Just as we're about to buy a house Brexit rears it's ugly head again

[ToBeClear]

We're due to complete next month...I'm having second thoughts now...www.bbc.co.uk/news/business-45516678

I hate Brexit for many reasons. There may be more houses that need to be sold post March but only because some will lose jobs or have to leave the UK...it sucks.

High house prices over the last 2 decades have been a major cause of the economic decline in the UK especially public services . We are spending far too much on housing unlike other European countries who pay less and have more cash to spend on services and people have more to spend in the wider economy. House prices need to fall though not suddenly I agree just gradually. Brexit does not help as it makes people jittery but it is not the cause Anyway house prices go up and down

The global financial crisis a decade ago led to austerity measures which have affected public services. Money available to borrow become more scarce and therefore more expensive. The UK economy shrank. It's not down to high house prices.

In the same situation and no idea what to do! Prices need to come down but we don’t want to overpay by 25%. We are already over stretching as it is.

But if we delay until next year and there is a fall, presumably very few houses will come on the market and interest rates will go up.

We are trading up so should benefit from a falling market, but only if we can find something to buy. Or, of course, if a good deal is made or A50 revoked, no crash... so difficult to know what to do.

Wowfudge I think it is both austerity and the housing problem Of course austerity has meant there is less money around but there is a housing shortage especially in the South East/West .2 million council homes were sold off and not replaced so there is less affordable accommodation and at the same time property developers only built where there were rising house prices/for a profir Also the UK does not supply enough of the TYPE of accommodation we need eg 2 bed places . In my area a flat on the ground floor with a garden sells overnight for double the price of a flat on the second floor despite being the same size. Brexit does not help of course People will make decisions for their housing whether they think they may need to move and if their job is secure or not with Brexit

Sorry LOVELY but high house prices were not the cause of economic decline.

Who knows?

Maybe prices will come down

Maybe interest will go up

Maybe jobs will go

Maybe inflation will rise

Maybe sellers will take their houses off the market hoping for a downturn

Unless you are buying for investment or trading, I tend to the view that it's not very important what house prices do. You need one house, you've got one house. If you need to move, the one you buy will have gone up or down just like the one you sell.

We've been in a low-interest, low-inflation environment for some years. Not many housebuyers today have experienced the Thatcherite days so it will be a bit of a shock when things change.

Very true - the interest rate on my first mortgage was 8% and my repayments actually came down after the first five or so years. So did my salary due to a career change or I might have been able to pay it off. We fixed our mortgage rate for 5 years 'just in case' when we bought a couple of months before the referendum.

We're not FTB but don't have a chain - we're renting at the moment as we just sold up in the US after 18 years there.

We own a flat in London but that is rented as an investment property. I'm sure we'll go ahead with our purchase as we love the house and it's our ideal family home. We'll be in it 12-15 years at least hopefully.

We'll be getting a 12 year mortgage and fix for 5 so that will hopefully help us ride out the Brexit storm.

We're in N Leeds and the prices here are inflated so no doubt there needs to be a correction but falling house prices are never good for anyone.

Did I mention I hate Brexit. I just want it all to go away like a bad dream.

High house prices are a drag on the economy. The sooner we get a correction, the better. It is a fact of life that all housing booms in history have ended in a bust, long before the EU or Brexit ever existed. This housing recession will be no different.

I hear you OP! I have family in Cookridge and I can't believe how expensive it's got up there, as attractive as it is. It sounds like you're committed to your purchase, so best of luck with that. I was priced out of the UK long ago and ended up buying in France - if we're allowed to stay after March, it will have been a blessing in disguise. (Getting priced out of the UK that is, not bloody sodding Brexit.)

Tobeclear think with your situation you just want to get on with your life - it is your home - any peaks and troughs will even themselves out over your long term plan - 12 years - and your fix will steady and provide certainly in the shorter term. You have probably experienced ups and downs and come come out the otherside already - so if you have a great house - it will always be a great house - and your equity will ebb and flow as paper money / value over time.

Your only other option is to sit back, hope for a correction and then hope that you haven’t spend more dead money on rent than the correction delivered. You also need a HOME in this time.

I think that biggest risk is FTB, with minimal equity, variable mortgage, buying an overpriced new build one bed flat with high maintenance charges in an area of over supply - that would not see the buyers thru having a family etc.....risk of negative equity etc.