Will Corona virus cause a house price crash?

[crumblingcon]

3 hours ago, Take Me Back To London! said:

Was that by London Transport RT or RM?

RTs on the 93 from 1953 to March 1976.

RMs March 1976 to Sept. 1982

Route master cheeky b****** ?

[crumblingcon]

2 hours ago, GregBowman said:

Haringey with 'greek' lanes running through it:

I am half Lithuanian, and catholic so lots of mates of Irish descent, school had West Indians, Jewish, and for some reason Turkish families and from memory Chinese. Not many Greeks. Teenage years became friends with Greek fellas going clubbing in Tottenham, Green Lanes and not quite in the area Southgate. Did an apprenticeship in a factory where the racial mix was like this higher proportion of other Eastern Europeans Poles mainly and Italians - some stayed as friends after

I would say pretty diverse for 60/70's UK

Where was your area and how racially diverse ? 

By the way  wouldn't bother thinking about a mortgage at the moment ....

The only trouble with the Greeks is that you had to stay well clear of the Greek girls  Dads, hand on heart I once had a Greek Dad chase me through London when I was 17 in his Taxi threatening to kill me, I never squared up to anyone again unless I was prepared to follow it through because of that incident.

Edited April 22, 2020 by crumblingcon

[Take Me Back To London!]

31 minutes ago, crumblingcon said:

Route master cheeky b****** ?

?    

After the lovely Routemasters, which were like charming old English pubs inside, there were those noisy, vibrating Weetabix boxes, the Daimler Fleetline on the 93 which I travelled on as a kid from Putney to see the Christmas pantomime at Wimbledon.

 

Edited April 22, 2020 by Take Me Back To London!

[crumblingcon]

7 minutes ago, Take Me Back To London! said:

?    

After the lovely Routemasters, which were like charming old English pubs inside, there were those noisy, vibrating Weetabix boxes, the Daimler Fleetline on the 93 which I travelled on from Putney to see the Christmas pantomime at Wimbledon as a kid.

 

I remember going to the common and sometimes onto Putney and along the river past the boat club to a park where they had Fetes etc, I swear your would think you were in a rural Darling Buds of May scene sometimes

[longgone]

https://www.rightmove.co.uk/news/articles/property-news/coronavirus-pauses-housing-market-but-it-can-be-kick-started/?utm_source=uknewsletter&utm_medium=email&utm_campaign=newsletterapr4&utm_content=hero2HPI

 

Homeowners research and agents go virtual during market pause

As we enter an extended period of lockdown, our property expert Miles Shipside reveals how it’s affected the housing market so far, and what needs to happen to help a recovery.

Given the effective pausing of key activities in the market, data on things like the numbers of properties coming up for sale, for example, aren’t particularly helpful at the moment.

So it’s important to focus on what’s happening right now, plus the steps that need to be taken to help the housing market recover once the lockdown can safely be eased.

We’ve seen that available stock for sale is down only marginally, by 2.6%, since the lockdown began, so most sellers seem determined to continue with their moving plans.

We also know that many homeowners are researching their plans for the future, using Rightmove’s sold prices section.

Agents are continuing to help serious buyers and sellers by using tools such as online videos, until physical viewings are once again possible.

Here, we asked Miles to answer some of the most common questions we’ve seen from Rightmove users.

What will it take to kick-start the market again?

The price of property coming to market was at an all-time high as we went into lockdown, fuelled by buyer demand outstripping supply, high levels of employment, and mortgage lenders competing to lend.

The unprecedented government support for people and businesses will need to continue once the lockdown is eased, in order to facilitate a quick recovery on many fronts.

What initiatives would help the market to recover?

Owners need to be encouraged to move by reducing the costs of moving, and prospective buyers encouraged to buy by reducing the costs of funding their purchase.

I take that as a backhanded way of pay less LOLOLOLO?

 

[Warlord]

property 'expert' ?

[crumblingcon]

4 minutes ago, longgone said:

https://www.rightmove.co.uk/news/articles/property-news/coronavirus-pauses-housing-market-but-it-can-be-kick-started/?utm_source=uknewsletter&utm_medium=email&utm_campaign=newsletterapr4&utm_content=hero2HPI

 

Homeowners research and agents go virtual during market pause

As we enter an extended period of lockdown, our property expert Miles Shipside reveals how it’s affected the housing market so far, and what needs to happen to help a recovery.

Given the effective pausing of key activities in the market, data on things like the numbers of properties coming up for sale, for example, aren’t particularly helpful at the moment.

So it’s important to focus on what’s happening right now, plus the steps that need to be taken to help the housing market recover once the lockdown can safely be eased.

We’ve seen that available stock for sale is down only marginally, by 2.6%, since the lockdown began, so most sellers seem determined to continue with their moving plans.

We also know that many homeowners are researching their plans for the future, using Rightmove’s sold prices section.

Agents are continuing to help serious buyers and sellers by using tools such as online videos, until physical viewings are once again possible.

Here, we asked Miles to answer some of the most common questions we’ve seen from Rightmove users.

What will it take to kick-start the market again?

The price of property coming to market was at an all-time high as we went into lockdown, fuelled by buyer demand outstripping supply, high levels of employment, and mortgage lenders competing to lend.

The unprecedented government support for people and businesses will need to continue once the lockdown is eased, in order to facilitate a quick recovery on many fronts.

What initiatives would help the market to recover?

Owners need to be encouraged to move by reducing the costs of moving, and prospective buyers encouraged to buy by reducing the costs of funding their purchase.

I take that as a backhanded way of pay less LOLOLOLO?

 

I love how they interpret the holding up of or increases in prices of houses as "recovery". I am willing to bet that we are now in a majority that now see falling house prices as one of major pluses of this lockdown.

If sellers recently purchased property at peak prices then they obviously thought they must be worth what they paid, people from now on are just going to have to learn that rising house prices is not a given year after year and decade after decade

[longgone]

4 minutes ago, crumblingcon said:

I love how they interpret the holding up of or increases in prices of houses as "recovery". I am willing to bet that we are now in a majority that now see falling house prices as one of major pluses of this lockdown.

If sellers recently purchased property at peak prices then they obviously thought they must be worth what they paid, people from now on are just going to have to learn that rising house prices is not a given year after year and decade after decade

you give the general public too much credit.  

borrowing needs to be limited with a nice big fat deposit always. 

[Wayward]

"The unprecedented government support for people and businesses will need to continue once the lockdown is eased, in order to facilitate a quick recovery "...

We should be honest about what this means....the support comes from borrowing that will become a heavy burden for future generations.  The purpose of this support is to artificially prop up the price of housing so wealth and power stays in the hands of existing land and property owners.  How can be this justified....?

[longgone]

1 hour ago, crumblingcon said:

The only trouble with the Greeks is that you had to stay well clear of the Greek girls  Dads, hand on heart I once had a Greek Dad chase me through London when I was 17 in his Taxi threatening to kill me, I never squared up to anyone again unless I was prepared to follow it through because of that incident.

?

you found a soft one, greek dad that is hence why you still can post. 

[Pop321]

20 hours ago, bear.getting.old said:

I'll give you one. In 1996 I bought a repo which had been empty a year and had a boarded up window. No demand for it at all it seemed and I wondered if I was mad to buy it, good area though. Buying property in the early to mid 90s seemed like a thing you didn't do... Contrast that with the demand when I sold it many years later I had 8 viewings in 1 day. Multiple offers. It's sentiment. Sentiment could go that way to early 90s again.

It’s like an astronaut telling you what it is like looking down on the earth.....until you see it yourself it’s difficult to imagine what it is really like. 

I started work at 18 in the boom of ‘86 and despite my better judgement (luckily) we bought. It doubled in 2/3 years and we sold. Our purchase fell through because seller was a greedy tw4t and last minute wanted 10% more so we honoured our sale and moved to rented. (I was not ‘house’ savvy)

We then looked to buy again in 1991 and could not believe our luck and what has changed. 

No one was buying in 1991...literally NO ONE.

So we bought (for almost the same price we sold out little started home) a forever home. It was a deceased sale, best street, nice house....there were even bigger bargains but we went for quality. 

Until you see a really big change in housing sentiment you just won’t believe it....so I know you are right but many FTB’ers won’t believe it’s possible?

[Pop321]

On 21/04/2020 at 08:48, winkie said:

The halcyon days of youth, plenty of youth and sports clubs, discos, Saturday morning cinema, outside swimming pools such as Finchley swimming pool, cheap transport, plenty of jobs, and a home could be bought with those jobs with own savings without help.....schools that provided great home cooked dinners and plenty of morals and practical skills.....kids were healthier, food was healthier, mental health was not so profound and common......even the kids from poorer beginnings had more opportunities then...IMO.

Others might see it differently, depending when and where they were born......same places today though are now very different, how things change over a very short period of time, not for the benefit of the many though.

1970’s...youngest of 5 kids, dad a teacher, mum part time (ie 1 day a week) nurse. 

Dad gave us quality street wrappers to put over our eyes to watch tv and said it was the same as having a colour tv.? proper Yorkshireman. 

My brothers old record player was my present one Christmas (and I was absolutely made up). New clothes for Christmas and birthday was the norm...

Power cuts were exciting, long weekends down the river, football and cricket in the street. No one on our street had stuff and everyone was happy. Easy to look to the past with rose tinted glasses (or with quality street wrappers over them?) but it really was easy. And having nothing helped...no jealousy because even the rich kid (maybe the dad had a company car) still had very little.

I still can’t spend money...owning things don’t give me pleasure. (Well except a ‘relatively’ modest Swiss Automatic watch). Used all my pennies to stop working at 50, loving that decision and forgoing the new car, tv and soda. Happy with half decent bargains. 

Not sure we can go back to those 1970’s days, so  I taught my kids that money and possessions are NOT happiness. I have been 90% effective in that teaching, and they are happy....all I ever wanted. 

[GregBowman]

2 hours ago, crumblingcon said:

The only trouble with the Greeks is that you had to stay well clear of the Greek girls  Dads, hand on heart I once had a Greek Dad chase me through London when I was 17 in his Taxi threatening to kill me, I never squared up to anyone again unless I was prepared to follow it through because of that incident.

Lesson learnt early in life did you a favour ?

[GregBowman]

4 hours ago, winkie said:

What Potters Bar, London Colney, Cuffley, Borehamstiff, Brookmans Park, Cockfesters, or do you mean further afield, Hatfield, Welwyn, St Albans, Hemel...blah,blah.

Not shatfield or Cockfesters or Hemel dire place but lived or had an office in all the others - as an office location favourite was Welwyn garden city 

Edited April 22, 2020 by GregBowman

[GregBowman]

4 hours ago, shlomo said:

I grew up in Golders Green, English, Jewish and some Indian I had a very sheltered life until I was in my 20s and started to work in car sales it was fun and you met so many different characters 

True - Golders Green - Hampstead was great in 80’s/90’s bars restaurants little boutique night clubs which anyone smartly dressed could get into - in fact they were all over London - in spite of the hype things aren’t as accessible or fun now - might be my age but my kids agree 

Hampstead had two burger joints that were open to 2 am or later Calamity Janes and Maxwells imagine that now and not junk food proper diners 

Edited April 22, 2020 by GregBowman

[The Spaniard]

54 minutes ago, Pop321 said:

Dad gave us quality street wrappers to put over our eyes to watch tv and said it was the same as having a colour tv.? proper Yorkshireman. 

Luxury.

All ten of us kids had to share the discarded cellophane wrapping from a Lucozade bottle, if we could find one somewhere.

And all we had to look at were an old sepia photo of Queen Victoria. 

[Take Me Back To London!]

3 hours ago, crumblingcon said:

The only trouble with the Greeks is that you had to stay well clear of the Greek girls  Dads, hand on heart I once had a Greek Dad chase me through London when I was 17 in his Taxi threatening to kill me, I never squared up to anyone again unless I was prepared to follow it through because of that incident.

Next time remember to use the Micheal Caine/Get Carter technique (at 1 min 10 secs in the video) if Mr Stavros starts to get out of his taxi to get you. ?

 

[shlomo]

1 hour ago, longgone said:

?

you found a soft one, greek dad that is hence why you still can post. 

I did hear a story about a Greek dad who did something to a man who slept with his daughter, the man took up singing afterwards and was in Milli Vanilli 

[Chunketh]

2 hours ago, Pop321 said:

1970’s...youngest of 5 kids, dad a teacher, mum part time (ie 1 day a week) nurse. 

Dad gave us quality street wrappers to put over our eyes to watch tv and said it was the same as having a colour tv.? proper Yorkshireman. 

My brothers old record player was my present one Christmas (and I was absolutely made up). New clothes for Christmas and birthday was the norm...

Power cuts were exciting, long weekends down the river, football and cricket in the street. No one on our street had stuff and everyone was happy. Easy to look to the past with rose tinted glasses (or with quality street wrappers over them?) but it really was easy. And having nothing helped...no jealousy because even the rich kid (maybe the dad had a company car) still had very little.

I still can’t spend money...owning things don’t give me pleasure. (Well except a ‘relatively’ modest Swiss Automatic watch). Used all my pennies to stop working at 50, loving that decision and forgoing the new car, tv and soda. Happy with half decent bargains. 

Not sure we can go back to those 1970’s days, so  I taught my kids that money and possessions are NOT happiness. I have been 90% effective in that teaching, and they are happy....all I ever wanted. 

Experiences are much more valuable than stuff. It's taken me a while to work that one out, but I finally got there.

 

[bear.getting.old]

2 hours ago, shlomo said:

I did hear a story about a Greek dad who did something to a man who slept with his daughter, the man took up singing afterwards and was in Milli Vanilli 

He did a good miming act then?

[MonsieurCopperCrutch]

9 hours ago, GregBowman said:

Haringey with 'greek' lanes running through it:

I am half Lithuanian, and catholic so lots of mates of Irish descent, school had West Indians, Jewish, and for some reason Turkish families and from memory Chinese. Not many Greeks. Teenage years became friends with Greek fellas going clubbing in Tottenham, Green Lanes and not quite in the area Southgate. Did an apprenticeship in a factory where the racial mix was like this higher proportion of other Eastern Europeans Poles mainly and Italians - some stayed as friends after

I would say pretty diverse for 60/70's UK

Where was your area and how racially diverse ? 

By the way  wouldn't bother thinking about a mortgage at the moment ....

Catholicism is not an ethnicity. 

[winkie]

11 hours ago, Pop321 said:

1970’s...youngest of 5 kids, dad a teacher, mum part time (ie 1 day a week) nurse. 

Dad gave us quality street wrappers to put over our eyes to watch tv and said it was the same as having a colour tv.? proper Yorkshireman. 

My brothers old record player was my present one Christmas (and I was absolutely made up). New clothes for Christmas and birthday was the norm...

Power cuts were exciting, long weekends down the river, football and cricket in the street. No one on our street had stuff and everyone was happy. Easy to look to the past with rose tinted glasses (or with quality street wrappers over them?) but it really was easy. And having nothing helped...no jealousy because even the rich kid (maybe the dad had a company car) still had very little.

I still can’t spend money...owning things don’t give me pleasure. (Well except a ‘relatively’ modest Swiss Automatic watch). Used all my pennies to stop working at 50, loving that decision and forgoing the new car, tv and soda. Happy with half decent bargains. 

Not sure we can go back to those 1970’s days, so  I taught my kids that money and possessions are NOT happiness. I have been 90% effective in that teaching, and they are happy....all I ever wanted. 

I would say am similar to you in that came from a large family who had to share, we all worked hard, most of us were good with managing money, made do and mend....all kids are different, bit of nature as well as nurture, never felt went without anything.....when forever not wanting more helps make you contented with what you have......buying stuff especially overpriced stuff hasn't ever given a quick fix high...?

[winkie]

10 hours ago, GregBowman said:

Not shatfield or Cockfesters or Hemel dire place but lived or had an office in all the others - as an office location favourite was Welwyn garden city 

Small world.?

[Saving For a Space Ship]

Letter from the US..

Housing Market under COVID-19: Regular Folks Retreat, Foreign Investors Blocked, Large US Investors Gone, iBuyers Frozen

https://wolfstreet.com/2020/04/22/us-housing-market-under-covid-19-regular-folks-pull-back-nonresident-foreign-investors-blocked-large-us-investors-gone-ibuyers-frozen/

[rantnrave]

The heavy impact of Covid-19 on fall-throughs and withdrawals

https://propertyindustryeye.com/the-heavy-impact-of-covid-19-on-fall-throughs-and-withdrawals/