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[Finance] Housing Market
- Thread starter swd40
- Start date
The rental market will continue its boom but with people needing to sell and downsize, along with big building programmes, I think the market will drop a single digit percentage.
nicko31
Well-known member
Big building programmes are going to take a serious hit and then you've got to find buyers.
Psychobilly freakout
HellBilly
Please god no, have we not got enough shitty threads full of doom and gloom....
LamieRobertson
Not awoke
Right now I’d say it will stall...new builds mothballed....plans to start new sites put on hold ...as regards to individuals not many would want to make a major purchase commitment right now..and people who would have sold will hardly want strangers traipsing through their house.......after we get through the peak of this gawd knows
Arthritic Toe
Well-known member
I'm not sure I agree. There are going to be thousands of people suddenly unable to pay the rent, unless they get substantial help.
- Aug 8, 2005
- 26,542
Volume of transactions will fall for 3-6 months, but people won't under sell. Depending on where we are beyond this all there may then be a correction in price but that was probably coming anyway. I doubt it will more than 10% even at that stage because prior to this was a built up delay of buyers and sellers anyway as a result of the Brexit uncertainty and then the General Election. So yes short term, not much will happen, but I doubt a major correction will happen in the longer term.
seagull_special
Well-known member
I suppose you could argue that one way to kickstart the economy post corona would be to stimulate the housing market. Every government knows that they will have to reboot their economies, protect jobs and enterprise.
GT49er
Well-known member
I think prices may drop - sadly there will be a lot of property coming on to the market being sold by executors of the previous inhabitant, with in many cases a desire to 'get it done with' and get on with their lives and grieving rather than hanging on playing hardball with buyers.
Certainly in the short term I don't think there'll be much buying and selling going on.
Certainly in the short term I don't think there'll be much buying and selling going on.
paulfuzz
Well-known member
Maybe the economic down turn will outlast the outbreak quite considerably
https://www.corbettreport.com/the-rollercoaster-ride-has-begun/
https://www.corbettreport.com/the-rollercoaster-ride-has-begun/
Which is right and fits with my feeling that the market will see a fall in house prices? If you can't sell new ones, with huge incentives you won't sell older properties either. Single digit fall somewhere between 6 - 8%
The housing market is in lockdown with very few new instructions or sales. It is as grim as it can get. Obviously my income will fall off a cliff
I don't want to tell you how to do your business and I've told you this kinda thing before, but right now if I were you I'd be broadcasting out everywhere as loudly as I could about now being the time to do that thing you've been intending to do for ages: check out your mortgage position and see if there are better options available.
Use twitter, use Facebook and write a daily blog. Become THE person that people think about when they consider how they can spend less money every month to help get them through this.
Maybe new business will be really difficult to get now, but if nothing else you'll have positioned yourself to be the person people come to when this is finally all over.
It's time better spent than just watching TV. Happy to help - you know where I am!
I truly hope not.
House prices are ludicrously high, and the increasingly desperate scramble to dedicate obscene amounts of one's income (and life) towards a mortgage has not, in my opinion, been a healthy trajectory for society over the past 20 odd years.
I'd rather that when we do emerge from this crisis, we focus on things that matter more to humanity than whether that soulless box at number 23 is now worth a stupid amount of money, or a truly stupid amount of money.
Tracker and variable, not to fixed rates as yet
Pavilionaire
Well-known member
- Jul 7, 2003
- 30,564
A lot depends on what the Chancellor does to help keep people in salaried jobs and to support the self-employed. Three or four months without income would wipe out people's savings so fewer deposits for house purchases.
Banks won't be so willing to lend at record-low interest rates with an increasingly risky customer base. A lot more younger people may choose to keep living with parents, rather than take the plunge on the property ladder. It wouldn't surprise me if prices mirrored an economic contraction of c. 5%.
Banks won't be so willing to lend at record-low interest rates with an increasingly risky customer base. A lot more younger people may choose to keep living with parents, rather than take the plunge on the property ladder. It wouldn't surprise me if prices mirrored an economic contraction of c. 5%.
No plans whatsoever to move so not really bothered, but would like to see a reasonable fall in prices to give my kids a better chance of getting somewhere decent in the next few years. Covid19 will put a temporary brake on the market, as will the economic impacts, but when things do return to normal the exceptionally low interest rates will probably keep the market relatively stable.