Reply to: Anyone buying/selling a house right now?

[ChimpMaster]

Carney's message yesterday was one of loosening monetary policy again, with a drop in interest rates being one of the likely tools in his armoury. Along with additional QE this will only serve to stock assets such as property and stock markets.

The policy will further weaken Sterling and this will lead to more foreign investment into the UK, perhaps the return of overseas property buyers, which I'm already hearing of.

[fullyautomatix]

I had an offer on a small 2-bed house in Manchester accepted a couple of weeks ago. I always told myself I'd back out of any sale if Brexit happened... but it's a BTL investment and the numbers work to positively gear it so I haven't stuck to that resolve - the place is 100m from a tram stop and properties like that don't come up often (so I'm telling myself)

I'm rolling with Soros's advice and being greedy when other people are fearful. I'd expect the market to quieten, but not die - brits still move house. Any poor EU folk aren't really going to join the housing ladder right now.

Anyone looking to shrink their portfolios with property in the Salford area, get in touch

Hmm, another GittinsGal sockie has somehow sneaked through Cojack.

[FatLazyContractor]

Anyone looking to shrink their portfolios with property in the Salford area, get in touch

That sounds like NLyUK's home turf.

[TanyaWWW]

I'm still buying

I had an offer on a small 2-bed house in Manchester accepted a couple of weeks ago. I always told myself I'd back out of any sale if Brexit happened... but it's a BTL investment and the numbers work to positively gear it so I haven't stuck to that resolve - the place is 100m from a tram stop and properties like that don't come up often (so I'm telling myself)

I'm rolling with Soros's advice and being greedy when other people are fearful. I'd expect the market to quieten, but not die - brits still move house. Any poor EU folk aren't really going to join the housing ladder right now.

Anyone looking to shrink their portfolios with property in the Salford area, get in touch

[SuperZ]

The SE is different. It is still shooting up.

Up here it's been stagnant but since the vote 3 properties I have been looking at have sold. Feel good factor is back.

Considering scaling back on my already small BTL portfolio and tentatively put a flat up for sale through non-advertising (just told letting agent to mention it to potential buyers) and have an investor cash buyer booked in to view it early next week. Price agent mentioned is £10k more than I'd be happy to let it go for so keeping fingers crossed.

Hard decision as it turns a decent profit each year and it's on a long term low mortgage rate but I'm getting older, live in another part of the country now, and owned it since 1998.

Although it's only one viewing I was expecting Brexit to kill the market for the time being.

[GB9]

The SE is different. It is still shooting up.

Up here it's been stagnant but since the vote 3 properties I have been looking at have sold. Feel good factor is back.

[jamesbrown]

Experience suggests that a deterioration in sentiment alone produces a relatively shallow and temporary pullback, so I'd expect to see some softening in demand and, to a lesser extent, prices in the short-term (1-6 months), but nothing major. Beyond that, it's going to depend how the Brexit effect feeds into the real economy (credit supply, business investment, jobs etc.), but if the advance indicators, such as the PMIs, start heading south in a major way, you can expect a more severe and prolonged pullback. Valuations in the SE are primed for a significant correction if the real economy (jobs, wages) begin to deteriorate sharply. Bottom line, it's very difficult to tell, but the outlook isn't good, and I wouldn't be buying in the SE for a year or so if the decision were purely or largely financial (often it isn't, of course).

[CretinWatcher]

Just put our main house on the market today as Step 1 on the way to leaving.

[GB9]

Leeds has gone already.

Rang up early evening to book a viewing to be told sale agreed today.

It has just changed agents and had 10% knocked off asking, but that's the third one this week that we were watching.

No housing market implosion yet. Another scare story not happening.

[darmstadt]

Just bought Peckham and putting a bid in for Leeds

[SantaClaus]

Interesting article:

Singapore bank halts lending for London properties over Brexit vote

Singapore bank halts lending for London properties over Brexit vote | Business | The Guardian

[d000hg]

Which part of the country is the house in?

Cornwall.

[barrydidit]

Side-note: anyone have any tips on getting insurance for a dead person's house? I guess you just have to get more expensive unoccupied property insurance?

I believe Zeity knows about this. And has a workaround.

[ChimpMaster]

Overall - maybe, though even then with more selective immigration that just means the people coming here are richer! More regionally, the areas suffering greatest immigration pressure may have problems but on the other hand tourist areas might boom as more Brits holiday in the UK. London prices might crash but London is not the UK.

This is my main feeling. We could run it as a holiday let but it's not a passion we have and we'd be better buying something more suited for that role if we changed our minds. Sentimentality is a factor but probably not enough of one when you have so much value tied up!

Which part of the country is the house in?

[woohoo]

same,

bought first home in Nov 2007 crashed ensued a few months later

just bought next home in a few weeks ago . . . market will probably crash by the time we move in

but hey ho

yep that's how I feel, though we are still looking to find a house.