Jump to content
House Price Crash Forum

Recommended Posts

.Redcess, North yorkshire, United Kingdom, about 3 hours ago

I am in exactly the same position. Due to exchange next week, currently in rented house. We are in North Yorkshire. Big decision to make whether we proceed with purchase. Current thought is that we will either pull out, or will seek to renegotiate price by around 10%. I am sure that this will not be well received by the other party but not prepared to risk house being worth considerably less that we have paid for it.
Follow us: @MailOnline on Twitter | DailyMail on Facebook

Read more: http://www.dailymail.co.uk/property/article-3658068/What-does-Brexit-mean-UK-property-market.html#ixzz4Cd3F0tdp
Follow us: @MailOnline on Twitter | DailyMail on Facebook

Share this post


Link to post
Share on other sites

Depends if you prepared to walk away. If you can do it. If not then you are very likely to lose it, vendors often decide not to sell it to you (even though will sell it at that price later to someone else)

Edited by GreenDevil

Share this post


Link to post
Share on other sites

Brexit wipes $2 trillion off global markets

It’s almost 24 hours since it first became clear that David Cameron’ EU referendum had not gone as the PM had planned.

That realisation has triggered one of the most dramatic, volatile and downright scary trading sessions in the last decade. New estimates tonight say Brexit has wiped out over two trillion dollars of value, worldwide:

— Howard Silverblatt (@hsilverb) June 24, 2016

S&P Global Broad Market Index (BMI) lost $2.08 TRILLION today, and are down $1.50 trillion year-to-date

— Katie Allen (@KatieAllenGdn) June 24, 2016

Brexit has reverberated around global markets with $2.08trn wiped off global shares https://t.co/BBa4khw2Py

Edited by rollover

Share this post


Link to post
Share on other sites

I love how so many people have been posting stuff about market losses on Facebook. All under 40, entirely coming from those who wouldn't know an ETF if it hit them in the face.

Occasionally I'll see a response from someone who does understand. Most commonly posting a FTSE100 chart for the last 15 years or similar...

Share this post


Link to post
Share on other sites

The more and more I see of this sort of social media drivel the more depressed I get about society in general and the full extent of the halfwits I am surrounded by especially when such tripe is repeated on the news as though it generally means something.

Take the hysterical reporting of that affront to democracy that is the online petition for a re-vote that currently has 2.5million 'sore loosers' (if I may use the expression) attached to it. If you take a step back thats like anyone who doesn't like the genuine result wanting a re-vote i.e. it will be 99.9% populated by people who voted remain and would effectively set a precedent for every vote or election for that matter to come. It's like the equivalent of the ranting swivel eyed politico who shouts over everyone else to get his own way.

Share this post


Link to post
Share on other sites

I'm probably biased but does anyone else feel that the vile BBC is behind a lot of the doom mongering so far?

....very much so...but these elitists (all self delusion) paid for by my tax money are trashing themselves by their crude unbalanced reporting ....and of course they don't have to worry about P&L...they are unfair competition to others in their field.. all noted....... :rolleyes:

Share this post


Link to post
Share on other sites

I'm probably biased but does anyone else feel that the vile BBC is behind a lot of the doom mongering so far?

The BBC's broadcasting has been treacherous since Brexit.

They seem to be intentionally frightening people.

Share this post


Link to post
Share on other sites

.Redcess, North yorkshire, United Kingdom, about 3 hours ago

I am in exactly the same position. Due to exchange next week, currently in rented house. We are in North Yorkshire. Big decision to make whether we proceed with purchase. Current thought is that we will either pull out, or will seek to renegotiate price by around 10%. I am sure that this will not be well received by the other party but not prepared to risk house being worth considerably less that we have paid for it.

Read more: http://www.dailymail.co.uk/property/article-3658068/What-does-Brexit-mean-UK-property-market.html#ixzz4Cd3F0tdp

Follow us: @MailOnline on Twitter | DailyMail on Facebook

Read more: http://www.dailymail.co.uk/property/article-3658068/What-does-Brexit-mean-UK-property-market.html#ixzz4Cd3F0tdp

Follow us: @MailOnline on Twitter | DailyMail on Facebook

It's a risk for sure, but then it always was despite Brexit. Many fundamentals for a crash have been in place for years but it will depend a lot on government policy going forward. This isn't 1989 where the interest rate shot up; we are more likely to see a rate cut. Although that won't necessarily mean cheaper mortgages.

We won't get the apocalyptic 50% crash unless the government pull all market props such as help to buy, raise IRs etc. They won't do that voluntarily. But 5-10% down by the end of the year is quite possible. It always has been Brexit or not, sales volumes had dried up anyway.

Accept you may be 10% down by year end and decide if your happy to buy anyway. If you're buying a home to live in for 20 years and you can afford payments at 6%, you'll probably be fine.

If you're a HPI forever believer buying a small property thinking you'll make a ton of money and be stepping up the ladder in a few years, or over-stretching yourself, you are going to be in a bad place.

Share this post


Link to post
Share on other sites

Couldn't agree more on the BBC point, their coverage has been awful. They've clearly just gone out to find the most hideous, racist Leave supporters to interview. All the Remain people they find: educated, reasoned, can speak properly. But the masses will buy into it. Plenty of people in my peer group voted leave, and I'm talking mid-30's, degree holders, high earners.

I've now stopped watching BBC news.

Share this post


Link to post
Share on other sites

I love how so many people have been posting stuff about market losses on Facebook. All under 40, entirely coming from those who wouldn't know an ETF if it hit them in the face.

Occasionally I'll see a response from someone who does understand. Most commonly posting a FTSE100 chart for the last 15 years or similar...

I'm dying to be that guy but fear the 'retribution' of being outed as a leaver..

Share this post


Link to post
Share on other sites

What Brexit can teach us about the psychology of fear

Given how unlikely it is that any one person’s vote will be the decisive one, voting decisions can be driven more by emotion than by rationality. And Brexit had a very powerful emotion on its side — fear of outsider and loss of identity. The Brexit vote is proof that when emotions battle reason in a voting booth, emotions can win. This fact stuns some pundits but it’s less surprising for neuroscientists. "Fear is an extremely motivating emotion," Cikara, who studies group conflict at Harvard, tells me. "And [politicians] who want to motivate others to engage in collective action are very smart to wield it." Her work shows that this fear doesn’t have to be based on "real" threats. Just the perception of a threat will do.

In the case of the Brexit, the motivating fear was — in part — xenophobia. Once we’re fearful of outsiders, Cikara and other psychologists have shown, our whole worldview changes. We become more cliquish, we’re quick to dehumanize, we’re more gullible when it comes to fear-mongering rumors. In recent years politicians have gotten more effective at painting immigrants as dangerous outsiders. Look no further than Donald Trump. Or his UK counterpart, Nigel Farage, the politician who has stoked fears by asserting thing like Muslims "don’t want to become part of our culture."

1: Fearing outsiders is one of our oldest psychological tendencies.

2: When we fear outsiders, we de-humanize them

3: When we fear outsiders, our brains’ exaggerate their threat

4: Anecdotes that instill fear of outsiders are much, much sticker than facts and figures.

5: The research is pretty pessimistic, but it also lends some hope. So our brains love seeing the world in terms of "us vs them," but there’s nothing in our brains that defines who "they" are.

Edited by rollover

Share this post


Link to post
Share on other sites

A friend of mine works as a mortgage broker. She typically handles several applications at a time. On Friday three of her clients pulled out of their purchases, and another one said they are going to ask for a reduction on the price, so about half her clients in a single day.

If this is representative of a mood shift, and if it spreads, then things are about to get ugly. After all, we have at least two years of uncertainty whilst the UK negotiates its exit from the EU. And the UK hasn't even officially declared its intention to leave yet.

Share this post


Link to post
Share on other sites

I'm dying to be that guy but fear the 'retribution' of being outed as a leaver..

Get off Facebook, you might find you've got an extra few hours a day to do something you enjoy more!

Share this post


Link to post
Share on other sites

Markets don't like democracy. Clearly the thought of conceding even 0.00001% of their wealth to the plebs is unthinkable to the 1%. The "markets" are nothing more that numbers in a computer. If our entire existence and economy can be "wiped out" overnight, despite that fact that nothing physical has actually changed, then we surely need to reevaluate our world and the way we run it. Seems to me that it's heavily rigged in favour of making the already obscenely rich a little bit richer. Unfortunately the entire mainstream media sings from the same hymnsheet. Meanwhile in the real world, cars still get made, houses built, roads tarmaced, gadgets manufactured and fields harvested. Physcial activities of real wealth creation can and will continue, regardless of what the "markets" want you to believe. It's an extreme case of the tail wagging the dog and we've all fallen for it, hook, line and sinker.

Share this post


Link to post
Share on other sites

Markets don't like democracy. Clearly the thought of conceding even 0.00001% of their wealth to the plebs is unthinkable to the 1%. The "markets" are nothing more that numbers in a computer. If our entire existence and economy can be "wiped out" overnight, despite that fact that nothing physical has actually changed, then we surely need to reevaluate our world and the way we run it. Seems to me that it's heavily rigged in favour of making the already obscenely rich a little bit richer. Unfortunately the entire mainstream media sings from the same hymnsheet. Meanwhile in the real world, cars still get made, houses built, roads tarmaced, gadgets manufactured and fields harvested. Physcial activities of real wealth creation can and will continue, regardless of what the "markets" want you to believe. It's an extreme case of the tail wagging the dog and we've all fallen for it, hook, line and sinker.

I'm enjoying your posts atm. Cheers

Share this post


Link to post
Share on other sites

A friend of mine works as a mortgage broker. She typically handles several applications at a time. On Friday three of her clients pulled out of their purchases, and another one said they are going to ask for a reduction on the price, so about half her clients in a single day.

If this is representative of a mood shift, and if it spreads, then things are about to get ugly. After all, we have at least two years of uncertainty whilst the UK negotiates its exit from the EU. And the UK hasn't even officially declared its intention to leave yet.

I'm not surprised. There was someone on here yesterday saying the Telegraph were quoting around half of housebuyers were now going to wait / pull out, or words to that effect. I'd love a source on this, couldn't find it anywhere.

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now

  • Recently Browsing   0 members

    No registered users viewing this page.

  • The Prime Minister stated that there were three Brexit options available to the UK:   97 members have voted

    1. 1. Which of the Prime Minister's options would you choose?


      • Leave with the negotiated deal
      • Remain
      • Leave with no deal

    Please sign in or register to vote in this poll. View topic


×

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.