I currently live in a rented 2 bedroom flat with my wife and one month old kid. The rent is £815 per month (Southampton). I am planning to buy a townhouse in the same area which is £295000. We both earn about £72000 (pre tax) combined but she will be on maternity leave until July 2018. The mortgage cost works out around £1300 per month (not spoken to any advisors, it was just what I could calculate looking online) and that is almost within what we would like to spend per month. We are both working around there so we would end up living there for 7-10 years or until we outgrow the place. The locality is excellent with great schools and travelling. Even if I upgrade I would end up buying around here.
The property was built about 5 years ago. The prices have been continually going up since then (£80000 up since it was built) but I am unsure if that trend will keep up or fall because of brexit.
I read on a reddit thread that brexit means there will be fall in housing prices so is it worth waiting until then? Since this is a residential area and the price increase is mainly due to good schools and ease of commuting, will Brexit have a big impact?
Being a first time buyer (dont have anyone in family to offer any advice) I would like some guidance please.
Edit: formatting
Submitted September 29, 2017 at 06:21AM by Firstimebuyr http://ift.tt/2xL7EXl
