Gaslight
Prominent Member
if property prices fall it will be the ideal time to snap up a few bargains.
and that statement is the epitame of what is wrong. Well done.
if property prices fall it will be the ideal time to snap up a few bargains.
Placing caps or disincentives on who can buy property harms the seller. Why shouldn't they sell to whoever offers the best price?
In a normal market, we shouldnt.
The UK housing market is far from normal though.
And plenty has been done to harm the buyer over the years so its about tome the balance was addresses (i say that as an owner, albeit first time buyer lol).
Anyways, we’ve been here a thousand times. Always a standoff. It’s like Labour and Tory. Will never agree.
Depends entirely on ones position. But yes agreed there are winners in every market. Friends of mine has a business where they target paying 50% of market value. And they are doing well.Quite the opposite, if property prices fall it will be the ideal time to snap up a few bargains.
If you got the money and want to play it long then a crash however, is also a good time to invest.
Moving houses is hardly going to be at the top of anyones agenda for a long while.
Nobody buying and nobody selling will result in a stall rather than a crash. But I would expect some with multiple properties to offload which will bring the prices down a bit
If you can't pay your mortgage or rent you will soon be out on your ear. High unemployment, fewer jobs, less pay.
It's primarily new and first time owners that create the movement in the market and if the lenders aren't lending to them there's no movement.
Stagnation in a recession like that only results in a downwards spiral and all the economic indicators are already pointing towards that we are headed for a very long and very hard recession. You would have to be a huge optimist to think otherwise.
The 2007/8 financial crash is no parallel as this lockdown and global pandemic are more like the effects of a world war. There is no on/off switch where you can shut down economies and expect to switch them on again expecting all to be the same where it left off.
The economic damage currently being done is enormous and will have far longer lasting consequences.
Repossessions post 2008 was very high due to lenders providing mortgages to those not suited to have them. Difference circumstance but same effect. As you say 1st time buyers drive the market but as I said earlier inactivity typically leads to a stall not a crash. Prices will fall due to lenders trying to shift stock and the buy to let guys trying to reduce exposure, once this has played out I would think there would be very little movement.
I appreciate the pandemic will have a far greater effect on society and my comments are only in the case of the property market.
There will no doubt be a drop but I have read things like 50% of a value of a house, which I just cannot see, people could not sell at such a loss as it would likely leave them in negative equity
Firstly, this is not the financial crash of 2008.
Why not rent it out?I just got a valuation on my dads old house a few days before the lock down, need to sell it as it's been empty a year and a half and when it gets to 2 years the council tax goes up to 200%
Looks like I'll be taking rock bottom for it if I can even sell it
I just got a valuation on my dads old house a few days before the lock down, need to sell it as it's been empty a year and a half and when it gets to 2 years the council tax goes up to 200%
Looks like I'll be taking rock bottom for it if I can even sell it
I guess some people don't remember when many houses really went into negative equity at the beginning of the 90's.
I guess some people don't remember when many houses really went into negative equity at the beginning of the 90's.
I guess some people don't remember when many houses really went into negative equity at the beginning of the 90's.