FTB before brexit

datlex

Personally, I think there is a risk of prices falling, but not a certainty. Nor would it be sure that a property I wanted would come up to buy in a suitable location. I voted remain and do think that Brexit is a bad idea. I suspect many companies will use it as an excuse to keep wages static. That could effect house prices by impacting buying power. That being said, I wanted to buy-as I knew I could afford the prices (£90K- 9K down £81K mortgage). Buying for me is a long term plan- I have an 18 year mortgage- started in July- (possibly less with over payments). My plan is to be mortgage and rent free prior to retiring. I'd still be paying rent now if I waited for Brexit to be concluded, that months of paying extra rent. Interest rates could be higher, incentives might not be available. I would have less chance of going part time in the last couple of years of my working life! (I have 21 years to retirement)

Crashy_Time

https://www.independent.co.uk/news/business/news/uk-house-prices-uncertain-economy-brexit-growth-slows-weakest-london-property-market-a8710746.html

Crashy_Time

lisyloo wrote: »

We did not drop the price at all. We got full asking price straight away before the flat went to open market (the EA already had a buyer lined up).
The sale has taken about 4 months which is not far off average for a chain of 3 properties.

I don’t think a small number of threads about people not being able to sell their houses mean much either, which would inevitably happen to some even during a boom.
Many have used companies like purple bricks and if you read the threadsyou’ll see the pictures are often quite unprofessional and the online EA uninterested.
We went for a traditional EA who already had buyers on their books.
All this means is that often doing things on the cheap is a false economy.

Try the insurance board and you’ll find plenty of threads where people get into a mess doing it DIY.

Very very unlikely that the numbers now struggling to sell up and down the country were happening during the last few years though, even after the first crash and bailout, we are definitely in uncharted waters IMO, but happy to see any evidence for this you want to post.

51mm5

Crashy_Time wrote: »

No, what we have just now is falling transactions with people still holding out for silly prices (probably not raising asking prices anymore as it is pretty obvious to even the most deluded that the bubble has popped)

So when was the last crash? I must of blinked and missed it or deluded. Your lack of response to my question will speak volumes.

Are you prepared to tell when the next crash is coming? Just a year will do. This year, next year?

Alan2020

Well I will tell you something,

When I started commuting on the M25 I was warned by my car driving experts not to let a gap in front of the car due to push back??? I was trying to get from junction 10 to 12. Goodness gracious me, I naively left a gap, and other drivers stated pushing in, and very aggressively, soon I was regressing. I was pushed back to junction 9, then 8, and it dawned to me that I had to go backwards and eventually passed junction 27 and got to junction 12. Now lesson learnt I just stick bumper to bumper.

The same friends have warned me that with brexit house prices will keep on dropping and it will get to a point where the seller will have to pay a massive disposal charge circa 150% of current house value to sell the house. I am now eagerly waiting for it to happen

lisyloo

Crashy_Time wrote: »

Very very unlikely that the numbers now struggling to sell up and down the country were happening during the last few years though, even after the first crash and bailout, we are definitely in uncharted waters IMO, but happy to see any evidence for this you want to post.

What’s you evidence that loads of people are struggling to sell?
A few posts on the forum from people who’ve gone cheap and got awful “professional” photos?

You have recently put up a link about landlords selling in droves and then commented above that they aren’t an important part of the market.

Few take anything you say seriously now.

Crashy_Time

lisyloo wrote: »

What’s you evidence that loads of people are struggling to sell?
A few posts on the forum from people who’ve gone cheap and got awful “professional” photos?

You have recently put up a link about landlords selling in droves and then commented above that they aren’t an important part of the market.

Few take anything you say seriously now.

I said that an article about landlords "selling in droves" (TRYING to sell in droves might be more accurate?) isn`t connected to the fact that transactions and mortgage approvals are steeply down from a few years ago, that is a wider issue to do with global credit conditions. The facts are that less people are transacting property than previously, irrespective of whether or not one subset of the market is in heavy selling mode at the moment. Not seeing, or not wanting to see this doesn`t give your advice much credibility I`m afraid

quantumlobster

OP: just buy it and make sure you've sufficient headroom in your monthly budget to accommodate reasonable fluctuations in interest rates.

Brexit is going to be a giant pain in the bum, but life will go on.

In a year's time, you'll still have a new house, and CT will still have not-a-house and will be banging on about the property crash that's going to happen real soon now.

Que sera sera.

lisyloo

Not seeing, or not wanting to see this doesn`t give your advice much credibility I`m afraid

My advice is nothing to do with trying to time the market.
Simply that if you pay off a mortgage, you end up with a somewhere that you can live for 4 decades that also has a £ value.
This continues to be a basic fact that makes buying a mathematical no brainer for people who are fairly stable and not economically mobile.

There will be bad and good times to buy but the majority will not benefit by trying to time it which is notoriously difficult and could lose out big time in personal terms e.g. female fertility declines rapidly after 35 so it might mean not having your own family without expensive and uncomfortable IVF and can also break up relationships.


No reports about transactions, lanlords, markets etc. affect the basic here that it's a mathematical no-brainer to buy somewhere to live.


There are exceptions like being economically mobile (I rent a bolt-hole myself).

jimbog

Crashy_Time wrote: »

https://www.independent.co.uk/news/business/news/uk-house-prices-uncertain-economy-brexit-growth-slows-weakest-london-property-market-a8710746.html

From your link:
Northern Ireland recorded the strongest growth, with prices rising 5.8 per cent in 2018, and Wales recorded an average increase of 4 per cent, while Scotland and England ....... growth of 0.9 per cent and 0.7 per cent