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Will Corona virus cause a house price crash?


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Anecdotal:

Yes, it will, because we just received an offer on a place (sadly selling due to probate, loss of a relative), looking like the buyers (FTBs) will pull out (which even though we priced well below market by about 25k ish as we didn’t need the stupid “market value” prices ) is perfectly understandable given the current mayhem going on and I don’t blame them at all for using common sense).

This was to be the thing that would finally allow my family to return to Canada to buy our own place after an especially nasty year (currently can’t return due to travel restrictions), it’s a two bedroom place so sadly it is not even really livable for us long term as we have three adults.

If I told you about the sheer amount of consecutive bad luck I have had over the last ten years you would say I was making it up .....so yes, using myself as a bellwether it will one hundred percent crash now that my family has a place to actually sell :D, the inheritance also means I am now not a first time buyer as well so will have to pay more tax if I do now have to buy in England :D

By the way this is not a sympathy post, there is a pandemic going on which obviously trumps stupid stuff like a house sale in my opinion,  this is to make you all feel confident and positive that prices will definitely crash now because I am definitely a bad luck jinx. :D

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Oooo 0.1% base rate, 200 Billion QE, 350 Billion made available to businesses as loans...

 

Do I smell loads of monetary inflation, house prices will jump through the roof when all the hysteria is over with.

 

The bank contacted me today saying I can take a 3 month mortgage holiday if needed... I might take it, all though not needed, I'm in healthcare.

 

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13 minutes ago, shavedchimp said:

But can you see anyone with Euros currently planning to buy property in the UK, at a time like this?

Just in case, HMG should look at emergency tax measures to prevent any further influx of foreign money coming in and hoovering up UK housing - 30% on all overseas purchases should do it.

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1 hour ago, Smiley George said:

Just in case, HMG should look at emergency tax measures to prevent any further influx of foreign money coming in and hoovering up UK housing - 30% on all overseas purchases should do it.

I would think at this time they are more likely to remove all taxes.

Housing is an export and we just printed a ****** ton of money

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Just now, cool_hand said:

The overdue house price crash has been well and truly cancelled.

There's nothing the govt can do about destruction of global production capacity over the coming years.

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1 minute ago, Si1 said:

There's nothing the govt can do about destruction of global production capacity over the coming years.

Yes, but this crisis is going to last 18 months max. IMO - that's unless they're unable to make a vaccine. My fear now is anyone holding cash is going to be well and truly f*cked as hyper-inflation is the potential outcome of this intervention.

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Just now, cool_hand said:

you're going to have to give a little more detail than that sunshine

Two reasons:

The Twitter link above

The fact that the in the know liberal elite are cr8pping themselves, including the likes of, to particularly, Paul Krugman

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3 minutes ago, Si1 said:

Two reasons:

The Twitter link above

The fact that the in the know liberal elite are cr8pping themselves, including the likes of, to particularly, Paul Krugman

I'd love a HPC - I'd like to see falls of 50% - it just never seems to happen, printy printy.

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32 minutes ago, cool_hand said:

Yes, but this crisis is going to last 18 months max. IMO - that's unless they're unable to make a vaccine. My fear now is anyone holding cash is going to be well and truly f*cked as hyper-inflation is the potential outcome of this intervention.

it’s pretty much the goal.

maybe not flat out total currency distraction.

but certainly to lower the pound against a lot of other currencies.

- make manufacturing more competitive (only few real value creation industries we have)

- reduce our reliance on banking, which has been seen a con 

- allow a big house value fall while still having them increase when denominated in £  

- feel good factor with wage rises 

- much more lending to those who found their monthly wage suddenly easily clears months of debt 

- bails the stock market out

- pensions have uplift clauses which won’t keep ahead of inflation which makes the old affordable suddenly 

and in all of this, they can package it all as help, which we all need. 

So during this transition during the virus, they are killing a few birds with one stone. 

Wiping out people’s mortgages with inflation. 

It will be a big wealth transfer from the old to the young.

as long as your not all in cash. In which case... um.... I suppose you should be digging out the lube and a bit of wood to bite down on 

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