missing is that people have been able to leave property empty, or rent out without paying any or much tax up until now, changes to council tax and BTL tax make this harder to do. The end of FOM is going to see demand for housing plummet anyway IMO.

So very true

Cash strapped governments like to tax things that can’t be hidden or owned anonymously like property.

Some are predicting a rush out of property and into gold and silver bullion that can be held anonymously when the huge tax increases start.