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House prices

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By (user no longer on site) OP   
over a year ago

Are we looking at a crash to end all crashes due to this?

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By (user no longer on site)
over a year ago

I don't think it is looking to good for sellers, but people who have money will be still buying but at drastically reduced prices.

But all of this hinges on the help and support that mortgagees get and how quickly they get that help.

I hope no one loses their home over this virus but it is inevitable that some people will not get the support and understanding that they need, stay safe people xx

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By *wisted999Man
over a year ago

North Bucks

I was thinking about this last night. I want to buy another buy to let. But I’m not sure I could stomach buying at such a time of misery for sellers. I don’t like taking advantage of such things.

Weird for me.

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By (user no longer on site)
over a year ago

They are talking about freezing the housing market.

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By (user no longer on site) OP   
over a year ago


"They are talking about freezing the housing market."

They’ve already asked for sales to stop.

What effect this will have on prices though.

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By (user no longer on site) OP   
over a year ago

My stress is that I got divorced very recently. The house is set to go on the market on a certain date (set out in the financial order) and my ex is down to get a set figure......

seeing as I’m the one who put all the money in and has done all the work I could be about to go under

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By (user no longer on site)
over a year ago

after the virus

Rural homes in more remote places and small villages will rise

properties in most Cities will drop as many people will have learned a lesson

as for London, properties will still rise, good luck to those within that City

a game of Russian roulette with life.

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By *iss_tressWoman
over a year ago

London


"after the virus

Rural homes in more remote places and small villages will rise

properties in most Cities will drop as many people will have learned a lesson

as for London, properties will still rise, good luck to those within that City

a game of Russian roulette with life."

The area I live the houses prices won't fall much, problem is will I have a job at the end of this to pay for it?

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By *xtrafun4youMan
over a year ago

Dunstable


"They are talking about freezing the housing market."
Well with no houses being built. Supply and demand can’t see it.

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By (user no longer on site)
over a year ago


"after the virus

Rural homes in more remote places and small villages will rise

properties in most Cities will drop as many people will have learned a lesson

as for London, properties will still rise, good luck to those within that City

a game of Russian roulette with life."

A contraction of the jobs market inevitably leads people looking to move to cities as that’s where the jobs remain. Therefore prices there might well not fall.

Conversely ownership of second homes may fall.

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By (user no longer on site)
over a year ago

I saw an online article that said Halifax has changed it's policy to only providing 60% mortgages. So unless you can come up with 40% up front...

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By (user no longer on site)
over a year ago


"I saw an online article that said Halifax has changed it's policy to only providing 60% mortgages. So unless you can come up with 40% up front..."

Ok read another article that is more accurate...

https://www.mortgagestrategy.co.uk/news/halifax-withdraws-all-mortgages-over-60-ltv/

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By *eah BabyCouple
over a year ago

Cheshire, Windermere ,Cumbria

Where we live there are unsold new houses that they are now trying to rent at crazy prices but they are continuing to demolish the countryside with more new ones, people protested to no avail, absolutely bonkers, pure greed by the local authority.

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By (user no longer on site)
over a year ago


"I was thinking about this last night. I want to buy another buy to let. But I’m not sure I could stomach buying at such a time of misery for sellers. I don’t like taking advantage of such things.

Weird for me. "

Maybe if you were to delay buying 'another' buy to let property it would allow a young person to buy their first one.

It might ease your conscience further still

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By *lem-H-FandangoMan
over a year ago

salisbury


"Are we looking at a crash to end all crashes due to this?"

Let's hope so!

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By *wisted999Man
over a year ago

North Bucks


"I was thinking about this last night. I want to buy another buy to let. But I’m not sure I could stomach buying at such a time of misery for sellers. I don’t like taking advantage of such things.

Weird for me.

Maybe if you were to delay buying 'another' buy to let property it would allow a young person to buy their first one.

It might ease your conscience further still "

Nice dig. Interpret my post how you want

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By *eah BabyCouple
over a year ago

Cheshire, Windermere ,Cumbria

Bought our first house when the mortgage rate was near 15% now that was hard times. Yes deposit low but hard going each month. Certainly wouldn’t like a property crash after years of hard work that’s for sure.

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By (user no longer on site)
over a year ago


"Bought our first house when the mortgage rate was near 15% now that was hard times. Yes deposit low but hard going each month. Certainly wouldn’t like a property crash after years of hard work that’s for sure."

17% in 1984, thats what I was paying

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By *ady LickWoman
over a year ago

Northampton Somewhere

Just read a report that the mortgage/housing market has been put on hold for first time buyers and people with low equity in their homes.

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By *eddy and legsCouple
over a year ago

the wetlands

It's on hold for everyone, viewing houses isn't essential travel

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By (user no longer on site)
over a year ago


"Are we looking at a crash to end all crashes due to this?"
yes. The market will take a year before reality totally kicks in so if your selling try to do it quickly. The number of sales will be small but in 2008/2009 many people bought thinking they were getting a bargain due to 10% reduction, they were not. Property will probably reduce in 2 years by 30%+. At best we have a severe recession ahead.

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By *eddy and legsCouple
over a year ago

the wetlands


"Are we looking at a crash to end all crashes due to this? yes. The market will take a year before reality totally kicks in so if your selling try to do it quickly. The number of sales will be small but in 2008/2009 many people bought thinking they were getting a bargain due to 10% reduction, they were not. Property will probably reduce in 2 years by 30%+. At best we have a severe recession ahead. "

And brexit round the corner

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By *ty31Man
over a year ago

NW London


"after the virus

Rural homes in more remote places and small villages will rise

properties in most Cities will drop as many people will have learned a lesson

as for London, properties will still rise, good luck to those within that City

a game of Russian roulette with life.

The area I live the houses prices won't fall much, problem is will I have a job at the end of this to pay for it? "

In doubt London prices will fall much, probably stagnate for a shortish while then rise again when things straighten out.

Could be a good time for people to get on the ladder or try to move up if they can

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By *essie.Woman
over a year ago

Serendipity


"Just read a report that the mortgage/housing market has been put on hold for first time buyers and people with low equity in their homes.

"

It’s on hold full stop at the moment

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By (user no longer on site)
over a year ago

Yup nationwide have pulled offers

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By *sGivesWoodWoman
over a year ago

ST. AUSTELL, CORNWALL

I think finance in general may collapse.

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By (user no longer on site)
over a year ago

The housing market has been put on hold because you can’t have viewers wandering around your house.

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By *acavityMan
over a year ago

Redditch


"They are talking about freezing the housing market. Well with no houses being built. Supply and demand can’t see it."

Supply might increase, due to the large numbers of predicted deaths, leaving houses empty, and survivors may choose to downsize and move away from a home full of memories.

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By * AND JCouple
over a year ago

Godalming

If you manage to find a buyer for your property and want a new build I suspect the new build will drop in value as they will need to sell rather than having to pay interest on their loans.

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By (user no longer on site)
over a year ago

This is worrying for people who have just bought a house and are waiting for the deal to go through.

Could take forever and at the end of it the house could be worth way less than the mortgage to pay.

Hopefully things will go back to normal soon.

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By *lanemikeMan
over a year ago

Bolton


"If you manage to find a buyer for your property and want a new build I suspect the new build will drop in value as they will need to sell rather than having to pay interest on their loans. "

Interest...? What is that...!!!

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By *sGivesWoodWoman
over a year ago

ST. AUSTELL, CORNWALL


"If you manage to find a buyer for your property and want a new build I suspect the new build will drop in value as they will need to sell rather than having to pay interest on their loans.

Interest...? What is that...!!!"

What's a mortgage?

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By *ty31Man
over a year ago

NW London


"They are talking about freezing the housing market. Well with no houses being built. Supply and demand can’t see it.

Supply might increase, due to the large numbers of predicted deaths, leaving houses empty, and survivors may choose to downsize and move away from a home full of memories."

I doubt that would have much of an effect as the number of predicted deaths (even worst case scenario) still only represents a small percentage of the population and there is no certainty that they were all property owners.

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By *oi_LucyCouple
over a year ago

Barbados


"The housing market has been put on hold because you can’t have viewers wandering around your house."

The other day there was a discussion on LBC about people who were due to be completing and moving about now. And if they could even get a moving van booked to move. Especially complicated if you have chains of sales etc.

The most startling thing was that the process is being greatly hampered by the fact that solicitors are having to work from home and that many banks still insist on doing legal stuff by fax. And no-one has a fax at home anymore!

-Matt

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By *ooskiMan
over a year ago

south coast

Its not the house prices.......its finding a bank and then meeting the new affordability tests coming into play...

Good friend has just lost his dream purchase due to lockdown and bank receding on thier mortgage offer (the bank told him last friday we dont care what goverment have said about freezing) all our products have been withdrawn

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By (user no longer on site)
over a year ago


"Its not the house prices.......its finding a bank and then meeting the new affordability tests coming into play...

Good friend has just lost his dream purchase due to lockdown and bank receding on thier mortgage offer (the bank told him last friday we dont care what goverment have said about freezing) all our products have been withdrawn"

Well in that case my mate was lucky because he just qualified for a mortgage before the virus and he bought a house. He's now waiting for the solitor to do the checks which I think usually takes around 6 weeks?

I don't think he will be allowed to move in for awhile though.

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By *ooskiMan
over a year ago

south coast


"Its not the house prices.......its finding a bank and then meeting the new affordability tests coming into play...

Good friend has just lost his dream purchase due to lockdown and bank receding on thier mortgage offer (the bank told him last friday we dont care what goverment have said about freezing) all our products have been withdrawn

Well in that case my mate was lucky because he just qualified for a mortgage before the virus and he bought a house. He's now waiting for the solitor to do the checks which I think usually takes around 6 weeks?

I don't think he will be allowed to move in for awhile though. "

Thats good news and yes removal firms are still working and allowed to work!!! As goverment recognise that if its in contract and parties cant freeze then the move can carry on.......still adhereing to social distancing were possible and ppe wear

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