Are you planning to make an offer on a house in the next few weeks?

If so, how are you approaching it? Will you still be noting interest and making an offer above the report value, or will you be holding off in the hope of getting a low offer accepted?

Are you willing to pay as much as you would have last month?

If it was me, I’d wait 6 months and pick it up for 5-10% less…..

An exit from the EU has generally been seen as leading to lower house prices as pressure on immigration will ease, in central london and other investment hotspots it may lead to the contrary as property just got cheaper. We saw that very clearly after 2008. I expect the impact to be quite regional.

As always the danger of waiting is that a 10% decline you are feeling good, a 10% rise and you can’t afford it

I’m just about to put mine on the market. Home report done last Friday. Brilliant timing!

I’ve got an apartment in London up for sale at the moment and was very surprised that there was a viewing yesterday. I’m not really expecting it to sell until things calm down a bit though.

An exit from the EU has generally been seen as leading to lower house prices as pressure on immigration will ease, in central london and other investment hotspots it may lead to the contrary as property just got cheaper.

But as at best it’s going to be 3 years before any exit or change and even immigration is likely to be unchanged in numbers. As house prices/debt is one of the biggest risks to most people and the economy we can probably expect a lot of effort to keep it propped up.

The main factor is to make sure your affordability is right, how much of a rate rise can you tolerate?

have just accepted an offer from a young first timer buying couple on ours – am expecting them to drop out at any point and for them to wait. Also they’re buggering about with surveys – their mortgage company has just done a valuation survey but now they want a full structural report but that wont be for another 3 weeks.
My Mrs is getting annoyed with the delays and wants to put it back on the market!

We have sold, our buyer is ready to go as are we. Further down the chain they’ve discovered that a small piece of garden isn’t on the Title! Looks like the rules of adverse possession will apply but if they want it registered it could take an age. Not helped by the EA being Tepilo who are impossible to speak to and don’t bother to keep themselves up to speed – all this has been trundling along since April – we had hoped to be in France by now – and have bought Euro at 1.30. Instead we are looking at 1.19 and having to move during July/August which will be a real PITA as the French will be on holiday! I wont be surprised if the whole thing falls out of bed but I’ll be mighty cross if it does 😈

My brother had an offer accepted on a flat in East London last week. He’s going to run with it, he needs somewhere to live and that need outweighs the will-it-won’t-it housing market gamble.

Mines on the market at the moment, hopefully someone will buy it!

Availability of mortgages will be potentially the main problem if you wait. Although I’ve heard some talk of further interest rate falls (yes, the mind boggles), which might keep rates roughly the same, I can see affordability criteria being an issue for a lot of buyers as the forecasting is revised to reflect the possibility of recession by the end of this financial year.

If you’re a cash buyer, particularly in Scotland, I would have thought that waiting a bit is a fair call.

I’m looking to buy at my leisure, as we are renting for a while when we complete on our sale next week. I’m not expecting prices to get much cheaper for a while, if at all.
There’s one hell of a glut of £1m+ houses though, not that I’m looking in that range…

I went to see a house on Friday afternoon, when I explained that I liked it, but would wait a few days at least to make a decision the agent seems confused. Even after explaining it was a result of the brexit result he still didn’t seem to understand. So, we’re putting our house hunting on hold for a while. Not going to bother looking at anything else for a few weeks to let the initial storm settle and see if anything becomes clearer about what the future might hold and how house prices will be impacted.

House prices will go up. You heard it here first.

we’re due to remortgage in the next month and rates available on 5 year fixes are really favourable at the moment

Need to remortgage mine to pay off my soon-to-be-ex wife. The rates are not too bad right now, but I do have to wonder how long to go for on the fixed period.

An exit from the EU has generally been seen as leading to lower house prices as pressure on immigration will ease

Immigration won’t go down because we are leaving the EU.

If anything the return of ex-pats and restriction on our young adults from being able to go work in the EU will increase demand. We are still an overpopulated island and always will be, especially when certain demographics of our society continue to breed like rabbits as it’s a nice little earner from the state.

The real thing that will hurt house prices will be the availability of mortgages and the and the affordability as wages stagnate.

But the cost of house building may increase due to the availability of low cost reliable labour so the net result is probably going to be more people struggling.

Prices in London will continue to go up. If you have a property in for sale in London at the moment that might be attractive to foreign buyers then it’s going to be particularly attractive right now with the weak £. London will always be London and will always prosper. The rest of the country is not in anywhere near as strong a position, I think Bristol is probably the next ‘safe’ but that is well behind.

we are under offer. trying to find a place to buy, very little on the market, and also currently dealing with iffy EA practises.

our outlook is positive, I’ve read the economic analysis and my crystal ball and my gut feel is things will stay about the same for the next 5-10 years rather than continue to rise, and I think rates will also stay about the same, rather than start to rise in the next few years.

So, if we can find we will take the plunge. Basically I need a bigger home as we plan to have another child. If we weren’t I’d seriously considering staying put and see how things pan out with brexit.

We are currently living in rented, having agreed a place to buy a few months ago, and just waiting for the sellers to find a place to move to. Got told yesterday that the sellers have decided not to move house afterall due to Brexit, so that’s our plans scuppered.

I’m optimisticlly hoping that chains might be breaking down over the next few days and then we can jump in somewhere…

Surely the uncertainty that is guaranteed to remain uncertain for the next four months at least isn’t going to do anything other than create paralysis in the housing market and a great many other markets, while everyone waits to see what they can pick out of the rubble of the tanked economy?

We are moving in 3 days time. And very happy to continue, The prices had rocketed where we bought and if it does drop we will still be in equity. We also have Two years at a fixed rate.

We’re looking to put ours on the market & look for something else over the next few weeks

I can’t say I’m happy about the referendum result, but I’m also not going to sit on my arse and wait to see what the fallout is. You can’t put your life on hold for something you can’t influence and house wise, it’s all relative. If we sell ours for a bit less than we could have done last week, we’ll push whatever we buy to make it back at the other end. It’s all relative.

We just fixed our mortgage for 2 years too fee free at just over 1.5%. At this rate, it looks like little will change in 2 years time, but it’s all crystal ball gambling on the interest rates.

Yup. Agreed sale on our gaff but had previous buyer pull out and half expecting this one to as well.
Buying wise, job uncertainty in wake of shitxit have meant I’m looking for much cheaper places than before, just to reduce monthly outgoings.

We accepted an offer on ours 3 weeks ago and the surveyor has been here today. Keeping fingers crossed they still go through with it as we need to relocate for work. We have put our purchasing on hold though – with a small deposit, a 5-10% drop in the market will put us at risk of negative equity so spent the day calling round estate agents for rentals. Wish we didnt have to sign somewhere for a 6 month minimum rent though as that really ties us up and I’d prefer to keep watching the market. My worry is the banks getting nervous and therefore loosing help-to-buy type mortgages! Really dont want to go back to renting long term!

@mike so far interest rates are down. if the economy does weaken post Brexit it will keep rates lower longer. We’ll only see a rise if the economy strengthens.

Updates from London agents I have seen suggest they expect a strong increase in the rental market as people opt for flexibility. Outside the South East the picture is less clear.

@ahsat good luck, imho its only of people really feel their employment status is at threat will you see a change. Anything else is a “try on” in my view

@jambalaya Thanks. It is annoyingly frustrating as we just have to move, though on the other side of it, I feel better with making a plan and getting on with it! I think our buyers are probably quite stable in employment and are looking to move into ours for family reasons, long term, so hopefully they are emotionally tied into it!

wwpaddler – Member
I’m just about to put mine on the market. Home report done last Friday. Brilliant timing!

Snap. Estate agent doesn’t see a problem getting it shifted at the asking price quickly…

Evidently foreign buyers are now back in London due to currency fluctuations, I guess they feel in the big scheme of things it’s not about to become a wasteland or a refugee camp whatever happens.

And Krusty and Phil have been filming out front today for Locationx3 as flat below me is being featured. I thought I had an old Chelsea champions flag from a European game somewhere as was going to hang it out the window to lower the tone of the area bit I couldn’t find it 😈

As soon as the money is in from my mums estate we’re moving. Prices my drop a little in the future but we want out of our current house and into a new one asap.

We are fortunate we’d never be in negative equity (well unless prices dropped 40% or so but that is exceptionally unlikely).

There’s one hell of a glut of £1m+ houses though, not that I’m looking in that range…

Finally some hope when the pound drops… 😉 I’m collecting up my small change as we speak.

jambalaya – Member

@mike so far interest rates are down. if the economy does weaken post Brexit it will keep rates lower longer. We’ll only see a rise if the economy strengthens.

Today… My point was make sure you are comfortable with it going up, as you have been so fond of saying it’s impossible to predict the future 😉

And in reality those that can and need to move still will move, those that have uncertainty probably won’t. In many ways a contraction in the housing market and a drop in prices is still needed but as has been shown by all the government steps to stop this it’s not desirable for the over committed home owners

I just made an offer on a house yesterday evening. It’s a good house and nothing has changed in the last week.

jambalaya – Member

@mike so far interest rates are down. if the economy does weaken post Brexit it will keep rates lower longer. We’ll only see a rise if the economy strengthens.

Not necessarily. Interest rates are used to control inflation. A weak pound makes importing goods more expensive pushing up prices and causing inflation.

A recession doesn’t necessarily mean a weak pound and vice versa. A recession doesn’t necessarily mean low interest rates (or as we have seen high interest rates)

Remember when the economy was in recession in ’88 – 92. Interest rates were running between 9 and 12% and that was Bank of England base rates. A fixed mortgage rate of 15% was considered reasonable.

The similarity between 88 and now is a weakened pound. Far to early to say if it will remain weak so not by any means saying that we’re heading to double digit rates or even a modest rise.

Just pointing out that a weak economy != necessarily mean low rates.

Also even with rates low lending may tighten as banks try and stay within solvency rules so fewer buyers on the market.

Still wouldn’t be put off buying though unless either a) was borrowing to the hilt and risked negative equity if prices did drop and a rate rise would be problematic for me affordability-wise (I’d look to model repayments based on an 8% mortgage rate to be sure) or b) I was an investor.

It’s my brothers fault he bought his first flat in summer 2007 right on the eve of the meltdown, he’s only just been able build up enough equity to buy a bigger house, they moved in 2 weeks ago. . ….

We have been trying to buy for 2 years, prices have risen around 15% in that time making them unaffordable for us. Hoping for a drop to be honest, but I will buy as soon as we are able, there we never be a good time for first time buyers.

Now that we are out of the EU all the immigrants will leave, housing crisis solved

^Jamba has already pointed that out!

It wouldn’t bother me Dan, the truth is that no one has a bloody clue what will happen, and the comments about what’s happening in London are about as relevant to the rest of the country as comparing house prices in Bogota.

If I was selling or buying, I’d carry on as normal tbh, no point worrying or trying to second guess.

So the flat (mentioned above) is now under offer so i guess Kirsty and Phil did a hard sell on it.
some people aren’t holding back from buying.

One colleague (French) pulled out of buying a flat in London on Monday as a direct result of Brexit.

Another colleague had her house sale (also London) collapse on Monday. Reason given: Brexit.

I’m now dithering about whether to progress on an expensive house renovation/extension….