Look to buy before or after Brexit?

[squiglet111]

We are finally in a position to buy a house and have now started looking. I assumed that due to Brexit looming that sellers would be desperate to sell so might be best time to buy. We found a property we liked and offered a fair amount. Not cheeky we thought. The seller rejected that offer saying they want closer to sale price. We upped our offer by £5k and are waiting to hear if accepted or rejected. Offer would still be £15k less than asking on a house on for over £300k.

It's made me start to panic a bit. I am worried that after Brexit all the first time buyers ready to move will come out to start buying so might cause prices to go up.

So what are people's thoughts? Will prices go up or down after Brexit?

Should we try to secure a property now or wait and see?

I want to secure a property before Brexit as I'm worried it could mean more competition, but hushand thinks waiting until after Brexit will be better? What are people's opinions?

It's the million dollar question... unfortunately no one can give you an answer, just theories
Personally I think there is more chance of prices going down than up due to being at max affordability. Unless brexit is going to allow people to borrow more money then there is no reason for prices to go up

I think only people who are serious about buying or selling will be active at the moment. I don't think it will have a massive impact on prices except for those that are desperate to move.

We're looking at selling, but if we can't get the minimum we need to upsize, we'll just wait a little longer. We won't accept a cheeky offer because we're going to panic about Brexit, we'll just wait until the market improves.

What are your current circumstances? Because if you're renting, remember that every single month you pay rent could be a month paid off your mortgage.

I think the market will be slow because as a PP said, only serious buyers and sellers will come out to play.

I think you're offer of £285k on a £300k house was fantastic and if they don't accept that its because they're not serious about selling which is good for you because they probably would have dropped out somewhere on the line.

Keep looking.

Forgot to add - After Brexit we won't be subject to the stringent affordability rules brought in by the EU anymore and this will mean a lot more people who were declined a mortgage before will be accepted now. This will obviously keep prices high. Furthermore, I'm not at all convinced that interest rates will rise (it's the only thing keeping the tories in power, the low interest rates. If they go, the government will lose A LOT of middle England supporters).

Smug... affordability rules wont change if we leave the EU
Or are you one that thinks we will also renege on all human rights laws aswell just because we leave the eu

I read somewhere (think it was the guardian) that rather than dropping sales have increased unexpectedly in August due to people thinking they can complete before brexit. The market near me (Midlands) seems quite buoyant, with only seriously overpriced houses sitting around for long. What happens after brexit I have no idea.

I agree with @notsuch. House prices are influenced highly by interest rates. I don’t think interest rates are likely to rise in the short term as I don’t think (the lack of) wage inflation can support a rate rise. If higher inflation is imported (as seems to be suggested in the event of no deal) it will put pressure on households. The BOE is therefore unlikely to add to this by raising rates.

In fact their immediate response to the leave vote in 2016 was to reduce rates!

I don’t actually think house prices will drop in the short term. I think there’s a lot of pent-up demand. I could be totally wrong and this is only my opinion. None of us know what the future holds!

If I was looking to buy now, and intending to stay at the property for 5+ years, then I would buy now at the right price.

Higher inflation is curbed by raising I interest rates though so.... something will have to give
Also if the pound gets trashed interest rates will have to rise to make the currency more attractive to hold

We've had no interest for over a year and then suddenly 3 offers in one week. People seem to be very keen all of a sudden. No idea if that's helpful to you or not!

After Brexit we won't be subject to the stringent affordability rules brought in by the EU anymore and this will mean a lot more people who were declined a mortgage before will be accepted now.

You say this like it’s a good thing. It’s exactly what caused the 2008 financial crisis. People shouldn’t be able to borrow more than they can afford, that’s not good for any of us.

Don’t think it’s true anyway that the EU decides this but just saying.

We are currently renting.

Estate agent hasn't got back to us about our second offer. I have a phonecall with their financial advisor this afternoon, wonder if this is why they haven't said if seller will accept offer yet! Think they want to see what the most we can borrow is!

We are selling a flat and market has been very slow lately. On the market for 8 months and nothing has happened yet.
If I could I would but now because people are uncertain and possibly more willing to reduce as things have been slowww.

We also have been trying to sell for ages but our friends tell us they think it’s just bad timing and the market will jump in October. We can wait until October but not much longer.

Rzasoshp I remember you from another thread... your price is based on what you want compared with what you paid rather than the actual market price... that's why yours hasn't sold... why will it jump in October?

We’re in a similar position. Zoopla are saying house prices have dropped over the last 12 months - 3 bed semi in Manchester. Don’t know how reliable Zoopla are though. Might book a couple of viewings and see if I can get a sense of how things are, from the estate agent.