Anyone Else worried a Brexit vote will hit the pocket bigtime

[Roberta2]

The biggest immediate problem is commercial property. This from the Australian Financial Review today:Seven British property trusts, holding 18 billion pounds worth of real estate assets have now been frozen. One of these funds, Aberdeen Fund Managers, has cut the value of its property fund by 17%. Main worry, of course, is a projected steep fall in London office values because many of the companies that lease the office towers in the City - bankers, fund managers, brokers - etc are likely to move to Paris, Frankfurt or Dublin to remain within the EU. i.e the threatened loss of the EU "passport" for the City. Singapore is also hoping to pick up some, of course - capitalizing on its political stability, facility with English etc etc. Company tax there is only 20%. How can it not be a sign of near-panic that the Bank of England has just reduced UK company tax rate to 15%?

[Roberta2]

Not if you have to worry about not having a job!

[newjez]

Not if you have to worry about not having a job!

 

True, you wouldn't want to be a tradie or work in the construction industry, or finance , or estate or auto industry.

 

But if you are one of the few recession/brexit proof professionals, it's happy days!

[Roberta2]

And what might those be? Need to worry about being replaced by robots too.

[Rallyman]

We are witnessing falls in London house prices for the moment as hesitation to commit becomes evident. Some even pulling out of purchasing. Indeed may well result in lowering interest rates further in an attempt to stimulate falling demand.

 

A falling pound together with property bound to see a further onslaught of the London market, by far eastern and middle eastern buyers, further placing the London market out of the hands of UK buyers. A mess all round indeed.

 

 

You have said before that it's over priced , from what I have read you are incorrect prices have not dropped just slowed

and demand is still there, more scare tactics

 

 

However, Ben Madden, the managing director of London estate agents Thorgills, said: "The mere fact that we had a result was as if a weight had been lifted and people started to make firm buying decisions again.

"Despite widespread predictions that sales activity would drop off and sellers would have to accept price reductions, that simply hasn't materialised."

[Rallyman]

True, you wouldn't want to be a tradie or work in the construction industry, or finance , or estate or auto industry.

 

But if you are one of the few recession/brexit proof professionals, it's happy days!

 

 

Mates who I used to work with ( construction ) have full order books of work well into next year

[Poppet77]

Hi we are in the same boat as you, house sale currently going through but the dollar rate being as low as 1.71 from like you said 2.18 makes a massive difference to what we could of bought a couple of months ago to now. We are hoping to rent for a bit and hopefully give the market time to stabilise before we are in a position to buy. Let's keep our fingers crossed x

[NicF]

Hi we are in the same boat as you, house sale currently going through but the dollar rate being as low as 1.71 from like you said 2.18 makes a massive difference to what we could of bought a couple of months ago to now. We are hoping to rent for a bit and hopefully give the market time to stabilise before we are in a position to buy. Let's keep our fingers crossed x

 

Just be grateful you weren't bringing it over nearly four years ago when the rate was 1.40 dollars to the pound. Rather than thinking about the loss on the difference between 2.18 and 1.71 think of th gain of getting 1.71 instead of 1.40.

[Perthbum]

Good news for exports and for those planning to return to the UK....life will go on and the man in the street will not see much difference to be fair, and in a few years could well be far better off.

[legoman]

Think we just send a portion of funds over to tide us over, rental etc, problem is no one knows how long this be for. I voted remain, but we got the Leave vote and within 2 weeks those politicians who proclaimed a new Britain away from the EU have all disappeared. Thanks Boris, Gove & Nigel, think your bluff has bitten you on the backside

[Perthbum]

Think we just send a portion of funds over to tide us over, rental etc, problem is no one knows how long this be for. I voted remain, but we got the Leave vote and within 2 weeks those politicians who proclaimed a new Britain away from the EU have all disappeared. Thanks Boris, Gove & Nigel, think your bluff has bitten you on the backside

They have not gone away?? the doom mongers who said we would crash and burn have gone very quiet...the footsie is doing brilliant and exporters are rubbing their hands with glee.

[flag of convenience]

You have said before that it's over priced , from what I have read you are incorrect prices have not dropped just slowed

and demand is still there, more scare tactics

 

 

However, Ben Madden, the managing director of London estate agents Thorgills, said: "The mere fact that we had a result was as if a weight had been lifted and people started to make firm buying decisions again.

"Despite widespread predictions that sales activity would drop off and sellers would have to accept price reductions, that simply hasn't materialised."

 

And I'll keep saying it. Except in this case prices have dropped in London and I have examples of property declines. Too expensive probably to interest me but I am keeping an eye on it. Low GBP will of course invite other non EU interest.

[Gbye grey sky]

The biggest immediate problem is commercial property. This from the Australian Financial Review today:Seven British property trusts, holding 18 billion pounds worth of real estate assets have now been frozen. One of these funds, Aberdeen Fund Managers, has cut the value of its property fund by 17%. Main worry, of course, is a projected steep fall in London office values because many of the companies that lease the office towers in the City - bankers, fund managers, brokers - etc are likely to move to Paris, Frankfurt or Dublin to remain within the EU. i.e the threatened loss of the EU "passport" for the City. Singapore is also hoping to pick up some, of course - capitalizing on its political stability, facility with English etc etc. Company tax there is only 20%. How can it not be a sign of near-panic that the Bank of England has just reduced UK company tax rate to 15%?

 

Some mistake surely. Bank of England does not set Corporation Tax rates. Osborne I believe has made some announcement about an intention to reduce the rate to 15% by 20/20. It is looking like the chief beneficiaries of Brexit may be big business.

[flag of convenience]

Good news for exports and for those planning to return to the UK....life will go on and the man in the street will not see much difference to be fair, and in a few years could well be far better off.

 

Yep. A recession will certainly challenge the mantle of elements of the population.

[Perthbum]

yep. A recession will certainly challenge the mantle of elements of the population.

what recession, the doomongers said we would sink into recession days after a brexit vote...nope no recession, they said there would be an emergency budget after an exit vote, nope no budget...do you want me to go on?

[newjez]

We are witnessing falls in London house prices for the moment as hesitation to commit becomes evident. Some even pulling out of purchasing. Indeed may well result in lowering interest rates further in an attempt to stimulate falling demand.

 

A falling pound together with property bound to see a further onslaught of the London market, by far eastern and middle eastern buyers, further placing the London market out of the hands of UK buyers. A mess all round indeed.

 

I doubt there are many chains which haven't collapsed. Why would first time buyers not pull out? Upside is, I have a mate who voted to remain, as he was using a share save scheme due to pay out in November as a deposit. He's a first time buyer. Upside is the share price is higher than pre brexit, and house prices are crashing! Good to see a young guy getting ahead, and with clear conscience!

[newjez]

what recession, the doomongers said we would sink into recession days after a brexit vote...nope no recession, they said there would be an emergency budget after an exit vote, nope no budget...do you want me to go on?

 

 

After the Titanic hit the ice berg, it took along time for some people to acknowledge it would sink. Others less so.

[newjez]

Mates who I used to work with ( construction ) have full order books of work well into next year

 

 

Yes, because if you are halfway through a major construction job it makes sense to tools down just because it looks less favourable. The reasons that might stop you from starting a project may not cause you to stop a project mid term. The effects won't be seen for a couple of years.

[Poppet77]

True but when we looked to move to OZ obviously the rates were different and to me personally it makes a big difference as to where we live and what we can afford. It's a hell of a long way to go to be worse off than before. Houses are not cheap and standard of living is expensive but this is just my opinion ?

[scuffythetugboat]

Calm down everyone. Take a deep breath. Now, exhale. Now, focus on what you want to do and your own time frame. Changing money big time is something you never think about until you have, relatively, all your money in the world to exchange for a foreign currency that you thought would be around the 2 for 1 ball park figure. At the moment it isn't but you can't do anything about it except maybe wait.

 

Five and a half years ago we came out to Australia and exchanged all of our money from the UK for $1.48. In 3 months time from now we will be returning to the UK. On paper I suppose we have lost money even with the fall in the value in the £ at the moment. But, do you know what? We don't care. We will get on with our lives, and hopefully, so will all of you.

[Perthbum]

After the Titanic hit the ice berg, it took along time for some people to acknowledge it would sink. Others less so.

think you have a long wait.

[Perthbum]

Calm down everyone. Take a deep breath. Now, exhale. Now, focus on what you want to do and your own time frame. Changing money big time is something you never think about until you have, relatively, all your money in the world to exchange for a foreign currency that you thought would be around the 2 for 1 ball park figure. At the moment it isn't but you can't do anything about it except maybe wait.

 

Five and a half years ago we came out to Australia and exchanged all of our money from the UK for $1.48. In 3 months time from now we will be returning to the UK. On paper I suppose we have lost money even with the fall in the value in the £ at the moment. But, do you know what? We don't care. We will get on with our lives, and hopefully, so will all of you.

the strength of the pound is in your favor. :cute:

[Rallyman]

Yes, because if you are halfway through a major construction job it makes sense to tools down just because it looks less favourable. The reasons that might stop you from starting a project may not cause you to stop a project mid term. The effects won't be seen for a couple of years.

 

 

When the gfc hit the uk back in 2008 , they simply shut sites down , houses half built were left until sold to be completed , where bricks were on site ready to build the next batch ,these were actually sent back to the manufactures something that had never happened in the two previous ressions, the way you are talking its total armagedon and it's not.

This is a quote from a London estate agent :

 

However, Ben Madden, the managing director of London estate agents Thorgills, said: "The mere fact that we had a result was as if a weight had been lifted and people started to make firm buying decisions again.

"Despite widespread predictions that sales activity would drop off and sellers would have to accept price reductions, that simply hasn't materialised."

 

 

[flag of convenience]

what recession, the doomongers said we would sink into recession days after a brexit vote...nope no recession, they said there would be an emergency budget after an exit vote, nope no budget...do you want me to go on?

 

Well those are ignorant as to how an economy works. The immediate results that cannot be in dispute are a lowering pound and less spending. Not forgetting some London housing prices going southwards.

 

The talk of even lower interest rates are being spoken for a reason. And not because the economy is in celebration at exit. A recession is very much a concern. An economy, like a giant super marine sea tanker does not altar position with immediate effect.

[flag of convenience]

When the gfc hit the uk back in 2008 , they simply shut sites down , houses half built were left until sold to be completed , where bricks were on site ready to build the next batch ,these were actually sent back to the manufactures something that had never happened in the two previous ressions, the way you are talking its total armagedon and it's not.

This is a quote from a London estate agent :

 

However, Ben Madden, the managing director of London estate agents Thorgills, said: "The mere fact that we had a result was as if a weight had been lifted and people started to make firm buying decisions again.

"Despite widespread predictions that sales activity would drop off and sellers would have to accept price reductions, that simply hasn't materialised."

 

 

 

You actually take as gospel, someone in an industry that will talk it up out off self interest, regardless if The Great Fire of London was destroying every building in their street, but would remain in denial??