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?
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.
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.
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.
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