Would you buy before Brexit?

[Madam61]

As the question says, would you or wouldn’t you?

What are you reasons?

Do you think leaving the EU will cause prices to crash?

Looking forward to the responses 😃

It appears that being are generally experiencing a lack of sellers due to Brexit or a number of unrealistic sellers with high prices.

Assuming a deal is made, surely more options will come to the market , this more choice and therefore prices won’t climb higher?

I've just bought my first place. We are in London and rent was so expensive it seemed like we could easily lose as much waiting an extra year or two as the value of our house could fall by. But we did get our house for 10% under asking price and its somewhere we will hopefully stay for a while.

We’ve just sold - hopefully going through the process

We’ve decided to rent for a couple of years regardless what happens as suits us best.

See what happens going to be one hell of a shit show.

We wouldn’t consider waiting for a long time I.e. and extra 1/2 years, it’s just whether waiting a few months for clarity on Brexit is sensible or not?

I think the longer you wait the more sensible op... I honestly see a0% chance of prices rising in the next 2 years at least... maybe longer. Affordability is maxed out even at the cheapest possible level of borrowing in history

We wouldn’t have confidence issues about buying without Brexit, regardless of fears of recession, cheap credit etc....it’s the right time for us to buy in our lives.

Therefore, it seems sensible to wait a few months until Brexit is sorted - either way and then buy.

From what I have read it appears to me that people feel:

1. if there is a deal or UK remains, prices won’t rise as credit has been maxed and more people will place properties on to the market

2. if Brexit happens and there is a no-deal anything could happen but most likely a fall will occur

Help to buy seems to be skewing asking prices for resale properties in this area as there are a lot of new builds available but not much else. Estate agents seem to be using the price asked of new builds to value properties where help to buy is not available and then using 'guide price' with a range (eg 350,000 - 375,000), 'OIRO' or 'offers in excess of'.

The asking price assumes an average increase of around 15% year on year over the last achieved price 4 years ago. Attractive properties have an asking price that assumes a 20% increase year on year. I have seen some houses that achieved say £250,000 in 2017 that have not been extended or had refitted kitchen or new bathrooms put on the market for £350,000 a year later. This creates unrealistic expectations in vendors who use this valuation to gauge properties they can afford to buy.

Tracking asking price to actual sale price shows that scarcity means that more attractive properties only have to reduce by or accept 2% less than asking price whereas houses not done up for sale accept around 10% less than asking price.

Who knows what the outcome of Brexit will be, House prices are an at all time high, credit is as cheap as can be, people round by me are still paying 20% more for a property year on year over the past few years, quite a few 2 bed starter homes near me being sold for 150k three years ago, now being sold for 240k when you look on the previous sold prices section on rightmove, I don't understand how people think prices increasing by 30k a year is sustainable for a starter home.