This graph says it all, I bet on Mumsnet they're still talking about house prices not falling at all 
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Very interesting! They are very cynical on Mumsnet lol.This graph says it all, I bet on Mumsnet they're still talking about house prices not falling at all
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Its comparing apples to orangest though, those other dates were market recessions. 2020 was a government shut down essentially, the stock market stopped, housing market stopped, all in person retail was closed, manufacturing all but stopped. It wasn't because house prices fell or confidence in markets was rocked.This graph says it all, I bet on Mumsnet they're still talking about house prices not falling at all
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Most of them have bought buy to lets and think they're savvy investors..
Agree it's not the same at all. But with all the knock on affects it's very likely to be a deep recession.
It will bounce back alot, but still not enough to make the fall less severe than other recessions imo. But who knows. It's unlike anything before we've had in our globalised world.
I'm gonna sound heartless here but I hope the housing market crashes so I can get on the property ladder. Its SO hard for my age group to buy decent houses in decent areas especially when grad jobs are barely over 23k for the first year. I don't want a new build as they're too small for my liking and the bigger ones are obscenely expensive where I live (700k+).
I've been looking at houses for the last 2 years now and have resorted to looking to buy a fixer upper in a good area with a large garden and driveway. We've found two so far and both were put on auction which everyone seems to be doing now to get even more bang for their buck. They both had so much potential but the owners wanted way more than they were worth for the first one and the second one had 100+ bids raising it 100k from bidding start price!! I don't even know where to start anymore.
I've been looking at houses for the last 2 years now and have resorted to looking to buy a fixer upper in a good area with a large garden and driveway. We've found two so far and both were put on auction which everyone seems to be doing now to get even more bang for their buck. They both had so much potential but the owners wanted way more than they were worth for the first one and the second one had 100+ bids raising it 100k from bidding start price!! I don't even know where to start anymore.
I don't think you sound heartless.
No more heartless than the people that shout for joy when their homes increase in price, without thinking about the untold misery this causes for lots of other people.
We'd have a much better economy if cash was invested into productive businesses rather than speculating on housing and pushing up prices.
I won't cry a tear if all these buy to let investors lose their hat, it's ludicrous that it was allowed to grow so much and propped up. People are bowing money to speculate on houses. It's been in shoe shine boy territory for a while - when the person shining your shoes gives tips on shares, you know they're in a bubble.
Not that I know how this bubble will unfold, probably not huge falls but a long period of high inflation if I had to guess.
We were just about to move into our new build but it isn’t quite finished yet. We paid £460,000 just before lockdown. The same house is now being sold for £480,000 they’ve said it’s because building materials are now more expensive and take longer to build because of restrictions on numbers.
I don't think you are heartless and I feel exactly the same as you! I worked so hard at university and got a graduate job. I work hard at my graduate job and save money every month but I just don't earn enough to be able to save thousands of pounds. How do they expect a graduate who earns less than £23K to save between £1.5-£3K every month?! They don't even earn that much to begin with. There are so many houses where there could be room for reducing the price a little bit but landlords just come and buy those houses for cash.
Not heartless at all we got property ladder end 2018 in our 40s.
We brought a doer upper in so so area.
Now they al gone up just year later we be priced out the market.
Out mortgage is lower than local rents for 3 beds same area.
We lcuky during pandemic we haf option mortgage break.
I think 2021 once mortgage holidays and rent breaks ended we will see lots of buy to let properties selling.
We no wish to move so dont care if prices drop ours is secure home not a investment.
News being so stupid today of course be massive drop.
Unemployment be high.
Food retails probably done well.
Some restaurants and fashion retailers were already struggling before tbe virus.
We work longest hours Europe
Low wages and job security
Hugh housing costs and education.
Many middle class people have no or lottle disposable income left to spend after rent and bills
Maybe they're doing that old trick of asking for more because people are expecting a discount on the list price / asking price.
Lots of houses around here have come up for sale with higher asking prices than earlier in the year before this all. A mixture of delusion and wishful thinking.
Interestingly I’m up north and prices have seen an increase here already, there is also an increase in buyers, mainly people looking to move from the southeast, so demand is outstripping supply. I’m not sure it’ll be an easy one to call as to what will happen
The very vested savills now predict a 7.5% fall this year, before starting to shoot up next year. I'd double or treble their falls and no doubt they'll revise them again. To say they're biased would be huge understatement
Of course there is no free market and it's rigged so no one really knows what will happen next year.
, asking prices have been going up but that's meaningless. What they sell for and the surveyor values them at matter. I know someone that accepted an offer of 320k. The surveyor came back to say it's worth 280k, all accepted back in Feb and the chains now fallen down.
Also a common estate agent thing to say about a big supply looking to move to area X to inspire confidence. End of the day it's a sales job with a low barrier of entry.
Of course there is no free market and it's rigged so no one really knows what will happen next year.
That sounds like your average hight street estate agent talk
, asking prices have been going up but that's meaningless. What they sell for and the surveyor values them at matter. I know someone that accepted an offer of 320k. The surveyor came back to say it's worth 280k, all accepted back in Feb and the chains now fallen down.Also a common estate agent thing to say about a big supply looking to move to area X to inspire confidence. End of the day it's a sales job with a low barrier of entry.
A house in my street gone on crazy price 310k 3 bed terrace small garden no off street parking.
They done a lot of work on it added 3rd bed in loft with ensuite.
They knocked about down stairs added small extension and nade it open plan diner lounge and kitchen.
Its all grey and white modern style like a new build in what is essentially a period house but devoid any original features.
The highest a house in our street reached is 287 for 3 bed bigger garden and no loft extension so scope add a 4th bed.
I dont get it.
Taylor's and heart here are worst overvalue.
Taylors for sale and offer board goes up uo and down as they delusional and over value.
Surprised when we brought how many fell through.
They done a lot of work on it added 3rd bed in loft with ensuite.
They knocked about down stairs added small extension and nade it open plan diner lounge and kitchen.
Its all grey and white modern style like a new build in what is essentially a period house but devoid any original features.
The highest a house in our street reached is 287 for 3 bed bigger garden and no loft extension so scope add a 4th bed.
I dont get it.
Taylor's and heart here are worst overvalue.
Taylors for sale and offer board goes up uo and down as they delusional and over value.
Surprised when we brought how many fell through.
My daughter's house is up for sale and had an interesting conversation with her estate agent yesterday. He said that banks have withdrawn 95% mortgages and are now only offering 90%, so first time buyers who have saved a deposit now don't have enough. If they can't afford to buy them the next lot of people can't sell and move up, so it's just stagnant
We’ve been told they’re only offering 85% mortgages at the moment! With a lot of lenders only doing 80. Think they did introduce 90% back a few weeks ago then withdrew them again. We just about had enough for a 10% deposit but now we’ve got no chance - house prices still extortionate for awful properties that need a lot of work. Spending so much more on rent than we would on a mortgage but it’s just the deposit we can’t get - and that’s with a generous contribution from my parents too. Don’t know how people do it tbh!
Natwest, Nationwide and HSBC are still doing 90%LTV but you need to go direct rather than using a broker. When lenders withdrew them they said it was due to unprecedented levels of demand so they have not pulled them permanently so you definitely don't have no chance.
Yep agreed completely. An increase in listing prices doesn’t indicate much more than what games estate agents fancy playing tbh.The very vested savills now predict a 7.5% fall this year, before starting to shoot up next year. I'd double or treble their falls and no doubt they'll revise them again. To say they're biased would be huge understatement
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Of course there is no free market and it's rigged so no one really knows what will happen next year.
That sounds like your average hight street estate agent talk
Also a common estate agent thing to say about a big supply looking to move to area X to inspire confidence. End of the day it's a sales job with a low barrier of entry.
You can’t increase the price of a house based upon a temporary increase in cost of materials, that’s obscene. We’re renovating our front room & our plasterer has told us he’s not doing work til he can buy bags of plaster at a reasonable cost, that’s what these new build firms should be doing. They’re already overpriced & a LOT of people see themselves with significant negative equity when they come to sell up, ridiculous that they’re doing this too now!
Also anyone who still sees BTL as a legit form of investment is delusional. I think it’s popular because if you have one little burst of capital (inheritances largely) to put a deposit down you can grow it without needing much cash day too day, if you can afford to invest your own money monthly the returns are so so much better with none of the agro.
Ha ha I’m definitely not an estate agent....that’s not a job I’d ever aspire to....just saying the market may not be as badly affected depending where you live....we’ve recently bought and sold so am not moving anywhere for a very long time, we bought a home, not something to make money from!The very vested savills now predict a 7.5% fall this year, before starting to shoot up next year. I'd double or treble their falls and no doubt they'll revise them again. To say they're biased would be huge understatement
View attachment 156115
View attachment 156116
Of course there is no free market and it's rigged so no one really knows what will happen next year.
That sounds like your average hight street estate agent talk
Also a common estate agent thing to say about a big supply looking to move to area X to inspire confidence. End of the day it's a sales job with a low barrier of entry.
I hope the prices don't drop too much we're hoping to put our house on the market by August at the latest. We are just trying to get the new bathroom finished and refresh all the paint work so at least it's ready to move into, lots of buyers seem to want to unpack without doing any diy these days. The houses where we live seem to still be selling, a couple have went on the market on Friday and offers accepted by Monday. Here's hoping 
Yes but if your house price drops a little bit then the house you would buy will drop as well? Unless you are looking to downsize, it shouldn't affect you. It rather just helps more people get onto the property ladder and people who are already homeowners shouldn't make a loss.I hope the prices don't drop too much we're hoping to put our house on the market by August at the latest. We are just trying to get the new bathroom finished and refresh all the paint work so at least it's ready to move into, lots of buyers seem to want to unpack without doing any diy these days. The houses where we live seem to still be selling, a couple have went on the market on Friday and offers accepted by Monday. Here's hoping
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