Best time to buy a house (Brexit threat!)

[lamii]

When to buy a house? Now, after article 50 takes place, after the official brexit...ha...can you predict the future? ;)

Yes, you will have much success if you buy my house.

And mine!

I think people might be a bit nervous to commit to house purchases. So unless work/family commitments dictate otherwise, I imagine they're are a lot of people sitting tight.
Property prices may be a little lower just now, so could be a buyers market in some places.
Having said that, businesses are still running, employing etc. No mass redundancies as companies relocate to Berlin.
I'm sure things will be fine. I'm not sitting with my tinfoil hat on just yet

Where is that crystal ball??

Seems a bit jittery at the moment, but nothing untoward after a Brexit vote. Maybe fewer buyer and they being more cautious before they commit.

Hmm, I think it won't be so much due to Brexit, more a global recession, when house prices take a downturn.

@Sleepybunny @SueGeneris ha! give me a friendly price!
@Sleepybunny Yeah I feel like the economy issues will affect the biggest but won't play such a big role our the everyday life. Oh dear. It would be a pity to buy at the wrong time!

ThroughThickAndThin01 Can you tell me when is the global recession happening? I hope your crystal ball knows that. I need one.

I am anticipating end of 2017 (possibly!) OP.

When you find one you like and that you can afford. A house is a home not an investment :)

If you're selling and buying then I guess it's all relative. If you're buying cash then it's fine too because the pound is devaluing so fast you're money isn't safe anywhere

@Sleepybunny we would sell our flat in Sweden. So we don't have pounds, fluctuations are important for us so we don't lose too much.

@ThroughThickAndThin01 Allright, I write down in my agenda.
It might be correct and I should probably wait til 2017....at least see what happens beg 2017

Ok my advice then is to sit tight until 2017 and buy shares in julmust.

I have a crystal ball!

I think you should look to buy next year and those who need to sell should sell now.

From what I have gleemed from scouring columns written by economists it seems there is going to be an almighty knock on effect that could hit the housing market next year.

Obviously this could be bollocks and my crystal ball is due a service but that's my opinion in a nutshell.

My local agent says brexit hasn't affected them at all (yet) and they still have 2 or 3 sales a week which is usual for them. Also house prices remain static.

I personally wouldn't choose to move at the moment.

I think it depends where you're looking . Round by me since the referendum we've had a fair few days of nearly half the properties listed in the past 24 hours search on Rightmove as being reductions where as pre referendum a reduction was rare.

I'd sit tight and watch what is happening where you want to buy for a bit.

@Sleepybunny ha ha...nej! oh dear. Do you know there is Påskmust to invest in? (Julmust for Easter)

Thanks all, your crystal balls are awesome. I believe it's too soon too. Damn I will have to freeze in Sweden next winter again!!

Just to give some hope to people selling in Zone 2 London. We exchanged today at the asking price agreed with the buyer back in May it's been a nail biting month.

We were worried he would pull out. He didn't even try and knock the price down - we were amazed!

I was looking at properties in Bromley, Sutton and maybe Hove. Now I think we should just not do anything. Maybe come back to London and rent for now.
I have two friends who are buying this month...

In London, in a "bad" economy you get lower house prices but relatively few properties for sale (usually people who are forced to sell through divorce/death/redundancy). In a "good" economy you get lots of properties for sale, but high prices and lots of competition.

Which would you prefer? If you are fussy and you have your heart set on a particular street or streets and a beautifully presented house, and your budget is good, then a good economy would suit you better. If you have a lower budget and getting a good price is more important than getting the perfect house, then a bad economy would suit.

Right now there is not a huge amount for sale and things seem to be reducing in price...

We out a house on the market last week and it sold in 2 days over the asking price! Fingers crossed it goes through ok - it's a lovely house with a lovely garden.

@minipie Bad economy would suit me better. 350K for a house basically...
But the economy might stay the same for a few years too...during and after brexit

I'm just guessing but I would say there is a dip right now as everyone has no idea what is happening and is in panic/freeze mode. Then I think things will improve for the next yr or so as people think well nothing has actually changed and life must go on. Then there will be another major dip towards the point where the 2 yrs for negotiation start to run out and it is clear we are going to leave the EU without a decent deal to replace it (even if we get a decent deal in the end, it will take a lot longer than 2 yrs)

how long can you wait...?

I'm keeping an eye on rightmove even though we are due to exchange soon and there has been an increase in places coming on the market in our area. A similar flat to the one we've bought -same road, same size but in a worse condition has come on for £20k over what we've paid. I suppose it could be so when they get knocked down they'll get to something like we are paying but who knows.

@minipie I don't like to wait as life is short...I can see an advantage of being settled within the next two years, before things might change.
Waiting and observing sounds boring...but wise

Yes don''t underestimate the value of being settled, in your own home which you can make your own, rather than feeling in limbo in rented housing. IMO it might be worth paying a bit extra just to avoid that limbo period (and of course the costs of rent). It's not all about getting a bargain.