Active discussions

Meet the Other Phone. Only the apps you allow.

Meet the Other Phone.
Only the apps you allow.

Buy now

Please or to access all these features

Talk
Property/DIY

Join our Property forum for renovation, DIY, and house selling advice.

Original poster

For those saying Brexit will not have an impact...

80 replies

freshstart22 · 05/09/2016 09:05

On housing prices you are mad!

You might not notice anything now but I think a storm is coming. If anyone is even thinking about selling I would get moving asap.

OP posts:
BombadierFritz · 05/09/2016 09:15

but if upsizing that means buying a property thats going to fall even more in value if you sell now? or sell and rent?

bakeoffcake · 05/09/2016 09:20
Confused

"I think a shit storm is coming" what makes you think that?

Original poster
freshstart22 · 05/09/2016 09:36

I didn't say 'shit storm' but I did mean that!

My friends husband works in a large construction company and a lot of there projects have been put on hold. This won't have a knock on effect until sometime next year. I'm not talking about house builders I'm talking about major London projects. Foreign investors are pulling out.

I think I'm trying to warn people that want to downsize in future rather than those that want to increase there mortgages.

OP posts:
Original poster
freshstart22 · 05/09/2016 09:36

*their!!!

OP posts:
bakeoffcake · 05/09/2016 10:26

Sorry about misquoting!

London House prices have no correlation on most of the U.K. IMO the London market needs to cool and hopeful "normal" working people can afford to live there.

alazuli · 05/09/2016 10:39

But surely these new build projects that are being put on hold would be affordable for most people anyway?

London prices seem to be holding up... so far.

PurpleDaisies · 05/09/2016 10:42

I think there are people out there who like to stoke up fears of a housing crash.

alazuli · 05/09/2016 10:43

would not!

Original poster
freshstart22 · 05/09/2016 12:00

The construction jobs going on hold are not houses. They are office blocks and commercial buildings. My point is that foreign investors are withdrawing from the market. I also heard on the news today that some big insurance firms are looking at offices outside of the UK as its no longer beneficial for them to stay here. It's bad news for the economy in general it will have an effect on housing prices within a year or so whether you believe the hype or not.

OP posts:
Loumate666 · 05/09/2016 12:02

BBC reporting Brexit sparks overseas spending spree in London property

ThroughThickAndThin01 · 05/09/2016 12:06

There will be a 'crash' of some description, some time.

Peronally I don't think it will be any time soon.

And I don't think it'll gave anything to do with Brexit, more to do with a global recession that we are certainly heading for in the future.

alazuli · 05/09/2016 12:11

Loumate666 - As if FTBs need any more competition!

furlinedsheepskinjacket · 05/09/2016 12:17

its happening already here.prices have been static since the vote.nothing is selling - now places are being reduced and still not moving.

yesterday i saw a house priced at a level i haven't seen for years.

i am S/SE btw.

Original poster
freshstart22 · 05/09/2016 12:52

Either way a housing crash or at least some kind of adjustment(?!) is on the cards!

OP posts:
kirinm · 05/09/2016 16:16

It's Lloyds of London who have suggested some business might be transferred to somewhere in the EU if they lose access to the single market.

Insurance companies leaving will be the least of our worries. All that scaremongering wasn't scaremongering.

YelloDraw · 05/09/2016 16:53

I think it will be very unlikely we avoid a recession. i doubt we will see a 'crash' but certainly a stabilisation/dip looks likely

Original poster
freshstart22 · 05/09/2016 19:21

I hear Marks and Spencer's are making redundancies..

OP posts:
ThroughThickAndThin01 · 05/09/2016 20:01

So? You are a housepricecrash drama llama OP.

user1467297746 · 05/09/2016 20:06

Its made feel a bit unsure too. Not sure if it will affect higher end homes more than the low to mid range I can afford tho?

I wasnt here in 2008 - seems like that affected pretty much all property tho?

I do think asking prices have dropped a little tho?

Original poster
freshstart22 · 05/09/2016 20:27

Haha I'm not a drama llama through I just think you need to pay attention to the signs..

OP posts:
sall74 · 06/09/2016 07:12

PurpleDasies - I think there are people out there who like to ramp up the property market with predictions of rampant house price inflation forever.

ReallyTired · 06/09/2016 07:24

I think quite a lot of people would welcome a housing crash. It's ridiculous that it's impossible to buy a property on a normal salary.

I feel the getting rid of buy to leave foreigners from the housing market is a good thing. I feel there should be extra taxes on those who buy to leave. At least with buy to let someone gets to live in the property.

GinIsIn · 06/09/2016 07:33

We had our London flat on the market pre-Brexit. It has dropped £40k since then.

The trouble with the London market 'cooling' is it isn't going to enable normal people to get on the ladder at all, as those of us already living in the cheaper flats won't be in a position to sell without risking negative equity. We've luckily had an offer on our flat now but if we'd had to drop the price further we'd have been forced to take it off the market. I know of quite a few other people in our part of north London who are in the same boat.

ReallyTired · 06/09/2016 08:19

The market will cool when interest rates are raised and people are forced to sell at a loss or face reprocession. At the moment low interest rates encourages people to let out flats rather than sell at a loss.

Of course negative equity and possibly selling at a loss is grim.

wowowowow · 06/09/2016 08:30

It will be great if lots of the banks and bankers leave London and take their overinflated salaries with them. That will surely help the London market.

A house price crash is well overdue.