I am currently in the process of buying my first house (I live in the UK). Having had an offer accepted, I am now waiting on the sellers to complete on buying the house they're moving to.
With the current stock market turmoil, I am wondering what the implications of this are (if any) on my buying a house. I know that house prices have generally been rising for quite some time, but I'm wondering if the current situation with the stock market is likely to have an impact on the housing market..?
I'm aware that this is probably something that no-one can answer with a great degree of certainty, but what is the potential impact that the stock market crash will have on the housing market? If we are entering a bear market, does that mean that house prices are likely to drop as a result of this?
With the 2008 crash having been caused by the housing market bubble- I'm just aware that the two things can be (but are not necessarily) linked. Either way, I am not buying with any purpose other than owning my home- although I know it is a financial investment, that is not the primary purpose of the purchase, and I don't anticipate selling at least within the next 30 years (obviously, unforseen circumstances may dictate that I have to, but there is always that risk).
Interest rates are very low at the moment- so it's a good time to buy & get a long fixed rate mortgage, but is the current drop in the value of the markets a reason to hold off buying? If so, why? If not, why not?