Buying a house before or after Brexit?

[clanmacbeath]

We are also looking to move house. The market for property in the north is still strong. Just been pipped to the post for a lovely cottage.😫 i doubt property prices will fall too much and there is always movement in the market. People will always need homes and need to move due to circmstances eg. Needing more space, needing less space, divorce etc. Try not to worry to much about the money and if you see a house you like then buy it. The market will always have peaks and troughs regardless of brexit.

[alkel2730]

We are looking to buy a new build at the moment, in the north and they are literally going like hot cakes. They are very expensive and are on the market for a few days at the most. I personally don’t think they will resell anywhere near the costs to buy but we are aiming at a ‘forever’ home so that’s all I can really think about. It does worry me that we are overpaying as round here demand is outstripping supply, but it seems to not only be on new builds but also on regular family homes. One down the road we had our eye on went in a week. For us though we want to move now so we will just see if we can and fix at what we can afford.

[Beaker89]

As we can't predict what will happen to the market after Brexit, I would consider two things:

1) How much could the house price fall before you end up in negative equity?

2) How long do you anticipate staying in the house?

If you are putting down a hefty deposit, it is unlikely you would go into negative equity and struggle to remortgage.

[Big Jim]

Some interesting answers and all fairly along the lines of my thoughts. It's not us looking, our son is aiming to get a foot on the property ladder soon and we'd noticed that prices seem a bit lower currently. After persuading him it could be a good time to do so, I then saw the article.
Would hate to give him bad advice!

[tspill]

Ignore Brexit. Life is life and you dont want life controlled by this type of thing. Life is too short. A house is a long term thing and the Brexit thing will have been and gone in that timeframe.

It will be Brexit this year. It will be something different next year. Dont put life on hold.

[tspill]

Originally Posted by Moorlandman

Prices have already started to fall, it’s a buyers market at the moment.

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Where I live, the reverse is true.

[Dave+Hel]

Originally Posted by tspill

Ignore Brexit. Life is life and you dont want life controlled by this type of thing. Life is too short. A house is a long term thing and the Brexit thing will have been and gone in that timeframe.

It will be Brexit this year. It will be something different next year. Dont put life on hold.

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I hardly think that something as important as brexit will happen next year. Or again for many years!

[jas72]

Originally Posted by munmun

Brexit or no Brexit life goes on. There will always be a reason not to buy and others to buy.

If it’s the house you are going to live in and not an investment property and you find the house you want at a price you can afford then go for it. Don’t put your life on hold.

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Yes and no if you, if you end up in negative equity with a bad lender things can go drastically wrong.

If you want to move mortgage provider you will not get good rates if your house is worth less than your mortgage.

[tspill]

Originally Posted by Dave+Hel

I hardly think that something as important as brexit will happen next year. Or again for many years!

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There are many things that impact house prices more than Brexit. Brexit has been known about for a while and hasnt really impacted house prices. Nothing like for example the crash a decade ago.
I didn't say Brexit wasnt important - it is crucial. But the context here was house prices and if it was going to bite we would have seen significant impacts already.
But who knows. I am certainly not putting live on hold waiting for the unknown whether it be this year, next year or anytime. Life is too short.