to buy a house with Brexit looming?

[Milly848]

FTB here.

Have placed an offer on a house and things are moving along, but I've thrown a bit of a wobbly tonight after speaking to my father.

He reckons Brexit is going to cause disaster, and we should hold off buying as there could be a huge crash.

This has scared me. The fixed rate mortgage is 1.99% for five years, but if there's a crash and the house suddenly becomes worth 50% less than what we paid it would be catastrophic.

Does anyone have any sensible insight, is my dad right, should we hold off? We will lose money as we've paid for checks, but better than making a very very costly mistake.

It could be difficult for those looking to make a quick buck out of property as the market will likely stagnate.

I don't envisage any major issues if you're looking for somewhere to live. The rental market will remain stable; you'll still be lining someone's pocket paying rent.

As the owner of several BTLs, I'm not too worried.

If you love the house, plan to be there for 10+ years and are confident of your job/income security then fine, go for it.

Otherwise, no. Hang fire a few months.

You have to pay to live somewhere so you may as well be paying your own mortgage off.

As others have said it’s only worth reconsidering if the place is tiny and you weren’t planning on staying long.

A no deal BREXIT or economic crash will only make it harder to buy and for quite a long time, the last economic down turn lasted 5 years.
Which means you could be waiting until 2025 to buy if the banks stay cautious and people keep their properties off the market until we’ll into a recovery period.

Where as a property you buy now could take a dip in value but if you don’t need or want to sell it for nearly 10 years then you should be able to ride it out.

And if you only end up selling it for what you paid for it, we’ll youre no worse off as you’d have been paying rent elsewhere anyway