FTB before brexit

beckylynne

Sanne wrote: »

Chances are that if there is a crash
a) it’ll be more difficult to get a mortgage (hubby is 47 this year so had to go into his retirement as is) and b) there will be fewer properties to choose from. Since we bought, three similar ones have come onto the market, one is off again now (offers over £325k - granted, we needed to sort soffits/fascias and put a combi boiler in to replace the back boiler but I’m sure something would have been wrong with that one too - and we didn’t spend £15k on the work) and the other for offers over £340k (good luck, lol). A semi (otherwise exactly the same as our terraced, slightly larger garden obviously but same internal space) is on for £340k as well (good luck to them, too!).

Just because prices are falling doesn’t mean people will be keen to sell at a lower price unless they have to move or it suits them (as their onward purchase will be cheaper, too) - so I might as well lay my mortgage instead of rent.

This ^

My understanding is there could be negative consequences for buyers in either Brexit situation (deal or no deal).

No deal = lower property prices but less property, potentially difficult mortgages
Deal = property prices rise

We found a flat we loved and with that in mind decided to go for it. I don't think now is a bad time to buy if you find somewhere you really want for a price you're happy with.

Best of luck!

Crashy_Time

lisyloo wrote: »

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).

Why are mortgage approvals and sales transactions way down then? I really would like to hear how you square what you believe people are/should be doing with economic reality.

Crashy_Time

beckylynne wrote: »

This ^

My understanding is there could be negative consequences for buyers in either Brexit situation (deal or no deal).

No deal = lower property prices but less property, potentially difficult mortgages
Deal = property prices rise

We found a flat we loved and with that in mind decided to go for it. I don't think now is a bad time to buy if you find somewhere you really want for a price you're happy with.

Best of luck!

No Deal = lower property prices due to less people, BTL sell off and people from EE selling to go home.


Deal = Not going to happen, but inconsequential in the face of the wider global credit picture even if it did IMO.

Sanne

Crashy_Time wrote: »

No Deal = lower property prices due to less people, BTL sell off and people from EE selling to go home.


Deal = Not going to happen, but inconsequential in the face of the wider global credit picture even if it did IMO.

With a gigantic proportion of around 1.1% EU nationals where I bought - according to last census data - I shall eagerly await what happens when they all leave. Make that one less as I’m in the stats as dual national and will stay.
Maybe it’ll have a small effect in some cities but, even then, I would hazard a guess that most EU nationals likely to leave don’t own property.

quantumlobster

Crashy_Time wrote: »

Why are mortgage approvals and sales transactions way down then? I really would like to hear how you square what you believe people are/should be doing with economic reality.

People (not you, obv) are still going to buy their homes.

I don't think even you know what your point is any more.

lisyloo

Crashy_Time wrote: »

Why are mortgage approvals and sales transactions way down then? I really would like to hear how you square what you believe people are/should be doing with economic reality.

I have told you my views on this many times so not sure why you need it constantly repeated. That’s probably because you don’t/won’t accept the logic which is your choice but I’m not gonna spend my life repeating it for someone who isn’t reading/listening to the views of others properly.

I’m gonna let it drop as I think people can see through your views which have an agenda and I don’t need to spend my time protecting them.

Tell us how you are doing please.
Do you have a dream home? Decent pension fund? Happily married? Retiring at 55?
Or still in an HMO/back bedroom telling others to rent?
The fact that you will never say speaks volumes about the reality and your strategy.

I’m done. I sincerely wish you the best but don’t think it will happen unless you actually listen.
I listen to others of alternate views in particular people who’ve done better than me.

CarrieVS

lisyloo wrote: »

Tell us how you are doing please.
Do you have a dream home? Decent pension fund? Happily married? Retiring at 55?
Or still in an HMO/back bedroom telling others to rent?
The fact that you will never say speaks volumes about the reality and your strategy.

That's one way to look at it. But it's also possible that it merely speaks volumes about the amount of personal information Crashy is willing to share with online strangers. Not everyone likes to make that kind of information public, even in a relatively anonymous form (it's not always as hard as you might think to trace a social media account back to a person.)

51mm5

51mm5 wrote: »

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?

Crashy just dodges any challenge to his/her world view. He/She conveniently skipped over my question. Come on crashy.

_CC_

CarrieVS wrote: »

That's one way to look at it. But it's also possible that it merely speaks volumes about the amount of personal information Crashy is willing to share with online strangers. Not everyone likes to make that kind of information public, even in a relatively anonymous form (it's not always as hard as you might think to trace a social media account back to a person.)

I think you're missing the point.


Trashy has made some of that info public on this forum.


He's at least 55 years old and rents a one bedroom bedsit.


Yet he still goes around giving people advice on here like he's Warren Buffett.


My guess is he's either not all there or has some serious issues with the way his life has turned out.

letsbetfair

Crashy_Time wrote: »

Deal = Not going to happen, but inconsequential in the face of the wider global credit picture even if it did IMO.

Odds on betting exchanges suggest those markets think there's a less than 25% chance of a no deal Brexit next month. It's frankly terrifying that we've got into a position where this is so likely, but I don't think anyone can confidently say 'not going to happen' - and, if anyone really can predict what's going to happen with Brexit so reliably, they should be posting in a month or two from their new luxury yacht

I'm in the process of buying as FTB, and kind-of alarmed by how much of a mess Brexit is looking to be myself (I could manage a fall in prices, but it's more if it's bad enough that I need to work outside the UK). I do like the house I've found, though, and this is the right time for me to buy in terms of my personal life. It's also possible that the government could manage to combine rising house prices with a declining economy, of course (e.g. through continued subsidies) and a chaotic Brexit could tank the value of 'safe' assets like cash deposits in Stirling too.