Should we postpone buying a house till Brexit is settled?

Interesting reading. We are seriously thinking of buying a little flat by the sea in my home country, Scotland, but are also waiting to see how things pan out before deciding how to finance it, i.e. do we use savings or downsize where we are. It’s not a rash decision in any way so I think holding fire right now is the right thing. Houses are not selling that quickly here, Hertfordshire, and, if we are to believe Zoopla, our house is worth £55k less than a year ago! The flat we hope to buy is worth around that..

Well said Jalima and Pixie
House prices are all about supply and demand, if you have one to sell and one to buy it doesn’t make any difference really.Good luck.?

It only matters if you are planning to move to a much cheaper or much more expensive property. The value of mine has fallen in the last year and as I'm planning to downsize and possibly move to a cheaper area when I retire so I'll be worse off if prices fall as the differential will also fall. I don't really have a choice though as I can't retire any sooner and can't sell without major decluttering so what will be will be.

We are the same streaky been up nearly a month and got our first viewing tomorrow,I have had enough already cleaning, cleaning and more cleaning I think everyone should move every five years not 38 years like us the gear we have gathered is unbelievable don’t know where to start,have cleared the garage ,loft next even if we don’t move the house has never looked so tidy ha!ha! Good luck.x

So very true, Blinko. ??

jocork Precisely! It does matter whichever way you are going, up or down has an effect on how much you can afford to pay for the next property. Not to be taken lightly when you consider the cost of moving, stamp duty, legal fees etc.

Brexit? Yes of course it is relevant, just look at how much the pound has dropped against the dollar since the vote and that is only because the rest of the world thinks our economy will plummet. Who knows what the reality will be.

If you are concerned about Brexit, I think it is better to move sooner rather than later. Prices have dropped quite a lot in the last year and could crash completely after Brexit.
I'm selling and getting much less than I would have last year but it's taken nearly a year to find a buyer, which would never have happened before the Brexit decision.
For those of us with a big house (or a London house) and small pension, the price drop is an issue.

Ours is in the market and what will be will be just go ahead and try that's what we,re doing.market very slow.

I'm moving. Not getting as much as I should for my house and buying an apartment which I'm probably paying too much for. However, I need to move to cut down on living expenses and live somewhere smaller. Do what you want to do now, as I'm moving as a widow, and I wish I'd moved when my lovely husband was still with me. Life is short . . . do it now!

Grandma Moira you are right. I've only had one person after my house and he's getting a very good deal buying my house. Like you say, a year ago, I would have got a lot more. Real problems in the London area with prices dropping.

Since 2004 our population has grown much more rapidly than we’re used to. Consequently we have a housing shortage over ten years in the making.

These facts mean that the current drop in house prices is momentary and any future drop will be temporary.

I wish the Governor f the Bank of England had kept his views to himself! Our house has been on the market since April and we have had only two viewings. Fortunately, the house we want to buy is similarly becalmed. As an organiser, I find the uncertainty hard to live with.

Look at it this way.If you have had a valuation that meets with your expectations and happy to let your property go at that price then sell. How quickly do you need to repurchase? if you have found another property you like and the price suits then go ahead and buy. Forget Brexit .

When people say that they're 'not getting what they should' for their property, they are, presumably, comparing recent offers with a buoyant market some years ago. Markets are fluid and, like the sea, they will be rough or smooth according to the wind. Your house is only worth what someone is prepared to pay for it. The true cost of building plus land is much much lower but expectations are high.
Why not compare your offers against house prices during the last slump, then you will see how much you have to be thankful for?

It is not true that house prices have dropped. Yes, they have in London but not everywhere else. Overall prices have risen by 1.2% which means that in some areas there has been a considerable increase. landregistry.data.gov.uk/app/ukhpi

Ah Venus that's so sad, it does make you think that you shouldn't procrastinate but it does show that people are thinking about Brexit and waiting to see what happens.
I think it's the slump that people selling their houses are fearing Gabriella and the fact that the market has slowed right down. As you say, property was higher a few years ago but vendors still expect to get at least what they paid for their property and a bit more besides despite the flagging market. Estate agents we've spoken to all deny any problems at the moment but they would wouldn't they?

Sassenach the estate agents outside London are denying it because prices are still rising. See the land registry link above.

Prices haven't been rising much in my area Nonnie but even if they do, you can only sell a property if someone is prepared to pay it.

Not sure any of us would notice a rise of 1.4% and of course that is only an average. Where we live good houses have been sold within days of going on the market, and for more than the market price, but it seems to be slowing down a bit now.

I think that these days people want to buy a perfect home and don't want to have to do any work at all. Homes seem to need to be totally up to date or so far behind current tastes (with a price to compensate) that it is worth a builder doing up. Builders will buy if the price is right but don't bother with the ones which only need a lesser amount of work done.

If you are going to buy another house either smaller or larger you are buying and selling in the same market. So if you need to move get on with it and drive a hard bargain on the house you buy.
My only other comment is, house prices are very high at present they are unlikely to go up, they are already unaffordable.

Yes. Everything seems to get blamed on Brexit.

I’m sick to death of hearing about it.

Grecian you will hear a lot more about it over the coming year if it goes ahead and it will affect all of us. I read this yesterday and it scared me:

1. An oft-repeated lie is no less a lie. I’m so tired of this inane “the majority of our trade is outside the EU” nonsense, I’m going to do a short thread about it. TLDR version: it’s bollocks. Feel free to share it.

2. The statistics quoted by people claiming that “the majority of UK trade is outside the EU” almost invariably make the mistake of confusing the EU countries as a market with the EU as a trading framework. Only by doing so, is such a claim sustainable.
3. In fact, the trade for which Brexit removes all basis, is not only trade with EU members, but all trade done with third parties through EU trade agreements - from Norway to South Korea. By exiting, the UK will simply no longer be a party to that entire legal framework.
4. That trade represents 57% of the UK’s exports and 66% of its imports (going by 2016 ONS figures). And that doesn’t even include preferential agreements in specific markets or special terms offered by or to the EU unilaterally, if which there are dozens.

5. If one included all trade facilitated by this complex European trade framework, all of it entirely dependent on our membership, we are talking about over three quarters of all international trade. I cannot explain what is at stake more plainly. END

Nonnie
Bollocks. Scaremongering. How did we live before signing up? Were we worse off? No, don't bother answering. We'll be out and be all the better for it. Hurrah.

I have had two viewings since August! Although other properties on my road sold quickly earlier in the year. Unfortunately, the part share bungalow I was after has now had an offer accepted.

My problem is do I keep my house up for sale and hope another bungalow shared ownership comes up. I would have to move into rented accommodation if I sold. As I have no family to move in with. You have to have a sale on your house before you can offer on a shared ownership property.

You are either going to have to get on with it or wait a long time as although March 29th is B day it will be ages before anything becomes crystal clear. The housing market often hibernates this time of year, leave Brexit out of it and decide what you want to do and go for it.