Property News · February 5, 2018

Should I delay buying my first home because of Brexit?


I’ve got a deposit and am excited about buying – but friends tell me to wait in case prices fall Q My husband and I are finally in a position to buy our first home after many years of saving for a deposit. However, both family members and friends have told us to wait a little longer as they feel prices are set to fall slightly in 2018 due to Brexit and a change in interest rates being imminent. We are paying a fairly high monthly rent of £1,500 as we live in a popular commuter town in the south-east but estimate that our mortgage will cost about £1,000 a month. I am so excited that we are finally in a position to be able to buy our own home but at the same time wonder if we should just exercise a bit of caution as to the market. LBA Your family and friends must have been reading a different newspaper because – apart from in London – experts believe that rather than falling, house prices will stop going up or, at least, go up by no more than 1% in 2018. As for interest rates, the bank base rate is expected to rise in late spring by another 0.25% meaning a rate of 0.75% which, it is thought, won’t change over the course of the year because of the weak economy. Even though base rate is higher than it has been, mortgages are still cheap and expected to stay that way. Continue reading…

Source : theguardian.com
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