To buy a house now, pre Brexit?

[firstworldproblem18]

Having a disagreement with family members about this.

I’m currently renting, and have been for 2 years since separating from my ex. Our divorce came through earlier this year, and I am now in a position to buy a property.

Family members have told me that it would be stupid to buy now, and to wait until the outcome of Brexit is known, presumably to see the impact on the housing market.

I am a single mum with 2 kids. Renting is costing me 24k a year. Our rental house is lovely, but we aren’t allowed to decorate, and it’s part furnished, so I have to tell the kids to be careful of furniture that isn’t ours (in particular a leather sofa) etc. It is a lovely house, but we aren’t really allowed to make it more homely. It doesn’t feel like home. ExH has stayed in the marital home.

I really want somewhere to call home. My rental runs out in August next year which might sound like ages away but it means I’d have to find aomewhere by May (assuming a 12 week completion) and I don’t know when the Brexit stuff will be resolved but have March in mind, so it leaves me no time at all to find a house

AIBU to buy something now, if I find a house I like, and is reasonably priced in the current market conditions?

The family members advising you to wait - are they putting money into the property?

Yes they are

That makes it more complicated.

I'd definitely go ahead and start looking at properties and save the difficult conversations until you've found one you'd like to put an offer on. The market is normally dead this time of year anyway and maybe there won't be much on the market until spring, by which time you'll have to move fast to meet your deadline. It can take months between offer and completion so I'd definitely at least start looking.

What are they suggesting you do if you can't move in time for the rental contract break?

I sold my flat and bought a house 12 months ago. It was bumpy and worrying then because of Brexit and had been for a couple of years.

Maybe you'll pay less in 12 months, maybe not. It does your head in. I suspect I paid peak price but we needed somewhere to live. Difference is cheaper than a years rent.

Plus we will be here for a while.

Drip feed to the max. If it's not all your money then it's not up to you is it.

Think it depends where you are but were we are houses are selling within days for over the asking price. In other areas where my family live houses arent selling. I think you need to take a long term view to this. Are you going to be in the house for x amount of years to make buying worth it compared to renting

Drip feed to the max. If it's not all your money then it's not up to you is it

It’s money being given to me rather than loaned, which I am extremely grateful for. The majority of the money going into the house is mine, but there is some coming from family.

Bristol seems to have sub markets which behave in very different ways. Where I am looking, the houses have been on for a while and getting reduced in price. In other areas, even just in the next postcode, they are selling within a week and for over the asking price.