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Penny Starting To Drop

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There is a youngster at work who has been with us since being taken on after graduating, he bought his first property 6 years ago, a 2 bed link property for £72k.

At the time he bought he said the next property he buys would be a 4 bed detached ready for when they start a family.

I remember us having a conversation back 2 years ago and he was saying that his house is valued at £135k and he had bought at the right time as he would of been struggling to buy at £135k back 4 years ago.

Today I bumped into him and one of the first things he said was, house prices are falling, we will be able to buy that 4 bed detached within the next 2 years hopefully.

What struck me was that he did'nt worry about his own property falling, just the fact that the next property he wants to buy is going to cost alot less than it would cost to buy today.

He has gone from saying his property has increased X and he got in at the right time, to with prices finally falling I can make that move up the ladder, they have been looking to move up the ladder the last 12mths but would need to borrow an extra £100k to make the move, taking his mortgage up to £160k.

Now he his looking at maybe borrowing an extra £50k to make the move in 2 years, going on the assumption that property across the board will fall around 30%.

For those wanting to move up the ladder or buy their first home falling prices seem to go down well, its probably only those downsizing or mewed to the max or those looking to re mortgage having bought in the last 3-4 years that are not looking forward to any falls

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  • 399 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?

      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%

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