The UK Housing Market, Post Corona March 2020

Cobb

Distinguished Member
House prices dropping 15-20% would mean I might actually have a chance of getting on the property ladder. My partner and I have about £15k to use as a deposit so a reduction in housing prices would be most welcome.
 

busterbenny2001

Distinguished Member
In my opinion the lower end of the market won’t drop, as investors haven't got a lot of options left, the stock market is going to be volatile for some time to come, the interest rates are even worse than they were pre Covid 19, I agree the buy to let relying on mortgages will dry up but the cash rich will still be looking for investments and I’m guessing that low employment will follow this crisis therefore the rental market will be as buoyant as ever, just my take.
 

jassco

Member
both of our mortgages (same house) are up for renewal in the next 6 weeks. Given we've got about 20% equity, we're trying to fix for as long as possible in the hope that the market returns when they're next up for renewal. We take a small hit (around 5% more a month) but it's worth it for the peace of mind. Just need to get the rates set in before things blow up massively.
 

reevesy

Member
Well finally heard some news on my sale after the travel restrictions were put in place..
Looks like the buyers still want to complete soon as possible so thats a big relief for me..just waiting on a date.

Regarding the market...once the money's in the bank and the mortgage is paid off ..I think I might rent for a few months and see what happens..
 

Marth308

Member
Your suggestion is one of the most sensible I have seen, wait and see what happens.

We completed the sale of my late parents house on the 27th having traveled up there on the Monday, arriving back as Boris announced the travel ban and did over 7 and half hours total driving.

Good luck with your sale!
 

kenshingintoki

Well-known Member
I'm looking at houses in the £500k range. If they drop by 20%, its insane to think you can get what would have cost a £600,000 house a month ago for £500k in a few months time.

In all honesty, I think, similarly to the stock market, we're due to a 'correction' anyway as house prices seem very over-inflated.

I went on a few viewing around the 400-500k range in January and February and the houses IMO did not reflect the price tags (even taking into account a slight area variation).

It'll be interesting to see what mortgages will be available post-coronavirus too. Banks have been quite stingy IMO compared to 20 years ago.
 

Gaslight

Well-known Member
I'm looking at houses in the £500k range. If they drop by 20%, its insane to think you can get what would have cost a £600,000 house a month ago for £500k in a few months time.

In all honesty, I think, similarly to the stock market, we're due to a 'correction' anyway as house prices seem very over-inflated.

I went on a few viewing around the 400-500k range in January and February and the houses IMO did not reflect the price tags (even taking into account a slight area variation).

It'll be interesting to see what mortgages will be available post-coronavirus too. Banks have been quite stingy IMO compared to 20 years ago.
Similar experience, Ive been looking around 400, but did look at some for 475 and was pretty appalled by what they where asking for what it is. They did however sell. In the South East you can literally sell a shed for half a million.
 

domtheone

Distinguished Member
500K for a house. Thats a lottery win up here in the midlands :rotfl:
 

494930

Distinguished Member
I'd welcome a hit to the housing market, values are rising far too fast imo (at least in my area anyway). I bought my first house 5½ years ago, comfortably in budget, but I doubt I'd even get a mortgage for the same purchase today its rose that much.
 

domtheone

Distinguished Member
Wouldn't be long before the pleas would come.

Why is it always “warn” that price could fall.

It’s a good thing for many many millions. Could some in the media report this as a positive.:rolleyes:
 

NorvernRob

Distinguished Member
Wouldn't be long before the pleas would come.

Why is it always “warn” that price could fall.

It’s a good thing for many many millions. Could some in the media report this as a positive.:rolleyes:
Exactly. It’s only a bad thing for people wanting to cash out/make money. Makes no difference to me what my house is worth as I’m not going anywhere.
 

domtheone

Distinguished Member
Quite a lot of space but hardly the nicest place in the world, or Sheffield for that matter:D

Bet it be nearer a million if you moved it 15 miles west:rotfl:
 

kenshingintoki

Well-known Member
500K for a house. Thats a lottery win up here in the midlands :rotfl:

I live in the midlands! thats where I've seen the obscene house prices
 

happy_2008

Active Member
Would be interesting to see the effect of house prices once this is all over. We were initially looking to move around early Feb but houses in my area get sold shortly after being on sale.
 

reevesy

Member
well it looks like i'm finally going to exchange contracts today with a view of completing in 6 weeks time ! :clap:.... after agreeing a sale on jan the 31st !

as the buyers are still restricted due to all this i've agreed to give them some time for final completion...which to be honest suits me.

i've a nice house in a nice sort after area..at market value... and it's took me exactly a year to get to this point !

glad to have a date to work to....now i've got to find somewhere else to live!

quite a few properties popping up on right move the last few days..still not sure if i should jump into buying something just yet or to rent for a coupe of months to see whats going to happen
 

Wil S

Active Member
Congratulations reevesy!

We moved two weeks ago, almost as soon as the restrictions were lifted, buying at the price agreed before lockdown and continuing as agreed. Think the seller was pretty relieved, but I had no intention of haggling over an unknown and will treat silly offers on our old place with disdain until I can’t afford not to take one! This will be our family forever home and we’ve been chasing it for nearly a year thanks to Brexit, Elections and CV-19 getting in the way, so were pretty committed anyway.

I guess we were part of the ‘pent up demand’ that was talked about in the news and the interesting thing will be how many people can keep the market moving in the future. I’m now wildly exposed in selling my old place, so personally hoping for not too much of a crash please. :smashin:

Good luck with your search for a new place. And if anyone’s looking for a lovely big 5 bed with a mancave/ cinema in Western Cambridgeshire, let me know :thumbsup:

W
 

reevesy

Member
thanks :smashin:

just had a confirmation phone call....contracts have now been exchanged ....think i need a
'thank fudge for that' emoji !!

yeah been a long time coming..as you say the B word...then a global pandemic!....i said about the possibility of it effecting my sale really early on ....how everyone chuckled and said dont be silly !


a few large black russians the cards tonight !
 

Rasczak

Distinguished Member

They are expecting a 13% drop
That is the view of one think tank. They may be right. But to date the simple reason why property in the south is so expensive is because there is simply not enough of it and the upcoming economic troubles will not change that arithmetic. And I think for every single private buyer that drops out due to their own personal circumstances, there will be organisations that will snap up bargains and keep prices high.
 

hunt808

Member

They are expecting a 13% drop
It may also depend on the house. Speaking to my agent last week, he said a lot of people now seem to be looking for houses with large gardens, plenty of space, fast internet connections and extra rooms for separate home offices. It's possible houses that tick all those boxes may be able to attract close to the pre-pandemic asking price, whereas a London flat with no garden, and a relatively small amount of room could fall in price.
 

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