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AIBU?

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Original poster

To think I should wait after Brexit to buy property?

17 replies

Lotsofsausage · 28/02/2019 08:19

Hi, partner and I are looking to buy this year. Finally have deposit in place (mixture of our savings and help from parents) we live in an expensive part of the UK and are mid 30s - looking at approx 25 yr mortgage so we needed a substantial deposit in place.
Have a mortgage advisor recommended to us and ready to do an application. BUT. is it worth waiting until after d day to see what happens to prices? or would any changes in the market take another year to take effect? any advice welcome.

OP posts:
ReaganSomerset · 28/02/2019 08:25

Oh definitely. I would. If house prices do drop you could snag a bargain.

JasperKarat · 28/02/2019 08:26

If you have a mortgage advisor, ask them for advice. The market has been pretty stagnant for a while

Girlsnightin · 28/02/2019 08:28

Depends if you view a property and fall in love with it. Are you willing to risk it?

Bluntness100 · 28/02/2019 08:28

You don't need to wait until d day. You will know the week of 11 March where this is going. No deal will be formally ruled out at that stage, so it's either her deal or a delay, and as per what happened on Tuesday the markers will surge again. So you could very likely find prices start to climb again.

Right now might be as good as it gets.

NotSureThisIsWhatIWant · 28/02/2019 08:29

Property prices will go down because all other prices will go up... I would check what are the preductions for interest rates, as although nobody can see what the future would bring I would be tempted to lock myself for a few years in a mortgage deal with a favourable interest rate and manageable fixed repayments until the dust settles.

harriethoyle · 28/02/2019 08:33

I would be wary of waiting - you may find mortgages are more difficult to get if the economy slumps, so it's 6 and 2 3's in my opinion!

StillCoughingandLaughing · 28/02/2019 08:34

‘D Day’ is less than a month away. How long do you think it takes to buy a house? This isn’t Coronation Street where you are the offer in the 7.30 episode and move in during the 8.30 one. Even if you saw the perfect house today, made an offer and had it accepted all before COB, the chances of you buying said house before 29 March are minuscule.

Original poster
Lotsofsausage · 28/02/2019 08:35

thanks all. I'm a bit clueless about all of this.

OP posts:
MRex · 28/02/2019 08:41

It might surprise you how long it can take to find the perfect property, it's always taken months in my experience. Get your mortgage application and solicitor in place and start looking. It's only when you're ready to make an offer that you should be thinking about timing of the offer and negotiating. There could be a deal in the next few weeks, or a delay until June. The market has been stagnant and low for a while, it might go lower or it might shoot up. New builds (particularly flats) typically have a more volatile price than period properties. It's all different risks. When you find a property and don't care if somebody told you similar properties will be 10% cheaper next year because you love it so much you want to live in it for 10+ years - then you've found your home.

Tinyteatime · 28/02/2019 08:45

If you’re in rented you need to factor in the extra money spent on rent whilst waiting too. I don’t think they’ll be a dramatic crash in prices but if you can wait a little longer why not? I certainly don’t think prices will suddenly shoot up after Brexit?!

TheOxymoron · 28/02/2019 08:46

Even if property prices did drop. There could be stricter lending so unless you’re a cash buyer then work with what you have now.

QuizzlyBear · 28/02/2019 09:02

The worry is No Deal and we'll know by mid March if that's off the table (which, unless our government WANT to screw the country, it will be). In your situation I'd look but not offer until then unless you find the perfect house!

We're buying now because we've looked for a year and a half before finding the right house. It's dropped in price by over 100k - but we've had to drop our price by a higher percentage. It's a bit terrifying to be doing this now but as a small island with a housing shortage, we figured that prices will eventually rise again.

As a cash buyer you can virtually pick and choose so if you find somewhere you like you can afford to put in a silly offer - especially if it's been on the market for awhile.

JacksonvilleJaguars · 28/02/2019 09:03

DH and I are FTB, we've been trying to buy but had bad luck.
Now we're just waiting to see what happens to the market. Brexit isn't concerning us as such, it's the fact where we are the property prices are so out of reach that I think a natural correction is taking place.
Good condition and realistically priced properties are still selling but not as quickly. We are worried about overpaying.

Alsohuman · 28/02/2019 09:14

It’s a buyers’ market right now and first time buyers are the most sought after. You’re in the perfect position to get a very good deal and this is a very good time to lock into a mortgage that will guarantee your payments for a few years, regardless of what happens to interest rates. If prices fall but interest rates rise waiting will make you no better off.

Mildura · 28/02/2019 10:13

There isn't just one houseing market that functions in exactly the same way across the entire country. The 'housing market' is made up of thousands of tiny individual markets, that each respond a little differently to market conditions.

In the same town price changes for flats are often different to price changes for houses, for example.

Oliversmumsarmy · 28/02/2019 10:24

Oh definitely. I would. If house prices do drop you could snag a bargain

Or they could suddenly jump and you might need more deposit.

Presumably you are in the SE from what you say in your op.

I have been looking for 6 months.
As well as the usual criteria of number of bedrooms and being detached, we have one specific criteria.

Probably seen 6 houses in that time come onto the market.

Never got to view them because they sold within the hour.

Be careful of listening to other people’s oppinions.

We are looking within a 25 mile radius of a certain point in London and am missing out because the properties are going so quickly but all around people are telling me that property is sitting on the market for months and prices are falling when everything I want to look at is going up and selling like hot cakes.

Do your research in the area you want to be and decide if you think the places you are looking at for the money you want to pay are going quickly or hanging around or the prices are staying the same or being priced down or the property price is rising

Original poster
Lotsofsausage · 03/03/2019 19:36

still coughing My op said could prices drop substantially in a year. Not a month, or an hour. Hope that made you feel big and clever though.

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