x
By using this website, you agree to our use of cookies to enhance your experience.
CORONAVIRUS UPDATE

See the latest Coronavirus statistics from across the world on our world map SEE MAP UK Confirmed cases: 267,240 | UK Deaths: 37,460 SEE MAP Italy Confirmed cases: 231,139 | Italy Deaths: 33,072 | Italy Recovered: 147,101 SEE MAP Spain Confirmed cases: 236,259 | Spain Deaths: 27,117 | Spain Recovered: 150,376 SEE MAP See the latest Coronavirus statistics from across the world on our world map SEE MAP UK Confirmed cases: 267,240 | UK Deaths: 37,460 SEE MAP Italy Confirmed cases: 231,139 | Italy Deaths: 33,072 | Italy Recovered: 147,101 SEE MAP Spain Confirmed cases: 236,259 | Spain Deaths: 27,117 | Spain Recovered: 150,376 SEE MAP

TODAY'S OTHER NEWS

Brexit uncertainty - buyers advised not to wait any longer

Prospective property buyers have been provided with several reasons why they should stop delaying purchasing decisions due to Brexit uncertainty.

Buying agency Stacks Property Search says Brexit has been responsible for a 'great deal of misery' and subsequently led to a shortage of stock in all sectors.

"The problem with the seemingly endless wait for political issues to resolve themselves is that life can rarely be put on hold," says James Greenwood, one of Stacks' agents.

"Three years is a long time in life – children arrive and start growing up, jobs change, relationships move on, lifestyles adapt to new ages."

"For some, moving is non-essential, but for those whose lives aren’t static, waiting is a painful process," he says.

Greenwood provides six reasons why buyers shouldn't wait for the outcome of Brexit any longer before making a purchase.

The first is that determined buyers should be able to negotiate a good deal as many vendors are looking to make sales before Brexit.

He says buyers who shouldn't have 'too much competition' can 'put the boot in' when it comes to price.

The second reason is that despite political uncertainty, average prices have remained relatively stable which means it's a good time to buy or sell property.

"An unpredictable market with big price moves in either direction makes moving tricky, this is an excellent opportunity to transact without having to contend with difficult fluctuations," Greenwood explains.

Reason three is low interest rates, providing buyers with the opportunity to fix at a good rate. He says stamp duty rates are unlikely to change so buyers shouldn't 'hold their breath' waiting for improvements.

The next reason is that buyers waiting for perfect conditions may never come across them. He says something is always waiting around the corner and the UK has essentially been in an uncertain political and economic situation for over ten years.

"Not making a move that is required has a big impact on personal and family life and can cause tensions and unhappiness," he says.

Greenwood's fifth reason is that the cost of moving continues to rise and it's a trend that he believes is unlikely to change.

And the final reason given by the buying agent is that not moving can restrict one's life choices and put someone's life on hold when it comes to jobs, schools, partners or lifestyles.

He says many demographics have had positive results in recent years, from buy-to-let investors purchasing cheap new builds to returning ex-pats benefitting from the drop in sterling.

"Whether we wind up with a hard Brexit, a soft one, or none at all, we are unlikely to see any dramatic effect on the property market," Greenwood concludes.

"In either of the first two scenarios activity is likely to increase, but big fluctuations in price are unlikely, so there really is no sensible reason to wait."

  • icon

    I agree about Brexit and your other points. When me and mine bought our first house we had Harold Wilson And James Callaghan to contend with. They totally wrecked domestic property trading and then caused massive inflation which they tried to control with high interest rates. For those with big mortgages it was financial death by bank charges. The banks did not even want to take your house off you because they could not sell it either.

    We now have JC spouting all the same nonsense and both parties thinking that cancelling section 21 is a great idea. It is a damn stupid idea but I digress.

    People who are planning for bad property troubles are very astute in my book. The market will collapse at the same time as interest rates go up. Unless you can stand the 'heat' for high mortgage costs and low or non existent property sales then common sense says don't buy until sense prevails again. After all, if section 21 goes you will be able to sit in a rented house and not pay any rent. Financially that sounds great. Of course it is not sustainable and the councils will go after anyone they can to collect rates. In Wilson's day rates were not payable on empty properties.

icon

Please login to comment

Zero Deposit Zero Deposit Zero Deposit
sign up