house prices + Brexit

[SammJ]

I know we cannot know for sure but I am a first time buyer currently looking at properties.
I have been confirmed a mortgage of 210k

Is it a bad idea to be looking for buy within the next 2-3 months.

Will interest rates be going up or house prices crash if I buy now I don't want to end up loosing money on a house.

thanks in advanced

 

[Andrew_McP]

I remember the days when folk would come here for computer advice. I am very old though.

 

[Maccapacca]

Who knows?

It could be your best time now to pick up a bargain from the frightened and fix your mortgage cost for as long as possible.

It could all fall off a cliff after.

It could bounce back with the likes of France rioting.

 

[SammJ]

I remember the days when folk would come here for computer advice. I am very old though.

In that case I also have a old ACER laptop I am wanting to discard however want to collect some old files/pictures off it first but cannot remember the password for it. How can I access it?

 

[200sols]

I’ll just dig out my crystal ball and let you know

 

[SammJ]

I’ll just dig out my crystal ball and let you know

As stated above ' we can't know for sure ' but thanks for the input... friend

 

[tamzzy]

i'm also looking to buy, and this is how i've rationalised brexit and the property market in my mind

depends on how you view the property.
(A) if you've found your 'home', then just buy it regardless of the market - assuming you'll be living there in the long-term.

(B) if you can afford to wait...then you have 2 choices
1) wait and see - if the market prices rise, you're buying into an appreciating asset (albeit slightly more expensive than if you hadn't waited), if the market prices tumble, you're getting a better deal
2) buy anyway, as you've hopefully fixed a mortgage at a monthly repayment you can afford regardless of market trends, and hopefully by the time you've come to sell, the market has appreciated (or not, as the case may be)

 

[Slam62]

210k Blimey how many years?

 

[RDCorporation]

We are currently in the process of buying a house and asked our mortgate advisor the same thing.
Advice was what basically guys said here, if it's your home, just buy it regardless, no one knows whats gonna happen.
It might decrease then increase several years later, you might be waiting forever for "the perfect moment"

 

[Psycho Sonny]

I don't see prices dropping maybe in overpriced areas, the majority will either stagnate or go up.

If you plan on living there for 10+ years then buy.

If we leave eu then interest rate will go down but not by much. Not worth losing out on the right house for.

If we don't leave the eu then they will rise but not by much. Many can't afford for them to rise a lot.

We have reached a point where homes are too expensive. The only solution which would suit most is to increase taxes on foreign buyers and second or more owners

 

[Syla5]

Brexit didn't appear yesterday, markets already have us factored in for a worst case scenario's, no doubt there will be a downward move after a final outcome unless the outcome is to cancel everything and remain and then it could go the other way, but movement wont be a lot either way in my view.

Buying now is a gamble, but no worse than any other time.

Personally I would buy now, the sooner you are on the ladder the sooner you are paying down the biggest debt of your life.

The only time I would consider holding out is if you still live somewhere rent free (parents/family) and can put considerable amounts away each month in to savings so that you at least build up a bigger and bigger deposit while you wait and see what happens.

 

[chroniclard]

There will be a massive crash as the recession hits. So long as you can ride it out be fine.

 

[Bunka]

The market is pretty much stagnant at the moment - it's a buyers market. Look at how long it has been listed for and see if you can push the price down when negotiating. Mortgage rates are likely as low as they'll possibly be with inflation presumably going to rise in the not too distant future as goods become more expensive to import. With that in mind, I'd personally be considering a 5yr fix if I was in your position.

 

[MatteH Oxford]

I've seen quite significant reductions since the section 24 tax (aimed at landlords) came in. There's another two years of increases to taper in yet which will add another 20% to their tax liabilities.

 

[Jono8]

Who knows. There might be a crash. If there is, prices will naturally go back up again though, so get your mortgage fixed for a while and ride it out.

I guess you could wait for the next crash, which would be a good time to be a first time buyer, but no one can tell you when that will be so you could be waiting a while.

As someone earlier in the thread alluded to, if you are throwing your money in the bin renting at the moment, then just do it. You will probably end up being worse off if you wait ages and carry on renting, even if there is a crash after you buy. If you are living rent free/with parents you could try waiting to see what Brexit brings i guess.

 

[SPG]

There will be a massive crash as the recession hits. So long as you can ride it out be fine.

Oh please..... There will always be recession if your 25 you are looking at another 3 or 4, 2 of which being large.

Just buy the house and run with it like the rest of us

 

[chroniclard]

Oh please..... There will always be recession if your 25 you are looking at another 3 or 4, 2 of which being large.

Just buy the house and run with it like the rest of us

Thats what I said. So long as you can ride it out.....

 

[Randomface74]

There is, and will continue to be, a shortage of housing.
The shortage will support the price through the volatile period.

 

[Uther]

Buy a house as a home to live in, not as a money making scheme.