To wonder whether it is a bad time to purchase a new house (first buyer) or to wait until after brexit?

[yellowpolkadots101]

Myself and my partner are looking to buy a house hopefully within the next couple of months, we have really noticed a massive increase in house properties in our area (NW) over the last couple of years.

A friend of mine who purchased her house 2 years ago has recently had her house reevaluated and it is now worth £40k more than what she bought it for (WOW!) Other friends have had to put over £10k over the asking price which seems to be quite common now.

A couple of my friends have told me to wait until after brexit as house prices may go down, however; I find it hard to believe that house prices will go down when the demand is so high??

I know no one can predict what will happen but I was just wondering what your thoughts were?

Any one?

There is a chance interest rates will go up after Brexit, even if house prices go down. You could always get a mortgage in principle now to secure the rate?

It's not going to be possible to finalise a house purchase in 26 days

Leaving that aside, I wouldn't be purchasing until after Brexit - too much uncertainty, and too much risk of recession, associated job loss and so on. I'd sooner keep my assets liquid until we know what is happening.