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Do you think this might mean house prices won’t drop too much?
If there's a supply shortage prices will flatline or gradually decline and selling or buying will be massive pain the ass.
Depends on what you are selling though. Little house with a nice garden? Gonna look real appealing to a couple who just spent two months cooped up in middle-floor flat.
This is why the %16 or so from 2008 isn't that helpful. Some stuff went down a lot more than 16%, others flatlined, some even bucked the whole thing and went up.
Howard-
Yeh when we bought our place, our options were a 2 bed 2nd/3rd floor leasehold mezzanine flat with parking, or directly across from it a 1 bed freehold end of terrace with front garden and parking. Until end of February, we sort of regretted not buying the 2 bed, but the garden has been a life saver recently.
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Now is the time to lowball! But not on the place where you already looked the buyer in the eye and said £X is fair and they agreed.
Ugh. Had been planning on exchanging a few days before lockdown. 5 or so house chain that seem to be in limbo waiting (after the top pulled out of selling).
I expect the number of houses sold will fall off a cliff, but I'm not convinced the prices will crash in line with that.
Fuck knows...And just as the seller at the top of my chain is finally able to start looking for somewhere to rent so that everyone can move then the news starts reporting record price drops.
Lovely time to be needing to buy :/
Is there a forum approved plan of action yet?
Colm89
duncs
Do you think this might mean house prices won’t drop too much?
The wife and I had gotten a few valuations on the house (1 bed house with front garden and assigned parking space on Camberwell Grove) back in Feb with a view to advertising it around now, but obviously that can’t materialise. We’ve now decided we want to make a speedy exit home to Ireland so have pretty much resigned ourselves to renting our house here and living in rented accommodation in Ireland for a while.
If supply is low and we can get what we paid for the house 2 years ago plus enough to cover the legal fees etc, that would be preferable, but it’s so hard to know what way it’ll go.