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Should I buy property in greater london right now post brexit.

(21 Posts)
flopseyR72 Tue 19-Jul-16 09:46:34

We need to move from our flat to a bigger place now DD is 11 months. We wanted to buy in greater London / Essex/ Loughton area. I'm putting in all my life savings. Im worried that the prices might burst post brexit. The prices still going up and very expensive. AIBU to be freaking out. DP says we have no choice we have to buy and move now.

scarednoob Tue 19-Jul-16 09:49:24

If you're going to be there long term, don't worry too much. Plus, whilst it is one of the most major considerations, there are factors other than money that go into buying a home. Hope you find something you love!

flopseyR72 Tue 19-Jul-16 09:53:18

yes more than money but the prices being asked are very excessive........way rest than the rest of the country in the high 600's just for a normal 3 bedroom semi which is not that exciting.....

flopseyR72 Tue 19-Jul-16 10:36:51

No estate agents out there or people who know what will happen in London?

SaucyJack Tue 19-Jul-16 10:41:20

If you're looking for a "forever home" and you're willing and able to pay those kind of prices if the market stays at its current level, then it won't actually make much difference to you whether the housing bubble bursts or not, Shirley?

Other than the annoyance obv. of wishing you'd waited.

acasualobserver Tue 19-Jul-16 10:43:42

Well, no-one knows and anyone who says they do is lying.

ZigAZigAhh Tue 19-Jul-16 10:43:56

We completed on our first property the week before the referendum. We wanted to stop renting, we loved the area we were in (London) and we were aware that if we didn't buy soon we would probably be priced out. We are very happy with our home - we thought it was a fair price by London standards and definitely worth paying to be able to put roots down where we wanted to. My point is that no one knows what is going to happen in the property market, but we treated it as buying a home/lifestyle/neighbourhood/proximity to schools etc rather than purely a monetary investment. Of course we don't want to see prices tank but we are not planning to sell anytime soon so it doesn't really bother us too much and hopefully we will be better off in the long term (and I think we are definitely better off paying a mortgage on somewhere we want to be vs still renting).

EllyMayClampett Tue 19-Jul-16 10:45:35

I think the "Golden Triangle" of Loughton/Buckhurst Hill/Chigwell is likely to hold value. Possibly stagnate, but not fall. I'd be a lot more cautious about buying in "up and coming" areas such as Leytonstone or Walthamstow. People who have stretched themselves to buy in those areas on a previously reasonable assumption that prices would rise and the area would gentrify are in more danger of getting burned.

Loughton has good schools, easy access to the city via the central line, and it is already a very pleasant area. So if prices stagnate you won't be stuck somewhere unpleasant. Instead you can wait it out with good schools, good transport, nice shops and the Epping Forest.

eyebrowsonfleek Tue 19-Jul-16 10:47:09

I think that if you are planning on staying in the house long term then you should go for it. They might go down (who knows?) but if you are staying put for a while I think they will go back up long term.

Interest rates are super low at the moment so check you can afford a rise.

EllyMayClampett Tue 19-Jul-16 10:48:36

Also, if you are a cash buyer now, perhaps you can swoop in and get some deals where chains are falling apart because of Brexit jidders. I would call the main estate agents and have a chat with them. Not much is moving at the moment, and you might be able to get a bargain, just make sure you are in the right place for the primary school that you want.

flopseyR72 Tue 19-Jul-16 10:50:29

Another question house I like is in Loughton near Forrest near schools but on checker not in catchment area for any primary school. What does this mean when dd reaches school age. It's less than a mile from school.

Globetrotter100 Tue 19-Jul-16 11:03:50

For London, the rightmove HPI report came out yesterday. It's variable by borough...Southwark (my old hometown) has asking prices down by 6.5% this month shock

This should link to the most recent report

EllyMayClampett Tue 19-Jul-16 11:18:31

FlopseyR72 They all have to be in a catchment. Where are you getting your information from? Can you share the house with us?

Kwirrell Tue 19-Jul-16 11:19:42

I think what is driving house prices up is their scarcity. My parents passed away earlier this year and we put their house in the market. It was totally run down and dirty with an overgrown Garden. We expected £270,000 as this was the Zoopla estimate. It is in the Romford area.

The Estate Agent did an open day with offers above £300,000. We had 3 offers of £315,000 from the first days viewing.

I would say buy as soon as you can.

flopseyR72 Tue 19-Jul-16 11:30:28

Hi I got my information from right move. Lots of primaries near but all say out if catchment area?

EllyMayClampett Tue 19-Jul-16 11:46:12

flopsy, I don't know your budget or your priorities, but here are my top picks for a 3 bedroom home near schools that are "reasonably" priced for first time buyers:

Your children will get into St John's CE Primary School (A chocolate box of a school by the duck pond and attached to a Georgian Church. The most over subscribed school in Essex and a classic middle class honey pot school.)
You can walk to the tube, as well as Waitrose, the doctor's, the library and all the shops and restaurants on Queens Road.

This one in Loughton looks good. You will get a place at Staples Road school and it is walk-able to the tube as well as all the shops on Loughton High Street and the Library and Leisure centre for swimming lessons, etc.

This one will also place you for Staples Road, the station, the shops, but it is a bit cheaper, though smaller:

Viviennemary Tue 19-Jul-16 12:09:04

It's anybody's guess. There might be a few bargains as folk say with chains breaking up. Personally I'd wait as prices could drop in the next six months. If they don't then it's doubtful if they ever will unless there is a hike in interests rates.

flopseyR72 Tue 19-Jul-16 12:23:55

Thanks ellymc I liked the middle one but apparently sold on sat open day for more than asking price. Obviously not everyone is as cautious as me!

londonrach Tue 19-Jul-16 12:30:50

Sadly no one knows op. People be lying if they said they did. Not even estate agents know. If you need to move buy something you can afford monthly and view it long term rather than short time. It could go up, stay the same or go down..... Good luck x

Kwirrell Tue 19-Jul-16 12:30:52

You are absolutely right about people throwing caution to the wind. This is fuelling the price hike.

EllyMayClampett Tue 19-Jul-16 13:34:29

It was on for "offers over." To be honest, at the moment, if your budget is £600K and you are looking for a three bedroom house in Loughton, in the Staples Road Primary School catchment, you will struggle. You might have to go for something with less "kerb-appeal." Or cross your fingers that prices will fall...

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