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Will Corona virus cause a house price crash?


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On 23/03/2020 at 00:43, bear.getting.old said:

It's unbelievable - 80% wages underwritten. Its like a socialist wet dream and carried out by a conservative government!

They are putting the health of people and peoples debts above fiscal responsibility. We can only guess how this will end

Pretty much happened in WW2 aswell. The profit motive and long term national interest aren't always aligned.

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Hi I am  still in a dilemma about the flat I'm buying Was just about to exchange when some damp issues which need addressing came to light There has been work done and we have seen the guarantees but there were things omitted which we've now learned about and would need investigating. I have had a transplant and am in for 12 weeks and can't really move into it for months and this work would need done before moving in adding ££ to my rental. The seller wants to just 'get it done' but we are paying more than its really worth as we were desperate to move. Any advice Do people think prices will at least be static? 

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Home moves grind to a halt!

The housing market has effectively been shut down after the Government told all estate and lettings agents to stop viewings. 

All face-to-face property viewings have been stopped

No house moves can take place unless considered to be essential

It leaves those who have exchanged on a property purchase in limbo 

Experts explained that estate agents and letting agents were deemed 'non-essential' businesses under Government guidelines.

Daily Mail

 

The HPC is now baked in.

The forecasts are, house prices are going to drop between 10% (OnTheMarket) and 20% (Jefferies).

Edited by rollover
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5 hours ago, hurlerontheditch said:

plenty on mumsnet starting to pull out of purchases.. cards beginning to fall

 

https://www.mumsnet.com/Talk/property/3854046-Anyone-else-halfway-through-a-sale-buying?pg=2

???

 

If your stepping up the ladder then the impending housing crash won't affect you as you would have likely entered the market when prices were cheaper, for a first time buyer I would be running a mile, your be in negative equity and impossible to remortgage and stuck in the same house for years unable to sell again, the recession figures for unemployment will be huge and people will simply not have the money 

 

 

 

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I was one day away from exchanging contracts on a house in Sussex on January 24th, for an April 15th move. The vendor failed to provide certification for an extension they had completed, so we pulled out. I count myself extremely blessed. Not only would we now be in a terrible limbo, I could easily see us being 100k down by the end of the year.

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1 hour ago, HovelinHove said:

I was one day away from exchanging contracts on a house in Sussex on January 24th, for an April 15th move. The vendor failed to provide certification for an extension they had completed, so we pulled out. I count myself extremely blessed. Not only would we now be in a terrible limbo, I could easily see us being 100k down by the end of the year.

Yup.  I am going to send thank you cards to all the vendors who refused our 'insulting, impossible' offers over the last 6 months.
They were in the £250-300k range so we'd probably have lost £50-75K by this Autumn.

Come to think of it, maybe they deserve a case of vintage burgundy each!

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7 hours ago, bear.getting.old said:

No house moves can take place unless considered to be essential   ..???

What crap is this in the Daily Mail. Of course if you buy a house you will want to move into it!

Er, where have you been the past week? Removal men won’t be able to come. Solicitors and estate agents won’t be able to work. Travel and being outside are only allowed if essential, and moving house is not considered essential.

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I got an email from my landlord’s letting agent yesterday basically saying the office is closed, and all their usual staff are not working. I assume it’s the same for all other EAs. The market is basically being frozen until the lockdown is lifted. This will mean that no transactions can take place, which will mean that prices will not move either way. However, once we are out the other side, I suspect there will be more forced sellers than desperate buyers...time for those with cash to make hay before the deflationary sun is covered by the dark clouds of hyper-inflation.

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9 minutes ago, Si1 said:

Imagine if you'd just bought a Help to Buy identikit soulless box for £300k in some random regional town....

Or even worse, £600k in London. ??

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Caller to LBC radio last night from a house removal company. Packed up house sold and arrived at new home to be told that the sale had not gone through. Frantic calls to solicitors and EA to find bith AWOL. Calls not answered or returned.

 

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55 minutes ago, Flopsy said:

Caller to LBC radio last night from a house removal company. Packed up house sold and arrived at new home to be told that the sale had not gone through. Frantic calls to solicitors and EA to find bith AWOL. Calls not answered or returned.

 

Absolute nightmare.

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I really, really want to buy a house, and I'm willing to work a few (3ish) years in order to buy one. However, not at these prices and not in these circumstances, and certainly with as little debt as possible. Maybe even none if I'm lucky.

I'm patient and can wait ? Can the sellers?

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Barclays is first to withdraw almost all mortgage products above 60% LTV, I suspect others will follow due to the state of the economy, people will need to some how stump up a 40% deposit for a house now, should have a major effect on prices. 

 

https://www.financialreporter.co.uk/mortgages/barclays-withdraws-almost-all-mortgage-products-above-60-ltv.html

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There seem to be an awful lot of houses suddenly listed on Zoopla for sale in my area this past 24 hours. Not sure whether it's panic selling or the tail end of normal activity before the big freeze, but one or two of them already seem priced lower than I'd expect. I'm not gonna lie, but I feel some pure excitement lurking in me. 

 

Edited by Orb
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34 minutes ago, Jimmyjammy001 said:

Barclays is first to withdraw almost all mortgage products above 60% LTV, I suspect others will follow due to the state of the economy, people will need to some how stump up a 40% deposit for a house now, should have a major effect on prices. 

 

https://www.financialreporter.co.uk/mortgages/barclays-withdraws-almost-all-mortgage-products-above-60-ltv.html

Banks acting like this they will bring a self fulfilling prophecy and the fall they actually fear.

Probably illustrates how much they are expecting the fall because they must know this is the case. 
 

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  • 439 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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