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Should first time buyers wait until after Brexit, or rush and buy before 29th March?

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Comments

  • davidwood681
    davidwood681 Posts: 881 Forumite
    Those ''experts'' the media use to put the fear into you have been wrong long before the Brexit vote.

    Why keep listening to them?
  • mangog
    mangog Posts: 145 Forumite
    We're FTBs and we just completed on a 3 bedroom terrace but we are both in our 30s so very settled in our jobs and area. It's big enough for us and a potential child for the next 10 years, with room to extend into the attic if we need to, so we're bedding in to wait it out and see what happens. If you think that what you can afford at the moment is big enough to live in for the medium-long term I say go for it. I'd rather have the security (and control) of knowing it's my house if it all goes wrong, rather than rely on a landlord.
  • andrewf75
    andrewf75 Posts: 10,421 Forumite
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    I’d still buy unless it was a very high loan to value or you’re in jobs particularly vulnerable to Brexit.
  • Marvel1
    Marvel1 Posts: 7,171 Forumite
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    Both options
  • parkrunner
    parkrunner Posts: 2,610 Forumite
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    If it's for a home rather than an investement I'd buy now.
    It's nothing , not nothink.
  • Linton
    Linton Posts: 17,157 Forumite
    Name Dropper First Post First Anniversary Hung up my suit!
    You cannot time the market, or if you think you can dont tell other people. If a lot of FTBs rush to buy before 29th March 2019, prices will rise well before that date. So really they need to rush to buy before say 31st January 2019. But if they do that.......
  • steampowered
    steampowered Posts: 6,176 Forumite
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    A hard Brexit would result in a substantial devaluation of sterling.

    But UK jobs and UK houses are both denominated in sterling. So Brexit shouldn't affect house prices too much.

    I think everyone just has to do what is sensible based on their personal circumstances at the time. Anything can and does happen with the economy. If you try to time the market you end up waiting so long that you lose out anyway.
  • GDB2222
    GDB2222 Posts: 24,660 Forumite
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    steampowered wrote: »
    A hard Brexit would result in a substantial devaluation of sterling.

    But UK jobs and UK houses are both denominated in sterling. So Brexit shouldn't affect house prices too much.

    I think everyone just has to do what is sensible based on their personal circumstances at the time. Anything can and does happen with the economy. If you try to time the market you end up waiting so long that you lose out anyway.

    The devaluation of sterling will increase inflation and interest rates will increase. That's the logic behind the prognostication. Who knows what will actually happen, but I would not want to be overextended.
    No reliance should be placed on the above! Absolutely none, do you hear?
  • YoungBlueEyes
    YoungBlueEyes Posts: 4,041 Forumite
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    I'm buying a house now, because I need somewhere to live very shortly.
    If you need a house and can afford a house, buy a house :)

    I think if you're buying as an investment or BTL etc, the thought process and considerations will be different.

    I don't spend a lot of time thinking about Brexit - what will be will be. Smarter people than me are all over it (and for very healthy pay packets too!) so what use is there in me worrying about it?

    IMO it will/won't be rough going for a while/years/or not. The interest rate/inflation will/won't go up/down. It'll settle down in the end, one way or the other.

    "Don't cause me no g0dd4mn nevermind" as my father was very fond of saying :)
    The second man to go over Niagara Falls in a barrel, Bobby Leach, survived the fall but later died as a result of slipping on a piece of orange peel.
  • steampowered
    steampowered Posts: 6,176 Forumite
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    GDB2222 wrote: »
    The devaluation of sterling will increase inflation and interest rates will increase. That's the logic behind the prognostication. Who knows what will actually happen, but I would not want to be overextended.

    Personally I would rather be in a mortgaged property than in a rented property if things went south with the economy. You get much more security of tenure in an owned property than a rented one.
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