Brexit - 35% House Prices Crash
Discussion
Hi guys,
As you would have heard or seen, as its all over the news; apparently with the event of a no-brexit deal we are likely to see a 35% drop in house prices.
Would you say this is likely to happen? I am a first time buyer and have finally saved up enough deposit to buy by dream house but do not want to be stuck in negative equality.
Any information welcome.
As you would have heard or seen, as its all over the news; apparently with the event of a no-brexit deal we are likely to see a 35% drop in house prices.
Would you say this is likely to happen? I am a first time buyer and have finally saved up enough deposit to buy by dream house but do not want to be stuck in negative equality.
Any information welcome.
Well at least something good might come out of BrExit then... it's about bloody time some sort of sanity returned to the housing market.
Personally, I probably wouldn't buy now. Whilst I suspect 35% is an exaggeration, I think they're more likely to fall in real terms than rise over the next year or so.
Personally, I probably wouldn't buy now. Whilst I suspect 35% is an exaggeration, I think they're more likely to fall in real terms than rise over the next year or so.
thats nothing - this morning I heard the words " next recession " mentioned on the Beeb.
if that happens and we are apparently still having to "tighten our belts with this seemingly never ending crushing austerity (read = the government tighten them for us, so the royal we) what will the next phase of austerity entail - I dont even want to go there............
if that happens and we are apparently still having to "tighten our belts with this seemingly never ending crushing austerity (read = the government tighten them for us, so the royal we) what will the next phase of austerity entail - I dont even want to go there............
I saw the BBC website headline about this and it's spectacularly misleading - enough to damamge my opinion of BBC News.
Read two thirds of the way down the article and it turns out that the bank modelled a range of post-Brexit scenarios, and the worst one they imagined was a 30-something percent drop in housing values. There only place implying this could ever actually happen is the headline on the article.
I wonder if they modelled a 35% rise in house prices too?
Read two thirds of the way down the article and it turns out that the bank modelled a range of post-Brexit scenarios, and the worst one they imagined was a 30-something percent drop in housing values. There only place implying this could ever actually happen is the headline on the article.
I wonder if they modelled a 35% rise in house prices too?
S. Gonzales Esq. said:
I saw the BBC website headline about this and it's spectacularly misleading - enough to damamge my opinion of BBC News.
Read two thirds of the way down the article and it turns out that the bank modelled a range of post-Brexit scenarios, and the worst one they imagined was a 30-something percent drop in housing values. There only place implying this could ever actually happen is the headline on the article.
I wonder if they modelled a 35% rise in house prices too?
You mean the BBC would take a more Daily Mail bullsRead two thirds of the way down the article and it turns out that the bank modelled a range of post-Brexit scenarios, and the worst one they imagined was a 30-something percent drop in housing values. There only place implying this could ever actually happen is the headline on the article.
I wonder if they modelled a 35% rise in house prices too?
t approach to the news? Nooooo...kambites said:
Well at least something good might come out of BrExit then... it's about bloody time some sort of sanity returned to the housing market.
Personally, I probably wouldn't buy now. Whilst I suspect 35% is an exaggeration, I think they're more likely to fall in real terms than rise over the next year or so.
Also remember that there are changes to agent and letting fees being introduced next year (march IIRC) meaning that agents and landlords can no longer charge you £400 just to walk through the door and I constantly hear complaints that it's barely profitable as it is. Combine this with the pound dropping causing less disposable income (hence renters will be moving to cheaper properties) and we're likely to see fair few BTL properties being put on the market and agents going tits up at the same time. This will have an effect on prices.Personally, I probably wouldn't buy now. Whilst I suspect 35% is an exaggeration, I think they're more likely to fall in real terms than rise over the next year or so.
Houses are already not selling very well, A colleague had to sell his property for £50,000 less than advertised after 10 months of advertising and 3 different agents.
kambites said:
I think the Tories have been looking for an excuse to privatise the NHS for years...
Well it's off topic, but the NHS is a massive vast cavernous huge money pit that you either keep blindly pouring money into, or do the sensible thing and get rid. Of course nobody will vote for any party getting shot of it, so you have to either try and make it work somehow...I don't know how, cos it can't, but anyway [Tories] or keep the money pouring in regardless no questions asked [Labour].
As for house prices - houses definitely aren't selling at the moment that's for sure. There's several new builds and quite a number of other properties near us that aren't shifting (near Oxford) - but that may be due to the uncertainty over the next white elephant that is the Oxford to Cambridge expressway.
Dr Doofenshmirtz said:
kambites said:
I think the Tories have been looking for an excuse to privatise the NHS for years...
Well it's off topic, but the NHS is a massive vast cavernous huge money pit that you either keep blindly pouring money into, or do the sensible thing and get rid. The US taxpayer pays nearly twice as much for their private health system as the UK taxpayer does for the NHS... And the US taxpayer then needs health insurance above that.
A drop of that magnitude would be brilliant for many people and for many reasons but only if it isn't accompanied by a huge increase in people defaulting on mortgages as a result.
It would however upset a lot of friends and colleagues who have remortgaged to pay for holidays and toys, and also those who are mortgaged to the hilt to get the absolute maximum house they can stretch to.
It would however upset a lot of friends and colleagues who have remortgaged to pay for holidays and toys, and also those who are mortgaged to the hilt to get the absolute maximum house they can stretch to.
captain_cynic said:
If you think the NHS is expensive, you should see how much a private system costs.
The US taxpayer pays nearly twice as much for their private health system as the UK taxpayer does for the NHS... And the US taxpayer then needs health insurance above that.
The US taxpayer pays nearly twice as much for their private health system as the UK taxpayer does for the NHS... And the US taxpayer then needs health insurance above that.
Healthcare is expensive, especially if you want it to work. The UK's overall expenditure on healthcare per capita is about average for Europe (which makes it on the low side for western Europe) and massively lower than the USA. People love to claim the NHS is poor value for money but the figures don't really back that up.
Edited by kambites on Monday 17th September 11:48
kambites said:
captain_cynic said:
If you think the NHS is expensive, you should see how much a private system costs.
The US taxpayer pays nearly twice as much for their private health system as the UK taxpayer does for the NHS... And the US taxpayer then needs health insurance above that.
The US taxpayer pays nearly twice as much for their private health system as the UK taxpayer does for the NHS... And the US taxpayer then needs health insurance above that.
Healthcare is expensive, especially if you want it to work. The UK's overall expenditure on healthcare per capita is about average for Europe and massively lower than the USA. I assume we will be seeing many more, and increasingly hysterical, doom laden headlines from the over the coming months.
My personal favourite so far was the one last week that stated that, due to Brexit, we will all die because we won’t get EU information about asteroids crashing to earth and wiping out the planets population. Best stay in then, just in case.
My personal favourite so far was the one last week that stated that, due to Brexit, we will all die because we won’t get EU information about asteroids crashing to earth and wiping out the planets population. Best stay in then, just in case.
I think you would have to be completely moronic to buy a house in this current climate, would need to wait until at least 2020 to see how hard the break with the EU is going to be.
Section 24 is also finally starting to bite, there's now lots of ex BTL coming to market which only held it's perceived value due to other BTL landlords.
Section 24 is also finally starting to bite, there's now lots of ex BTL coming to market which only held it's perceived value due to other BTL landlords.
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