Is now a good time to move UP or should we hang around until after October?

ChrisK....._3

Thinking of trading our house up for a brand new one but wondering whether no deal Brexit in October will cause house prices to crash down

Is now a good time to move UP or should we hang around until after October?

zagubov

If I was upsizing I personally would wait (but I'm in London). Prices here seem to be creeping downwards and the higher the faster.

Are prices stable where you live?

Monica27

Zagubov- Why do you say you would wait to upsize if there maybe a crash?
We are sold STC, unfortunately problems with getting the amount we need as mortgage (part of husband’s income is in 2nd year of self employment) means the next house we planned to move to is not affordable- so we were thinking of renting till Apr 2020 & look after then- we do worry there will be less houses on the market, but thought it is better to sell now? (Hopefully it goes through ��- it’s just 2 in the chain & we will move out to rental so Chain is complete)

Monica27

PS- we are in Leeds & though prices have plateaued for our current property price range, the bracket we were looking at shows no sign of slowing down...

davidmcn

If you look at the betting markets, the money is on no Brexit of any sort happening in 2019. Even if it does happen, at what point would you be certain enough that any disturbance to the market had settled down?

zagubov

Monica27 wrote: »

Zagubov- Why do you say you would wait to upsize if there maybe a crash?
We are sold STC, unfortunately problems with getting the amount we need as mortgage (part of husband’s income is in 2nd year of self employment) means the next house we planned to move to is not affordable- so we were thinking of renting till Apr 2020 & look after then- we do worry there will be less houses on the market, but thought it is better to sell now? (Hopefully it goes through ��- it’s just 2 in the chain & we will move out to rental so Chain is complete)

I'm no expert, but in my limited experience, higher priced house prices generally seem to fall more swiftly than lower priced ones, which may mean after a while that your own house price might be a bigger fraction of your aspirational house's price.

But none of us have a crystal ball. If your house price ever falls into negative equity you may have to rethink about moving for quite a long time.

Monica27

If that were to happen it may actually help us as we are falling about 10% short for the next level (‘higher’) priced house price bracket....
But like you say who knows what will happen... if prices continue to go up as per current trend then we will be outpriced & May have to make compromises...

ChrisK....._3

You should trade up on a low market because it doesn't cost as much, and trade down on a high one because you make more, obviously.

Not sure you why anyone would sell a property to rent one then hope to buy one later for cheaper??????? Unless you're expecting an almighty crash the maths simply don't add up

Monica27 wrote: »

Zagubov- Why do you say you would wait to upsize if there maybe a crash?
We are sold STC, unfortunately problems with getting the amount we need as mortgage (part of husband’s income is in 2nd year of self employment) means the next house we planned to move to is not affordable- so we were thinking of renting till Apr 2020 & look after then- we do worry there will be less houses on the market, but thought it is better to sell now? (Hopefully it goes through ��- it’s just 2 in the chain & we will move out to rental so Chain is complete)

ChrisK....._3

Then under what theory do you deduce that selling a property in a rising market and then renting and then later hoping to buy a property that you can't afford right now?????

So your house is £250k and you want one at £400k but can't afford it currently. Can you let me know how you think that gap is going to get smaller by selling up and renting?

Monica27 wrote: »

PS- we are in Leeds & though prices have plateaued for our current property price range, the bracket we were looking at shows no sign of slowing down...

ChrisK....._3

It's even simpler than that. house prices fall by the same % rate then quite simply the price gap between any two houses is smaller, and why it's a better time to trade up. Not difficult maths. Contrariwise on a rising maker

zagubov wrote: »

I'm no expert, but in my limited experience, higher priced house prices generally seem to fall more swiftly than lower priced ones, which may mean after a while that your own house price might be a bigger fraction of your aspirational house's price.

But none of us have a crystal ball. If your house price ever falls into negative equity you may have to rethink about moving for quite a long time.

RelievedSheff

If you have found the house that you want does it really matter if it falls in value short term?

It is a home first and foremost.