Predictions on property market - post EU result ??
Discussion
What are people's predictions on the property market now the result is in? My wishful thinking leads me to feel that there should be no major change in property values but I fear that's me burying my head in the soil.
I'm currently purchasing a place for 650k and I don't know whether to pull out or ask for money off... which won't go down well. I feel property in certain price brackets will be less affected than others.
With no hard evidence; what's people's gut feelings?
I'm currently purchasing a place for 650k and I don't know whether to pull out or ask for money off... which won't go down well. I feel property in certain price brackets will be less affected than others.
With no hard evidence; what's people's gut feelings?
All doom and gloom with plenty of people rubbing their hands together already. Really is a sorry state of affairs the way this situation and now subsequent fallout is being handled.
With regard house prices, who knows... If you had an offer accepted on the house knowing full well the vote was looming, why now would you choose to suddenly try and swipe money off the price. If I were the seller I'd be telling you to walk as it's far too early to predict where the land will lie, there will be other buyers out there.
With regard house prices, who knows... If you had an offer accepted on the house knowing full well the vote was looming, why now would you choose to suddenly try and swipe money off the price. If I were the seller I'd be telling you to walk as it's far too early to predict where the land will lie, there will be other buyers out there.
Evolved said:
All doom and gloom with plenty of people rubbing their hands together already. Really is a sorry state of affairs the way this situation and now subsequent fallout is being handled.
With regard house prices, who knows... If you had an offer aced pref on the house knowing full well the vote was looming, why now would you choose to suddenly try and swipe money off the price. If I were the seller I'd be telling you to walk as it's far too early to predict where the land will lie, there will be other buyers out there.
The seller wants the place sold and I think the Leave vote and uncertainty ahead is a legitimate reason to go back and ask for some money off. I'm not actually rubbing my hands in glee: it's more a case of considering the value of the place a year from now and trying to play it safe. We are as far down the line as can be without actually signing anything; so I'm not sure he'll tell us to walk; the worst case may be he says no; and then it's up to me whether to proceed or not...With regard house prices, who knows... If you had an offer aced pref on the house knowing full well the vote was looming, why now would you choose to suddenly try and swipe money off the price. If I were the seller I'd be telling you to walk as it's far too early to predict where the land will lie, there will be other buyers out there.
In my opinion it's only really an issue if you are a first time buyer, if you aren't then changes in the housing market is only effecting the differential between houses.
If I sell at 400k and buy at 600k I need to find 200k, if prices drop by 20% then I'm selling at 320k and buying at 480k so still need to find 160k. I'm not saying £40k isn't a lot of money but if that gets you your dream home now then it could soon be forgotten.
If I sell at 400k and buy at 600k I need to find 200k, if prices drop by 20% then I'm selling at 320k and buying at 480k so still need to find 160k. I'm not saying £40k isn't a lot of money but if that gets you your dream home now then it could soon be forgotten.
LDN said:
With no hard evidence; what's people's gut feelings?
I also assumed that property prices would fall and then I thought about the foreign buyers who have been hoovering up London property. It's suddenly got a lot cheaper for them.
Has the confidence that foreigners have in the UK been affected by Brexit?
The property market is a lot less fluid that the financial markets.
It isn't governed by sentiment and hunch and of course is scarce because they aren't making any more.
Yes - it's area dependant and this is an area that won't be affected - I'd hope - as much as the average. But I'm reading 10 to 18% drops potentially so an ask of between 5 and 10% seems reasonable. I actually don't feel great doing it - but if I feel like the value is likely to be affected by the uncertainty going forward, then I have to.
The simple answer is no one knows. Yesterday morning the property websites were full of doom and gloom, by the afternoon several well known property professionals were full of optimism.
It is up to you what you do, reality is its going to take years for the effect of exiting the EU to be known (assuming it happens). Guess it depends how desperate the seller is to sell, and what their plans are.
What do you think is going to happen to the economy? If you think we are going in to recession then house prices will fall, if we are going to grow whether slower or faster than in the EU then house prices will rise. My suspicion is they will hold for a while anyway.
It is up to you what you do, reality is its going to take years for the effect of exiting the EU to be known (assuming it happens). Guess it depends how desperate the seller is to sell, and what their plans are.
What do you think is going to happen to the economy? If you think we are going in to recession then house prices will fall, if we are going to grow whether slower or faster than in the EU then house prices will rise. My suspicion is they will hold for a while anyway.
Chrisgr31 said:
The simple answer is no one knows. Yesterday morning the property websites were full of doom and gloom, by the afternoon several well known property professionals were full of optimism.
It is up to you what you do, reality is its going to take years for the effect of exiting the EU to be known (assuming it happens). Guess it depends how desperate the seller is to sell, and what their plans are.
What do you think is going to happen to the economy? If you think we are going in to recession then house prices will fall, if we are going to grow whether slower or faster than in the EU then house prices will rise. My suspicion is they will hold for a while anyway.
My gut is that things will be 'ok' but I can't help but feel that there'll be some kind of effect; however small. I feel that it'd be silly of me to not look to get some money off - given that there is a chance things will drop.It is up to you what you do, reality is its going to take years for the effect of exiting the EU to be known (assuming it happens). Guess it depends how desperate the seller is to sell, and what their plans are.
What do you think is going to happen to the economy? If you think we are going in to recession then house prices will fall, if we are going to grow whether slower or faster than in the EU then house prices will rise. My suspicion is they will hold for a while anyway.
Robertj21a said:
Typical over-reaction from people in the early days. Little impact in the longer term.
This, nothing really changes immediately. It will take about two years to extricate ourselves so it is only the so-called 'experts' in markets who actually cause any changes. Remember the stock market collapse after 9/11? Solely caused by the traders saying 'it may fall so I had better sell now' which of course initiated the fall.LDN said:
surveyor said:
Knee jerk, but I spoke to a solicitor yesterday who had 4 buyers pullout before 11am.
As the senior partner he was not a happy man
Hmmmmm; not a good sign.As the senior partner he was not a happy man
Out of interest; and as an aside... why is he not happy? The solicitor gets paid anyway, no?
LDN said:
My gut is that things will be 'ok' but I can't help but feel that there'll be some kind of effect; however small. I feel that it'd be silly of me to not look to get some money off - given that there is a chance things will drop.
there is a chance that things will rise.FFS agree a price and go forward. I presume you are going to be living there rather then a BTL investment. Get in the house enjoy it. Its worth whatever you or anyone else will pay for it. There is massive demand for properties if you think you can renegotiate a lower price then that's up to you but they may feel you are a chancer and tell you to get lost. In or Out is not going to make any difference to normal sort of houses. ie less then 3 mil
I really dont think it will make a huge difference.
Further to this I think people are expecting too much, We have seen one of the biggest changes in the political history of the UK and people are wanting answers 2 days after its happened.
I very much doubt it will make a huge difference to the housing market, it will probably steady the market, make prices drop? 99% chance that just will not happen, It did not happen before and it wont happen now unless a property was seriously over priced already.
Simple fact is we have the same size population, aging population with the majoty of them having the desire to own a home; supply is still poor and therefore prices will stay firm for now and go up as they were before.
As others have mentioned prime areas will always sell quick and command a premium, other areas will be slower but again I dont think it will reduce prices.
Your argument I understand however it is a little cheeky too, so if in 1 months time if the GBP bounces back will you give them their money back?
If you are buying a home then its really not going to make much difference to you in the long term. If it was a commercial investment property then thats a different story.
Regarding people pulling out of house purchases; I dont think this has anything to do with property values falling or increase its to do with the unease of job markets, big banks saying they may move some operations etc etc
Further to this I think people are expecting too much, We have seen one of the biggest changes in the political history of the UK and people are wanting answers 2 days after its happened.
I very much doubt it will make a huge difference to the housing market, it will probably steady the market, make prices drop? 99% chance that just will not happen, It did not happen before and it wont happen now unless a property was seriously over priced already.
Simple fact is we have the same size population, aging population with the majoty of them having the desire to own a home; supply is still poor and therefore prices will stay firm for now and go up as they were before.
As others have mentioned prime areas will always sell quick and command a premium, other areas will be slower but again I dont think it will reduce prices.
Your argument I understand however it is a little cheeky too, so if in 1 months time if the GBP bounces back will you give them their money back?
If you are buying a home then its really not going to make much difference to you in the long term. If it was a commercial investment property then thats a different story.
Regarding people pulling out of house purchases; I dont think this has anything to do with property values falling or increase its to do with the unease of job markets, big banks saying they may move some operations etc etc
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