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villa-ru
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NotThamesWater
I Know i've banged on about this before but buying a house pre crash is not a cool experience. Whether you have plans to keep hold of it long term or not I don't think its at all un reasonable for buyers to be readjusting their offers in response to whats coming. It's been on the cards for a while but its taken something major like this for the general population to open their eyes. Its not Corona thats caused this situation but its certainly helped to speed things along. I know its not nice to be on the other end but anyone (especially FTBers) completing on a purchase now are very brave.
I really wanted to pull out of my sale in 2007 but my GF at the time persuaded me otherwise, one year later I was sitting in a house worth 35-40% less than we paid and there were tons of far nicer houses on the market with garages(i didnt have one but really wanted one) that I had no chance of getting as I was stuck in my current place. It took 10 years before I could sell it again and that really ruined a lot of my long term plans.
Back then the government was able to drop interest rates but no one learnt from 2008. Thanks to these historically low rates and HTB House prices in the south are up 100% from 2008 highs. Have wages doubled since 2008?
With the insane amount of printing ahead there be inflation coming and if anyone thinks rates will still be 0.something% in 5-7 years time they are having a laugh.
I really think this will be the start of the everything bubbles deflation and southern property will be one of the big sufferers.