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more than a million UK adults shelve plans to purchase a new home

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The consumer group HomeOwners Alliance claims new research indicates that more than a million UK adults have shelved plans to purchase a new home because of the vote to leave the EU, economic uncertainty, mortgage restrictions and high house prices.

https://www.estateagenttoday.co.uk/breaking-news/2017/3/brexit-jitters-have-hit-sales-volumes-claims-consumer-group

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because of the vote to leave the EU, economic uncertainty, mortgage restrictions and high house prices

I love how Brexit is still being used as an excuse for everything.  They basically shrink the elephant in the room (high house prices) to some ornament on the mantelpiece.

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Honestly

At the moment where I am looking its not a great market but If its priced reasonably and I mean 10% or so within 2015/2016 it has a chance.

Knowing this vendors should be making hay but they keep just making up asking prices often on houses which are not even applicable like 3 bed houses with ground floor extensions and calling them 3/4 bed houses and putting them on at 500k when the last 4 bed with en suite (built as a 4 bed) sold for 385 4 months ago.

Folks are not shelving because of brexit they are shelving due to prices end of.

The new stamp duty regime means people have a house which is like a voucher which they can use to buy another house.  Stamp duty is cash cash paid out so they cannot really afford that so have to be in a chain.

BTL and London buyers used to be the cash that greased the bottom and top of chains no its all a bit slow. 

 

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12 hours ago, canbuywontbuy said:

I love how Brexit is still being used as an excuse for everything.  They basically shrink the elephant in the room (high house prices) to some ornament on the mantelpiece.

Blame everything on Brexit the new badge of stupidity.

Never heard a single interview or article on the housing crisis cite a lack of choice for buyers yet the solution was always build more as if it was. Every single discussion centred around affordability dividing the market into two. Who was lending for the purchase of the unaffordable homes because by definition the borrowers wouldn't be able to repay?

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So if Brexit was stopped everything would come up smelling of roses?

I have no plans to move due to the next rung requiring a stupid mortgage putting me back at square one. I'm guessing this is what is really putting people off.

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9 hours ago, Blod said:

Blame everything on Brexit the new badge of stupidity.

Never heard a single interview or article on the housing crisis cite a lack of choice for buyers yet the solution was always build more as if it was. Every single discussion centred around affordability dividing the market into two. Who was lending for the purchase of the unaffordable homes because by definition the borrowers wouldn't be able to repay?

Exactly.  There's always houses for sale.  Always houses to move into.  Never been a lack of supply.  HTB made prices shoot up 20% overnight...supply never changed overnight, yet prices went up.  Supply and demand doesn't change, prices go up - how does that work?

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On 28/03/2017 at 3:27 PM, AvoidDebt said:

The consumer group HomeOwners Alliance claims new research indicates that more than a million UK adults have shelved plans to purchase a new home because of the vote to leave the EU, economic uncertainty, mortgage restrictions and high house prices.

https://www.estateagenttoday.co.uk/breaking-news/2017/3/brexit-jitters-have-hit-sales-volumes-claims-consumer-group

Really?  If this is true then I guess prices would have increased by 30% if we had stayed in the EU - surely a million missing buyers must have had a big effect on prices.

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1 hour ago, canbuywontbuy said:

Exactly.  There's always houses for sale.  Always houses to move into.  Never been a lack of supply.  HTB made prices shoot up 20% overnight...supply never changed overnight, yet prices went up.  Supply and demand doesn't change, prices go up - how does that work?

The oxygen that fires up HPI is cheap easy access to credit. Hence why BOE won't raise rates, claiming that they 'don't target HPI'. However you can bet that at the first sign of HPC they'll throw everything at the market 'to save the banks' despite claiming that they can withstand a thirty percent drop. 

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35 minutes ago, Blod said:

The oxygen that fires up HPI is cheap easy access to credit. Hence why BOE won't raise rates, claiming that they 'don't target HPI'. However you can bet that at the first sign of HPC they'll throw everything at the market 'to save the banks' despite claiming that they can withstand a thirty percent drop. 

Of course. Housing is the UK's "too big to fail". 

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On 3/28/2017 at 3:27 PM, AvoidDebt said:

The consumer group HomeOwners Alliance claims new research indicates that more than a million UK adults have shelved plans to purchase a new home because of the vote to leave the EU, economic uncertainty, mortgage restrictions and high house prices.

https://www.estateagenttoday.co.uk/breaking-news/2017/3/brexit-jitters-have-hit-sales-volumes-claims-consumer-group

...jibberish ...for the last 15 years I have advised my family ,son and two daughters not to take out debt to purchase property ...OK if you have the cash ...but to borrow in this landscape for property is suicidal....leaving the EU has nothing to do with it ....just the financially inept blaming the British weather for the price of gold ..whether it's up or down or the weather dry or wet...take your pick...they will blame something....it was the Labour government awash with the creation of cheap money and heavy borrowing boom & bust, who laid waste to our land to an extent it is irrecoverable at this point and many points to come........:rolleyes:

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On 3/28/2017 at 3:27 PM, AvoidDebt said:

.. more than a million UK adults have shelved plans to purchase a new home because of the vote to leave the EU, economic uncertainty, mortgage restrictions and high house prices.

There is probably a connection but they have got cause and the effect wrong way around.

High house prices and economic uncertainty cause anti-establishment (anti-EU) vote.  

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1 minute ago, Bear Hug said:

There is probably a connection but they have got cause and the effect wrong way around.

High house prices and economic uncertainty cause anti-establishment (anti-EU) vote.  

...prices are too high due to the Government's financial scaffolding to protect property prices, their owners and lenders from failing ...this has been the game since the 2007/8 crash at least...and is directly attributable to BTL which the Labour government allowed to escalate from 1997 to dangerous levels at the time of the crash but is worse today ..and the BofE is dithering ..the know the edge is near....:rolleyes:

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9 minutes ago, South Lorne said:

...prices are too high due to the Government's financial scaffolding to protect property prices, their owners and lenders from failing ...this has been the game since the 2007/8 crash at least...and is directly attributable to BTL which the Labour government allowed to escalate from 1997 to dangerous levels at the time of the crash but is worse today ..and the BofE is dithering ..the know the edge is near....:rolleyes:

I know that but I still think some people voted against EU for reasons not directly connected with the EU.

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The delusions in this article are strong. I really hope these guys get what they want, they work hard. A doubling of prices over next decade should see zone 5 semis hit 1.5m mark. 

“Years of low transactions are almost always followed by years of increased activity. With confidence returning, sellers are already demanding higher prices. The smart money is buying now because once Brexit has been negotiated – ‘hard’ or ‘soft’ – the Government will cement London as the world financial and employment capital.

“Once that happens, buyers could be left to watch prices rise again and rue the opportunities they missed.” James Evans, chief executive of Douglas & Gordon

What will Brexit mean for the housing market now that Article 50 has been triggered?

http://www.propertyindustryeye.com/what-will-brexit-mean-for-the-housing-market-now-article-50-has-been-triggered/

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