When to buy a house

[elmo279]

DP and I are ready to buy a house together. We've been for provisional mortgage meetings and everything is set.
Our provisional time time to buy will be around May/June However.... we are worried about how Brexit will affect this? Would we be stupid to buy a house right in the middle of the Brexit mess?

Any advice is much appreciated!

I would start looking but keep an eye on the market and then decide.

While I think house prices will go down, I'm not sure there will be a crash as there are lots of people wanting to buy which will prop prices a bit.

In a way, as long as you're not made redundant it could be great timing post-Brexit as house prices could come down significantly.

That is...assuming you're not selling anything?

As a PP says, keep an eye on the market from now until the time you're looking to buy and see what happens closer to the time...

I would say that May/June is a good time if the banks are still lending

I would recommend not pushing yourself to the limit on what you borrow either: we're overdue a recession, China is struggling, and the eurozone figures out today are worse than ever. There's no interest rates to cut thanks to Carney, and qe has been used for too long, meaning there's very little wiggle room here in the UK when it hits: so interest rates likely to shoot up.

Prices will undoubtedly go down in the aftermath of Brexit, but at this stage, it's not possible to know if that will be a blip or the signal of a wider decline. (They'll sink largely connected with algorithms used to automate trades, rather than "really" fall, cf immediate aftermath of the referendum result.). Best advice is be prudent and don't overpay - but don't put off buying if you find the right place at the right price for you: who knows what the next 12 months will bring globally - Brexit is only a part of the story.