Brexit effect

[eggofmantumbi]

What effect do you think Brexit is going to have on the housing market?

We've been on the market due to relocation since September. Loads of viewings but only one offer that feel through.

We wanted to have moved by Easter next year, but now the Christmas quiet period seems to have set in, I'm worried that people will hold off for Brexit and then house prices are going to tumble.
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I think a lot of it is the uncertainty. Once we actually leave and people can see the actual effects, people will get more comfortable. At the moment businesses are on pause, so fewer jobs and projects, and less appetite to move or increase a mortgage

It's not the "Christmas quiet period" yet - it's the effect of uncertainty around Brexit imo. We agreed sales of two houses at this time of year in the past and there was no shortage of viewings. I think sellers don't want to market and not get a sale at the level they'd like and buyers are waiting for prices to fall before they commit.

The thing is though @LagoDiComo there's a two year transition period after the end of March 2019 so that's a prolonged period of uncertainty for everyone.

Prices have already dropped a lot in London and I think it is totally down to Brexit so will probably drop more. However if you are moving whilst you will get less for your house you will pay less for your new one and it could be easier to upsize so it should not be a problem.

I had thought it's a bit early for Christmas to be to blame but it's our first sale so wasn't sure.

Yes hopefully we can but cheaper too, I'm just worried we won't get a sale at all in this uncertainty.

Fingers crossed. We were having a viewing a week minimum, but now we haven't had one for 10 days and nothing lined up.

Particularly in London, I don't think the falls are all down to Brexit at all.

They had soared into the realms of the ridiculous - so many properties unaffordable for so many people - they were bound to come down eventually.

There is always a bust after a boom, and this particular boom had gone on for a long time.

In the Midlands and my house including two others in the road sold within a week. Estate agent said he was really busy took 3weeks before he could come out and take the photos. People will always need somewhere to live he told me as he got in his brand new BMW and drove off.

hehe newmobile it's the same in the area I'm buying. Very buoyant property market with no Brexit slowdown as yet.
Unfortunately I'm selling in the south east where prices are tanking!

And not everyone is celebrating Christmas, lots of people think of it as a nice Bank Holiday. I would happily move around Xmas if someone wanted to. Lots of time off work is useful when moving.

Hmmmmm.
I guess I'm just looking for a reason why my viewings have suddenly stopped and thought this might be it.
Quite a few properties near me sold last month but it does seem to have slowed down and there are some that have been on even longer than us.

We desperately need to move but are waiting until after Brexit. Estate agents are phoning non stop trying to persuade us to move now - everything has come to a standstill for them. When I mention Brexit as the main reason for us pausing our search they sigh and argue that we're wrong to wait. But I'm not listening to them. Why would we leap into debt and risk now when so much could change for the worse in few months time?

@pontypridd I think that's what a lot of people are thinking.
We discussed some alternatives to moving yesterday. Sadly I think we need to be prepared for it

We were thinking of moving late this year/early next, but have decided to stay put for now (would just be moving for a bigger house). Uncertainty around jobs due to Brexit, and also prices - don't want to buy now then find in a year there's been a big drop as the difference to us in "buying up" is smaller if prices are lower overall. There are two houses on my street up for sale just now, both have been so for about 9 months now, last time one was sold it only took 3 months.

In reality though no one knows what the Brexit effect will be, how long it will take to play out and what impact it will have on different locations. Not sure that by 29th March we will know the impact - think it will take 5 years to play out - but peoples lives need to move on. Also will the impact be greatest in London - or port areas or boarder areas - who knows? Also overlaid with other market forces, change in BTL costs, London over heating, withdrawal of international property investors etc

What may happen though is that people sit on their hands, v little comes on the market - some people have to sell (divorce, debt, death, downsizing, relocation, growing family etc) and because supply and demand ratio is skewed prices remain artificially high until things settle and people are confident to move again. Think we are in for the long haul this time. Though post 2008 boom in London property prices whilst country in recession was unprescidented.

I am buying at the moment due to personal circumstance. The UK property market feels like a giant casino; and everyone is a gambler (willing or forced). It is such an irony that the government is debating forever about reducing the amount that people can bet on fruit machines, while it has been intensely relaxed about the majority of people are forced to bet their life saving on properties whether they like it or not.

Well, this is the government essentially gambling the nation's future...

Read the surveyors commments on the RICS surveys and about half of them mention Brexit. The other half ackowedge that most places are too expensive and thats whats holding the market back. If you're reasonably priced, you will sell, but if not then you'll be waiting a very long time.

I agree with StartingGrid we've actually had no problem at all getting offers on our South East based flat, and most who have viewed have subsequently offered. We are, however, willing to take a hit on the asking price (about 5-10% less than prices a year ago) as we have built up sufficient equity since buying.
I do think that people can just get a bit greedy and lowering expectations a bit isn't a bad thing.

Glad to find this thread. We are planning to buy our first house in March/April 2019 and the Brexit issue is worrying me a little. Thinking of sitting tight and watching what happens in April. Don't really know what's the best thing to do.

We're in the North West on the quality Wirral so I guess possibly different to SE.
I'd readily admit we had done staging issues at first, but have always had loads of viewings. Just seems to have died off now.

We're willing to take a bit of a hot, but just not getting the offers.

Oh well. Fingers crossed for you all.