How are you preparing for Brexit money wise?

I'm carrying on regardless.

Will the average joe really notice when Brexit happens? Is it all a bunch of media hype to sell papers? Yes some products may increase in price or disappear completely, but I don't think it'll be as devastating as we are led to believe.

I may be completely wrong but in all honesty, life is too short to worry about what if's. I'll wait until we actually know something.
 
Lopéz said:
A house price crash is normally a symptom not a trigger, if house prices crash then not many people will be in a position to do much about it.
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I'm not sure what you mean. I was suggesting there will be a house price crash, in part caused by the Brexit chaos.

HungryHippos said:
Whilst I can see why an ever increasing trajectory of upwards prices is a bad thing, having them fall significantly could also be really bad. Especially if people have purchased with 10% equity, falling 10% would put their equity down to zero.
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Tough cheese. You take a loan out on a massively over-inflated commodity that's your problem*. For everyone that might end up in arrears or negative equity there's someone who has a decent deposit but unwilling/unable to purchase with prices at their current high.

*Not your problem specifically, obviously :)

AHarvey said:
Will the average joe really notice when Brexit happens?
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Well, if you go on holiday to Europe (or anywhere really) yes. Everything is now crazy expensive. It's no good having cheap flights (even they might end) when if you want to go for a nice meal abroad it'll cost you central London prices every night. Which has been the case on my last two holidays in Greece (much earlier this year) and Portugal (last week).
 
Scam said:
I'm not sure what you mean. I was suggesting there will be a house price crash, in part caused by the Brexit chaos.
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I mean, if there's a house price crash caused by Brexit chaos, nobody is going to be queueing up to give you a mortgage. If you have a whopping deposit saved up you might be alright, but otherwise its unlikely you'll be in a position to capitalise.

Unless you have a few hundred K saved up as pure capital? In which case yes you might do very well out of it.
 
banbom44 said:
Nothing we can do one things for certain we are all going to be poorer.
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If prices go up that might mean less luxury money for some or a meaningful reduction in living standards for others.

I don't believe voting to leave was all that popular for people who already had prospects and excess income.

My guess is the most affected will be people who did vote to leave. Betrayed by politicians and media lies.
 
@Scam if you're legit in London then I can see why you want a fall, but most of us haven't bought in London.

Forgive me for not wanting my lifetime investment to drastically reduce in value!
 
I've already increased my salary by 30% and reduced my outgoings considerably. I'm still on the lookout for new opportunities, and if the country goes to the dogs I'll be on the first plane to Holland. I have no intention of suffering at the hands of those incompetent tosspots we call a government.
 
Lopéz said:
Unless you have a few hundred K saved up as pure capital? In which case yes you might do very well out of it.
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Well, I don't. But between my girlfriend and I we have a pretty healthy deposit. Just not enough to afford something in/surrounding London where we both need to be for work right now.

HungryHippos said:
@Scam if you're legit in London then I can see why you want a fall, but most of us haven't bought in London.

Forgive me for not wanting my lifetime investment to drastically reduce in value!
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I doubt prices outside of the SE will fall drastically (because they're not as overpriced apart from in larger cities like Manchester etc.), but your attitude is very indicative of the problem with this country and it's obsession with houses being firstly an investment and secondly, ya know, a home.

If you bought a home to live in, then you shouldn't be so selfishly worried about a housing market crash that you think it's worth propping up the bubble to the detriment of the entire next generation. If you bought your house as an investment then sorry, you reap what you sow. Who ever said bricks and mortar is a guaranteed return when you speak in investment terms?
 
Not much other than wait and watch, after all there is still a - albeit outside - chance it might not happen or if it does what the final shape and form might be.

I'm retiring at the end of October, though for other reasons not Brexit. That indirectly ensures my pension rights are preserved before any post Brexit skulduggery that might bork the scheme for those yet to take their benefits. The mortgage is paid off, or it will be by the end of the year. If interest rose and the thieving banks actually passed the rate on to savings, we could actually be slightly better off on that aspect. We do buy the odd item off Amazon.de which is not sold in the UK so potentially that could attract a bit more tax/import duty but pocket change in the grand scheme of things.
 
Scam said:
I doubt prices outside of the SE will fall drastically (because they're not as overpriced apart from in larger cities like Manchester etc.), but your attitude is very indicative of the problem with this country and it's obsession with houses being firstly an investment and secondly, ya know, a home.

If you bought a home to live in, then you shouldn't be so selfishly worried about a housing market crash that you think it's worth propping up the bubble to the detriment of the entire next generation. If you bought your house as an investment then sorry, you reap what you sow. Who ever said bricks and mortar is a guaranteed return when you speak in investment terms?
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It is the thing I've worked the hardest to achieve, and I did it on my own dime. It's a lifetime investment and a home of course, I did not say it wasn't. Renting is dead money.

We'll have to agree to disagree, I hope that prices remain stable and don't see any real reason for them to come crashing down when demand is still reasonable.
 
HungryHippos said:
It is the thing I've worked the hardest to achieve, and I did it on my own dime. It's a lifetime investment and a home of course, I did not say it wasn't. Renting is dead money.
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Renting is dead money but it is not a choice for a very large proportion of society.

Anyway, why would you do so badly out of a housing market crash? I don't think it would crash so badly to put many people into negative equity, so really you're just looking at the price of your house reducing whilst all other properties reduce by the same proportion. So if you wanted to upsize/downsize whatever -- it's all relative. This infatuation with "my house is worth £XXX and I need it to stay there because I like the number" has got to stop. It just has.
 
Been making offers on a house roughly 10-15% below asking. If it all goes wrong that might increase to 20-25%, if we haven't bought by then.
 
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