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Have you heard about that little thing called Brexit? Everywhere we turn at the moment, it is either the cause or effect of what is happening – prices going up, prices going down, job losses, tax changes, problems in the NHS… the list goes on.
However, one area it is also hanging over like a dark cloud is the property sector. Many members of the British population are asking anyone that might have the answer: Should I buy a house now? Or wait until after Brexit?
Unfortunately, no one has the answer. We have already discussed how a hard Brexit could effect property prices in Gravesend but what does that really mean?
The most difficult part of this, is that no one knows for sure. In fact, no one has ONE answer, never mind the RIGHT answer. It is just too difficult to know or predict, but one thing is for sure, there is definitely a feeling of uncertainty hanging in the air.
So when it comes to deciding whether to buy now, in the current market, or to sit tight and wait, the question becomes, what is your driving factor to buy?
First-time buyers, and others attracted by the great, low mortgage rates are keen to lock them down in five-year fixed-rate deals. Those in a position to buy are being encouraged to do so – especially those currently renting. There could be no better time than now to get on, or climb up, the property ladder.
However, for those thinking of waiting until the Brexit storm has passed, the promise of lower house prices could be their reward. There have already been reports of house prices falling by approximately £5K, with a further decline of 35% predicted if a no-deal Brexit hits the table.
It is not time to panic yet. There has not been the total collapse that everyone has feared, but that fear is holding us all hostage.
Rather than the focus being on whether you should or shouldn’t buy now, maybe it is better to think about what is most important to you – whether it would be locking in the lower mortgage rates now or waiting for a possible house price drop.
Get what you want out of Brexit and don’t let the fear stop you!
Want to know more about buying in Gravesend? Contact one of our friendly Aston Anderson staff today.