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Should we hold off purchasing house til after Brexit result?

(8 Posts)
ThePartyArtist Tue 31-May-16 23:21:52

We've had an offer accepted, awaiting results of survey. All being well the purchase will go smoothly. However DH says we should wait til results of Brexit vote, as this may affect house prices. i think it won't have an immediate effect and we just need to take the risk. Plus we both really like the house!

MooPointCowsOpinion Tue 31-May-16 23:23:25

Similar position here, DH also asking if our choice of mortgage company will be affected considering they are based in the EU but main offices out of Britain.

Who bloody knows anything at this point is my answer.

lljkk Tue 31-May-16 23:24:16

Not a good reason to put your life on hold.
House price fluctuations should only matter if you move again within 10 yrs. Is that likely?

TeaBelle Tue 31-May-16 23:25:55

House prices won't change particularly quickly as houses are worth what someone will pay for it. Mortgage rates may sway a little but again it won't be huge. Nothing will change within the first couple of weeks

concertplayer Wed 01-Jun-16 00:59:20

If anyone could predict then they would be bilionaires.
The thing with buying is to ensure you do not go into negative equity.
Even then so long as you plan to live there for a good 10 years you
should HISTORICALLY manage to break even.
Also having job chances in the area helps. G forbid job goes and
you are having to sell with a small equity/big mortgage.
This may be quite good time to buy -while things are still "normal"
If there is a slump do not count on we will get it cheaper as they
may be desperate to sell. In fact in periods of uncertainty eg the b
crisis in 2008 there was very little on the market as anyone who could
sat it out. Of course a few struck lucky as in life itself. A friend of mine
was trying to buy in 2008 - poor choice.
I reckon on a price correction 10 to 20% over the next few years But
that is only an opinion .Brexit no real effect Housing market need to
come down and government policy

alazuli Wed 01-Jun-16 01:15:53

if you both love it i think it would be silly to hold off. if brexit did happen and there was some kind of economic crisis it would be much harder to get a mortgage as banks will cut down on lending so it's probably best to buy now.

saying that i have an offer on a place that i'll definitely withdraw if we vote to leave but only because i can't see myself living there for 10 years and don't want to get stuck!

ThePartyArtist Fri 24-Jun-16 09:34:53

Well the results are in... should we proceed with purchase?!

FrikkaDilla Fri 24-Jun-16 10:53:31

What do you think?!

You'd be mad to when house prices are predicted to fall by 18%. Offer 20% off or pull your offer and wait till house prices have fallen.

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