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? ;)

[ThroughThickAndThin01]

The people on housepricecrash have been waiting for their moment since 2006. They're still waiting in hope ....They could have paid down most of a mortgage by now, instead of paying their landlords mortgages off. Very foolish IMO

[maryso]

Central London supply was down initially after the SDLT changes from 2014, but supply has definitely returned now sellers realise waiting is counter-productive, with realistic price reductions, followed by even larger drops being offered. After all, prices doubled since 2008, so 50% cut is quite appropriate, when economic activity is little changed from then. Is that really a 'crash'? 2008 prices are generally thought of as ambitious by FTBs who have to cough up real money.

Here it would have paid to wait after about 2011, when prices raced up chasing dubious quality. Renting at say £50k pa for 5 years is nothing compared with price cuts of £1/2+m as well as better stock than before. Now period homes are sitting around shaving £100k off every few weeks to no effect. Sellers generally do not market at a price where competitive bidding will get you a better offer than asking over the top; think a 99p start price on ebay... Agents risk losing out because sellers are blinded by the glamour of a high asking price.

it is however the FTBs I feel sorry for, they are propping up the entire chain and probably picking up more debt than most of not all of the chain.

[Sleepybunny]

Never mind the economy, Påskmust you say!? That's it, mind blown.

Waiting is boring, but my house, it's lovely.

[Sleepybunny]

*buy

[HereIAm20]

At the moment there are some lenders willing to lend at 2% fixed for 5 and even 10 years so I would definitely not hold off from buying

[PeterWeg]

Around SW London there are lots of new instructions and an equal number of daily asking price reductions.

Down 12% in London. 1/3 of sales collapsed, 1/3rd renegotiated.

www.standard.co.uk/news/london/revealed-how-thousands-of-house-deals-collapsed-in-london-due-to-brexit-a3305526.html

[TurquoiseDress]

maryso

I think you've summed it up re FTBs. Propping up the chain and likely to be taking on silly amounts of debt.

We are looking to buy in SE London, both my husband & I work FT...at an absolute push we can get about £315k mortgage plus with our not very impressive deposit we have a max of £350k to spend.

What we're finding is a lot of property has been on for several weeks & have been reduced.

But it looks like we can barely afford a 2 bed flat. We are definitely going to be putting in some offers on stuff that we see over the next few weeks. I see no shame in offering 90% of the asking price and only going a % up.

I think the property we end up buying will basically be from the person most desperate to sell and who will accept a low offer!

We're of the mindset, we want to get out of renting and we're definitely not buying our 'dream home', but we just want to get on and buy.