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Is it OK to move house in October?

(9 Posts)
Pearofwisdom Sun 04-Aug-19 12:40:14

We want to move into a house 100k more expensive than ours. It would increase our mortgage payments but still doable. We have a large amount of equity built up in our current property.

From reading around the suggestion is that brexit won't have a huge impact on house prices.
However from talking to people they think we are mad, the bubble will burst and we should wait.

Does anyone have any insight? Would it be best to house hunt after October and hope that the one we want hasn't sold by then?

Thank you so much if you take the time to reply to this.

Mamamia456 Sun 04-Aug-19 13:12:19

I would move, dont forget that if house prices do fall then the house you're selling will also fall in value.

TiredTigger Sun 04-Aug-19 13:24:01

If you have seen a house love, I would not delay a move because a drop in prices could lead to less choice as sellers withdraw from the market. It may be many years before you see another property that you like as much.

However, if you are just looking to trade up in general, I would wait until after October as any percentage drop in prices will mean that the bigger property loses more in actual value than your current home.

TiredTigger Sun 04-Aug-19 13:31:56

Furthermore, do not forget that should there be a deal agreed or no Brexit at all (I wish), then there is the possibility of a sharp market rebound which could make it more difficult for you to trade up.

Pearofwisdom Sun 04-Aug-19 14:36:28

Oooh thank you very much! You're making me feel much better about it!

BlackeyedGruesome Sun 04-Aug-19 22:48:48

If it a house you love and you can afford the repayments... Including any increase in interest rates as they have been low for so long.

Make sure you have plenty of excess in the finances so you can adapt to any changes ahead.

Pearofwisdom Wed 07-Aug-19 08:06:29

Thank you, good point

MrsTerryPratchett Wed 07-Aug-19 15:24:02

Do you plan on being there for a very long time? Do you absolutely love it? Is it worth it to you?

A lot of the issues with houses is that we treat them as money. They are primarily places to live.

Pearofwisdom Wed 07-Aug-19 19:02:45

Hoping to be there a very long time, yes. Yes I think I do view it as money which is definitely problematic. I would be devastated to lose too much value as equity feels like our life savings.

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