Buying a house before Brexit

I’m looking to buy a new house, which will be my families “forever home.” Should I be concerned with Brexit just around the corner?

As I’m buying off plan, I’m hoping the money saved - due to the fact prices rise as the development progresses - will make up for any potential short-term loss of value as a result of Brexit.

Also, I’m looking to fix for 5 years with interest rates being so low, thus giving me a better chance on the “loan to value” front at the end of the fixed term.

Does this seem like a sensible and thought out plan, or can anyone see any glaring pit falls or other factors to consider?

wait until after brexit when all the muzzas are gone and theres loads of empty cheap houses

I’d be more concerned about the build quality of a new house. Speak to people already on site, and review the builders where possible.
The market is static at the moment, I wouldn’t rely on increases to completion.

Brexit who knows. Mark Carney is part of Project bullshit, much of which he forecasts doesn’t happen.

wait until after brexit when all the muzzas are gone and theres loads of empty cheap houses

Your not a financial adviser mate are you

I’d be more concerned about the build quality of a new house. Speak to people already on site, and review the builders where possible.
The market is static at the moment, I wouldn’t rely on increases to completion.

Brexit who knows. Mark Carney is part of Project bullshit, much of which he forecasts doesn’t happen.

All bang on
I’m putting a buy to let on the market next week and I’m not sure if I should buy another one, all Carneys bollox could drive down the market.

If as you say it's going to be a forever home why would you even worry about brexit or interest rates in 5 years? It's all guesswork anyway.
As long as the builders don't have a bad reputation you should be fine as there's always someone around a new development to fix any teething issues that may arise, at least that's my experience from the one time I bought a new house.

It’s with Barrett Homes whom have been voted the best in the UK running for the last 9 years and are rated 5 star. I’m sure there’ll be a few teaching problems, but I’m covered with the 2 year and 10 year respective guarantees that they offer.

My Brother is a tradesman and recommended them as they build with brick and block as opposed to timber frame like the slightly cheaper and bigger Taylor Wimpey. He said he’d never buy from one particular company whom he’s always doing repair jobs for. We’ll call the Ersimmon Homes to protect their identity.

I don’t think I’ll let Bexit stop me, but due to the price it’ll possibly bring an end to my regular trips watching Cardiff City away.

Thanks for the input.

If as you say it's going to be a forever home why would you even worry about brexit or interest rates in 5 years? It's all guesswork anyway.
As long as the builders don't have a bad reputation you should be fine as there's always someone around a new development to fix any teething issues that may arise, at least that's my experience from the one time I bought a new house.

This makes a lot of sense. Thanks!

Be careful a lot of houses on new developments are lease hold. A lot of purchasers have been unaware when they've gone to buy.

I’m looking to buy a new house, which will be my families “forever home.” Should I be concerned with Brexit just around the corner?

As I’m buying off plan, I’m hoping the money saved - due to the fact prices rise as the development progresses - will make up for any potential short-term loss of value as a result of Brexit.

Also, I’m looking to fix for 5 years with interest rates being so low, thus giving me a better chance on the “loan to value” front at the end of the fixed term.

Does this seem like a sensible and thought out plan, or can anyone see any glaring pit falls or other factors to consider?

No, don't buy off plan ever ever ever ever
Don't sign a mortgage or buy anything till after Brexit because it's possible that average prices will initially drop a bit. Not certain that'll even happen but if you wait you won't lose because they certainly won't surge straight after Brexit .

So you know what happens if the builder goes bankrupt after you've signed the mortgage and before the building is completed ?
Suggest you check that and how many people are paying for a huge house purchase they never moved into

Be careful a lot of houses on new developments are lease hold. A lot of purchasers have been unaware when they've gone to buy.

It’s the first question I ask when looking at an older house, but wrongly assumed I wouldn’t have to worry if buying new. Thanks for the information!

I’m looking to buy a new house, which will be my families “forever home.” Should I be concerned with Brexit just around the corner?

As I’m buying off plan, I’m hoping the money saved - due to the fact prices rise as the development progresses - will make up for any potential short-term loss of value as a result of Brexit.

Also, I’m looking to fix for 5 years with interest rates being so low, thus giving me a better chance on the “loan to value” front at the end of the fixed term.

Does this seem like a sensible and thought out plan, or can anyone see any glaring pit falls or other factors to consider?

No, don't buy off plan ever ever ever ever
Don't sign a mortgage or buy anything till after Brexit because it's possible that average prices will initially drop a bit. Not certain that'll even happen but if you wait you won't lose because they certainly won't surge straight after Brexit .

So you know what happens if the builder goes bankrupt after you've signed the mortgage and before the building is completed ?
Suggest you check that and how many people are paying for a huge house purchase they never moved into

I’m looking at Barrett’s Homes, but I’ll have a read up on it. Thank you!

wait until after brexit when all the muzzas are gone and theres loads of empty cheap houses

Your not a financial adviser mate are you

no but im not lefty scum

I’ve seen them build trad, then dot and dab the walls. May want to check its internal render.
New houses are OTT on insulation. Keeps bills down, but is like a greenhouse in summer, and can be damp in winter. Windows don’t appear to have the trickle vent anymore.

I really hope people are not not signing up to a lifetime of debt with a leasehold agreement believing it's there's . Actually I'll sell my freehold £190.000 Southampton. inbox me interested. Got 3 bedrooms and scum neighbours ( to the right)

I’m looking to buy a new house, which will be my families “forever home.” Should I be concerned with Brexit just around the corner?

As I’m buying off plan, I’m hoping the money saved - due to the fact prices rise as the development progresses - will make up for any potential short-term loss of value as a result of Brexit.

Also, I’m looking to fix for 5 years with interest rates being so low, thus giving me a better chance on the “loan to value” front at the end of the fixed term.

Does this seem like a sensible and thought out plan, or can anyone see any glaring pit falls or other factors to consider?

No, don't buy off plan ever ever ever ever
Don't sign a mortgage or buy anything till after Brexit because it's possible that average prices will initially drop a bit. Not certain that'll even happen but if you wait you won't lose because they certainly won't surge straight after Brexit .

So you know what happens if the builder goes bankrupt after you've signed the mortgage and before the building is completed ?
Suggest you check that and how many people are paying for a huge house purchase they never moved into

Why would anyone complete on a property that's not ready to move into? Surely if they went bankrupt you would just not complete and your solicitors would return the fund to the lender.

I bought off plan and had no problems at all. Completed and got the keys a few hours later.

Interesting what was said by someone else on the builders. I moved into a big development where persimmon, Taylor Wimpey and Barratt all built houses and by far the most complaints were for Barratt properties.

A few points raised, it doesn't always follow that prices on a new development go up, it's like everything else it depends on supply and demand, so some will go up, some will stay the same, and if the site is not popular and hard to sell they will reduce the price to shift the remaining houses and move on to the next development.

How good the development is and the problems with the houses is usually down to the site Manager if its a good site Manager you should be fine and get a good product, if it's a poor one who can't manage and gets pushed around with deadlines etc you could have some problems, although as you say if you keep onto them with the snagging you should get it all sorted out in the end. I would keep in contact with them and let them know you are on the ball and will be thorough with the snagging. The worst problems are usually at the end of June and the end of December, as the builders try and maximise the completions for the end of year and half year and take on to much.

As for Brexit, no one knows not even Theressa May, it could be no deal, no Brexit or the poor deal on the table. I personally wouldn't worry, you move when you need to and if it's your forever house short-term ups and downs will make no difference thirty years from now, focus on the long term.

With regards to interest rates and fixing your mortgage again no one really knows, if the economy slows after Brexit interest rates could go back down again or rise more slowly. The positive for fixed-rate mortgages are that you know it won't go up for the length of the term. Personally, I used to prefer a lifetime tracker, I felt more in control and feel over the long term I generally paid less as the mortgage lenders know that in uncertain times people like the reassurance of a fixed deal and they build in extra profit on the strength of it. I would get a price on the best five years fixed, two years fixed and a lifetime tracker and then decide.

Good luck, I'm sure it will all work out fine

A few points raised, it doesn't always follow that prices on a new development go up, it's like everything else it depends on supply and demand, so some will go up, some will stay the same, and if the site is not popular and hard to sell they will reduce the price to shift the remaining houses and move on to the next development.

How good the development is and the problems with the houses is usually down to the site Manager if its a good site Manager you should be fine and get a good product, if it's a poor one who can't manage and gets pushed around with deadlines etc you could have some problems, although as you say if you keep onto them with the snagging you should get it all sorted out in the end. I would keep in contact with them and let them know you are on the ball and will be thorough with the snagging. The worst problems are usually at the end of June and the end of December, as the builders try and maximise the completions for the end of year and half year and take on to much.

As for Brexit, no one knows not even Theressa May, it could be no deal, no Brexit or the poor deal on the table. I personally wouldn't worry, you move when you need to and if it's your forever house short-term ups and downs will make no difference thirty years from now, focus on the long term.

With regards to interest rates and fixing your mortgage again no one really knows, if the economy slows after Brexit interest rates could go back down again or rise more slowly. The positive for fixed-rate mortgages are that you know it won't go up for the length of the term. Personally, I used to prefer a lifetime tracker, I felt more in control and feel over the long term I generally paid less as the mortgage lenders know that in uncertain times people like the reassurance of a fixed deal and they build in extra profit on the strength of it. I would get a price on the best five years fixed, two years fixed and a lifetime tracker and then decide.

Good luck, I'm sure it will all work out fine

An excellent response! Who shall I make the cheque payable to?

I’ve never heard of a life time tracker, I’ll look into it.

A very interesting point that the prices don’t always rise as they seemed to be basing their sales pitch around it. There’s a particular type of house we like, but the location on site isn’t ideal. We’re thinking of waiting for the next one built, but they don’t give much information away regarding where on site they’re building next.

Your time and effort is much appreciated!

Where is the development?

wait until after brexit when all the muzzas are gone and theres loads of empty cheap houses

Your not a financial adviser mate are you

no but im not lefty scum

No wonder Karen left , calling some of your own fans scum...arsehole

wait until after brexit when all the muzzas are gone and theres loads of empty cheap houses

Your not a financial adviser mate are you

no but im not lefty scum

No wonder Karen left , calling some of your own fans scum...arsehole

Don’t think he’s having a dig at me , just nailing his colors to the mast.

If it's your forever home why does it matter what happens to the value after Brexit

A few points raised, it doesn't always follow that prices on a new development go up, it's like everything else it depends on supply and demand, so some will go up, some will stay the same, and if the site is not popular and hard to sell they will reduce the price to shift the remaining houses and move on to the next development.

How good the development is and the problems with the houses is usually down to the site Manager if its a good site Manager you should be fine and get a good product, if it's a poor one who can't manage and gets pushed around with deadlines etc you could have some problems, although as you say if you keep onto them with the snagging you should get it all sorted out in the end. I would keep in contact with them and let them know you are on the ball and will be thorough with the snagging. The worst problems are usually at the end of June and the end of December, as the builders try and maximise the completions for the end of year and half year and take on to much.

As for Brexit, no one knows not even Theressa May, it could be no deal, no Brexit or the poor deal on the table. I personally wouldn't worry, you move when you need to and if it's your forever house short-term ups and downs will make no difference thirty years from now, focus on the long term.

With regards to interest rates and fixing your mortgage again no one really knows, if the economy slows after Brexit interest rates could go back down again or rise more slowly. The positive for fixed-rate mortgages are that you know it won't go up for the length of the term. Personally, I used to prefer a lifetime tracker, I felt more in control and feel over the long term I generally paid less as the mortgage lenders know that in uncertain times people like the reassurance of a fixed deal and they build in extra profit on the strength of it. I would get a price on the best five years fixed, two years fixed and a lifetime tracker and then decide.

Good luck, I'm sure it will all work out fine

An excellent response! Who shall I make the cheque payable to?

I’ve never heard of a life time tracker, I’ll look into it.

A very interesting point that the prices don’t always rise as they seemed to be basing their sales pitch around it. There’s a particular type of house we like, but the location on site isn’t ideal. We’re thinking of waiting for the next one built, but they don’t give much information away regarding where on site they’re building next.

Your time and effort is much appreciated!

Yes they may go up, but if it's a slow site they may have to offer discounts on the next phase so could go down, it all depends how popular the development is, you should be able to tell by how quickly the first phase sells out, but remember there is always an initial rush as some people want to stay in the same area but want a brand new house.

They usually have some negotiation on the less popular plots to shift them, and not everyone will pay the price they are up for. I wouldn't let Brexit worry you, but try and find the right plot if you are going to be there for many years. It's a bit of a gamble but they will want you to buy the ones on the first phase as that's all they will have right now until the next phase is released.

I would be honest and say you like the house but may wait for the next phase, see what they can do, they may discount it if they don't have two of you interested in that plot?

Good luck go with your head!!!

I would never buy off plan - I like to see what Im buying, and for a building to have had all the snagging work done - but that is just my preference.
As for Brexit - you could argue the price will go up after Brexit if they cant get the cheap labour needed to do some of the work.
Interest rates cant go down any further but they can go up. Even so - the BoE wont be putting them much if at all, as we are on uncertain ground.

I would just go ahead and buy it - if its the house you want. As for every + argument there is a very valid - argument

It also depends on the site if they will offer discount, just because its off plan doesn't mean you cant make a offer. If its a brand new development I get the impression they were keen to sell a few to get off the blocks. I got £13k knocked off the asking price as I was one of the first to buy off plan. They are still building on different phases now and the houses are the same but the price has gone up and from what I understand they now wont take offers but it doesn't hurt in asking.

wait until after brexit when all the muzzas are gone and theres loads of empty cheap houses

Something really ironic about ending that sentence with an "ayatollah"...

It’s with Barrett Homes whom have been voted the best in the UK running for the last 9 years and are rated 5 star. I’m sure there’ll be a few teaching problems, but I’m covered with the 2 year and 10 year respective guarantees that they offer.

My Brother is a tradesman and recommended them as they build with brick and block as opposed to timber frame like the slightly cheaper and bigger Taylor Wimpey. He said he’d never buy from one particular company whom he’s always doing repair jobs for. We’ll call the Ersimmon Homes to protect their identity.

I don’t think I’ll let Bexit stop me, but due to the price it’ll possibly bring an end to my regular trips watching Cardiff City away.

Thanks for the input.

"Ersimmon Homes"

House Builders were on X-Ray last night, worth a look if it's on catch up, they had a right battering, what the programme did say was don't believe all they tell you about the plans for parks and views etc..........

I’m going to ignore Brexit and try to get a discount (again) on the house as I’m not overly keen on it’s location within the plot. They’re saying they can’t because I’m part exchanging. Failing that, I’ll wait for the next house of that type to become available as I’m in no immediate rush. Thanks for all the input, it’s certainly given me a better clarity.

I’d buy an older house mate. Unless you’re talking serious cash, you may end up paying over the odds for a crate.
Plus the new estates seem pretty soulless places.

wait until after brexit when all the muzzas are gone and theres loads of empty cheap houses