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For those saying Brexit will not have an impact...

(81 Posts)
freshstart22 Mon 05-Sep-16 09:05:25

On housing prices you are mad!

You might not notice anything now but I think a storm is coming. If anyone is even thinking about selling I would get moving asap.

BombadierFritz Mon 05-Sep-16 09:15:39

but if upsizing that means buying a property thats going to fall even more in value if you sell now? or sell and rent?

bakeoffcake Mon 05-Sep-16 09:20:13

confused

"I think a shit storm is coming" what makes you think that?

freshstart22 Mon 05-Sep-16 09:36:13

I didn't say 'shit storm' but I did mean that!

My friends husband works in a large construction company and a lot of there projects have been put on hold. This won't have a knock on effect until sometime next year. I'm not talking about house builders I'm talking about major London projects. Foreign investors are pulling out.

I think I'm trying to warn people that want to downsize in future rather than those that want to increase there mortgages.

freshstart22 Mon 05-Sep-16 09:36:45

*their!!!

bakeoffcake Mon 05-Sep-16 10:26:30

Sorry about misquoting!

London House prices have no correlation on most of the U.K. IMO the London market needs to cool and hopeful "normal" working people can afford to live there.

alazuli Mon 05-Sep-16 10:39:04

But surely these new build projects that are being put on hold would be affordable for most people anyway?

London prices seem to be holding up... so far.

PurpleDaisies Mon 05-Sep-16 10:42:45

I think there are people out there who like to stoke up fears of a housing crash.

alazuli Mon 05-Sep-16 10:43:00

would not!

freshstart22 Mon 05-Sep-16 12:00:02

The construction jobs going on hold are not houses. They are office blocks and commercial buildings. My point is that foreign investors are withdrawing from the market. I also heard on the news today that some big insurance firms are looking at offices outside of the UK as its no longer beneficial for them to stay here. It's bad news for the economy in general it will have an effect on housing prices within a year or so whether you believe the hype or not.

Loumate666 Mon 05-Sep-16 12:02:46

BBC reporting Brexit sparks overseas spending spree in London property

ThroughThickAndThin01 Mon 05-Sep-16 12:06:40

There will be a 'crash' of some description, some time.

Peronally I don't think it will be any time soon.

And I don't think it'll gave anything to do with Brexit, more to do with a global recession that we are certainly heading for in the future.

alazuli Mon 05-Sep-16 12:11:33

Loumate666 - As if FTBs need any more competition!

furlinedsheepskinjacket Mon 05-Sep-16 12:17:38

its happening already here.prices have been static since the vote.nothing is selling - now places are being reduced and still not moving.

yesterday i saw a house priced at a level i haven't seen for years.

i am S/SE btw.

freshstart22 Mon 05-Sep-16 12:52:48

Either way a housing crash or at least some kind of adjustment(?!) is on the cards!

kirinm Mon 05-Sep-16 16:16:02

It's Lloyds of London who have suggested some business might be transferred to somewhere in the EU if they lose access to the single market.

Insurance companies leaving will be the least of our worries. All that scaremongering wasn't scaremongering.

YelloDraw Mon 05-Sep-16 16:53:55

I think it will be very unlikely we avoid a recession. i doubt we will see a 'crash' but certainly a stabilisation/dip looks likely

freshstart22 Mon 05-Sep-16 19:21:24

I hear Marks and Spencer's are making redundancies..

ThroughThickAndThin01 Mon 05-Sep-16 20:01:55

So? You are a housepricecrash drama llama OP.

user1467297746 Mon 05-Sep-16 20:06:00

Its made feel a bit unsure too. Not sure if it will affect higher end homes more than the low to mid range I can afford tho?

I wasnt here in 2008 - seems like that affected pretty much all property tho?

I do think asking prices have dropped a little tho?

freshstart22 Mon 05-Sep-16 20:27:44

Haha I'm not a drama llama through I just think you need to pay attention to the signs..

sall74 Tue 06-Sep-16 07:12:50

PurpleDasies - I think there are people out there who like to ramp up the property market with predictions of rampant house price inflation forever.

ReallyTired Tue 06-Sep-16 07:24:05

I think quite a lot of people would welcome a housing crash. It's ridiculous that it's impossible to buy a property on a normal salary.

I feel the getting rid of buy to leave foreigners from the housing market is a good thing. I feel there should be extra taxes on those who buy to leave. At least with buy to let someone gets to live in the property.

GinIsIn Tue 06-Sep-16 07:33:39

We had our London flat on the market pre-Brexit. It has dropped £40k since then.

The trouble with the London market 'cooling' is it isn't going to enable normal people to get on the ladder at all, as those of us already living in the cheaper flats won't be in a position to sell without risking negative equity. We've luckily had an offer on our flat now but if we'd had to drop the price further we'd have been forced to take it off the market. I know of quite a few other people in our part of north London who are in the same boat.

ReallyTired Tue 06-Sep-16 08:19:07

The market will cool when interest rates are raised and people are forced to sell at a loss or face reprocession. At the moment low interest rates encourages people to let out flats rather than sell at a loss.

Of course negative equity and possibly selling at a loss is grim.

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