Mark Carney Brexit house price warning

[BlueKittens]

Is now a really bad time to sell/buy a house?

We’ve recently put our house on the market to move to a larger house in the same area. Basically because I’m unexpectedly pregnant with our second child. We could hang on in our current home but we’d be a bit squashed because DH works from home. We have seen a great property nearby which we’d need to take out a slightly bigger mortgage to buy (but we have good LTV). We live in one of the fastest moving housing markets in the country (comparatively- it feels quite slow recently!). House prices are high. House has been on over a week and have had 9 viewings. No offers yet but have second viewings booked in.

Thoughts please! I don’t mind if the comments are directly related to our situation or just general chit chat around Brexit and house prices.

Pride is why you should want to save to buy a house and a pension and have a comfortable retirement.
I hate it when people say may as well waste all my money and t let the state take care of me... 100% the government won't be able to take care of the millions of renters when they retire with no pension over the next 10 years and further ahead

Also you’d have to live in a council house all your life and who would chose that when you don’t have to? It’s a complete curbing of your freedom- little choice in area you live, property you live, condition of said property etc

Saving is always the wisest thing to do, and preferably so you get an income from it. Unfortunately, as with interest rates, annuity rates are rock bottom right now. So anyone who is retiring at the moment is going to get very little income for the trouble of saving.

@AnalyticalChick can I ask which region you are in? Just it was your comments about people not caring what risks buying now presents, but I’m thinking you’re probably in a completely different area to me and I shouldn’t worry?

“However, it’s really important that we don’t overpay for the next property.”

But you are selling and buying in the same market. Sell at a good price now, buy at a high price, or risk selling at a low price....and also buying at a low price.

Since you say you would only need a small increase in the mortgage you already have, and since you want and need a bigger home, I would go for it and enjoy better quality of life.