House Prices
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The mortgage valuation survey for the flat I’m buying just came in £30k undervalued which is sort of great news and sort of terrible news. Apparently valuations are starting to all come in hugely undervalued as banks are unwilling to take any risk and are reluctant to lend. Most 5-10% products are off the market, so you can only really buy right now with a 15%+ deposit and with a seller who is willing to accept the undervaluing (which mine is unlikely to).
It’ll stagnate for sure. If people can afford to stay where they are and don’t need to move for any reason then they’ll just stay put, it’ll work it’s way up the chain. Be interesting to see how it pans out. Estate agents will have to start being more realistic (ha ha) Hope you managed to get your flat
It will take least 6-12 months see drops in price.
As people are taking mortage breaks and renters cant be evicted.
Once that and furlough ends some home owners may have to make tough choices.
Although interest rates are low and probably stay low.
All hinges on inflation too.
Bank of England printing 745billion.
Houses near me still over priced.
We need to see a fall.
We never saw proper fall last recession.
Mass unemployment and global recession.
I think 2021 be tough year especially those who remortgage or have high consumer debt.
As people are taking mortage breaks and renters cant be evicted.
Once that and furlough ends some home owners may have to make tough choices.
Although interest rates are low and probably stay low.
All hinges on inflation too.
Bank of England printing 745billion.
Houses near me still over priced.
We need to see a fall.
We never saw proper fall last recession.
Mass unemployment and global recession.
I think 2021 be tough year especially those who remortgage or have high consumer debt.
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Really interesting thread. I’m hoping to move back to the UK in December after several years abroad and hoping purchasing my first house early next year.. I really hope house prices drop (sorry for anyone who might be selling) but it’s just so damn difficult to try and buy a decent house in a nice area. UK salaries just don’t equate with house prices at all! It’s insane.
Prices won’t drop. The best thing is to buy straight away. They are expecting the economy to recover quick and also VAT will be slashed. It is difficult to predict housinf crashes and if everybody waited then you’d never end up buying anything. Rather pull the trigger on a house you love
Falling prices will hit a very small amount of people that have bought in the last year or so, and even they won't be affected that much if they can keep servicing the debt for a few years compared to renting. The constant rising prices outstripping wage inflation has been causing misery.
Are you stuck in a time warp?
The wishful thinking 3 months ago of a V shaped recession and prices not falling is dead in the water. Even the most biased opinions are predicting a deep recession and double digit falling prices this year.
I would buy immediately if I could, but being an expat and away for over 6 years I need to come back and sort out my credit rating 
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Calculating the amount of interest on mortgages over 20+ years makes me feel sick... It's a shame but I know after a year or two i'll probably move abroad again just so I can pay off my mortgage as quick as possible.
.Calculating the amount of interest on mortgages over 20+ years makes me feel sick... It's a shame but I know after a year or two i'll probably move abroad again just so I can pay off my mortgage as quick as possible.
I completely disagree. By the end of the year the economy will be going full steam.Are you stuck in a time warp?
The wishful thinking 3 months ago of a V shaped recession and prices not falling is dead in the water. Even the most biased opinions are predicting a deep recession and double digit falling prices this year.
Let’s revisit this conversation on 11 Nov 2020, set your calendar
. I might end up eating a hat!
I think to might be jokingI completely disagree. By the end of the year the economy will be going full steam.
Let’s revisit this conversation on 11 Nov 2020, set your calendar
Economics rarely agree on anything but at the moment they're arguing that it will either be a deep recession or very deep recession
I think to might be joking
Economics rarely agree on anything but at the moment they're arguing that it will either be a deep recession or very deep recession
I dont think we ever seen a recession like it.
People who work hospitality and tourism thier income seriously be affected.
All depends if we go into second lock down.
Looks like intu owners many big shopping centres going into administration.
We lost quite a few retailers last few months im amazed how Debenhams hangs on in there.
My freind works in negotiating retail rents.
Our uniform shop is moving to a cheaper area.
The kids shoe shop sadly shutting down.
Bet amazon doing well.
Primark will recover as their owners own mostly food businesses and will bounce back.
If we all skint we shop at cheaper shops.
We were fortunate buy our 1st home year and half ago its a project so we renovating over time and investing lots saved money from lock down into the house and garden.
We 3.5 years left on fixed deal and were hoping maybe remortage to do the loft extension as we never ever want to move again.
I'm glad we brought a doer upper and dident overstretch ourselves but we were lucky we had house sale fall through and looked at some overpriced dumps back in 2019 and found this house through a old freinds freind and they were desparate to sell and hates estate agents and wanted ro move quickly so did we
What did shock us when looking were how awfully presented some homes were.
How rude estate agents could be.
Also sellers we were 1st time buyers mortgage in place and in rental so no chain.
Even then many dident want to negociate
Divorced and old persons relatives were tricky some were just delusional.
Now in 2020 same sized house same area we wouldn't be able afford to buy.
Its about time priced just came in line with wages.
Agreed, this covid lockdown is the single biggest experiment in human history. To think that house prices will stay the same or keep increasing and the economy will come roaring back seems pretty far fetched.
Yeah we were planning to buy this summer if we found anything but we're most likely going to play the waiting game now, unless something magically undervalued comes up and ticks most the boxes! We have 25% deposit (of the house prices we are looking at) and are first time buyers but unfortunately, our income isn't as high as it needs to be right now to qualify for the mortgage we want, partly because of Covid but also because I'm doing my masters so part time. I doubt many banks will be lending us much now either as our mortgage in principle expires in a month.
September 2021, I'll get back on it then.
September 2021, I'll get back on it then.
Keep plugging away at it took just over a year get good mortgage even with 22% deposit.
We also changed mortgage broker
Brought on 1 income
Were reasonably flexible on area.
When the 1st house fell through we were gutted the old couple just changed their mind.
It took over a month find house we live in now and when we went back the 2nd house was cheaper and the mortgage rate slightly better plus 1k cashback from halifax.
We're thinking of going to an individual mortgage broker and seeing what they can find us but waiting until next year so we can maximise the amount we can borrow on both incomes and we would (hopefully!) have a larger deposit than we have now too. We're looking for a home for the long haul; something we would start a family in so schools, garden size, crime rate, driveway, etc are all big deciding factors. We have a few areas in mind but we love the area we were bought up in but its too far out of our budget.
Its awful when the sellers back out isnt it? That happened to us a few months ago, Was absolutely wounded! Theres not much on the market now so we're not too put out.
We were just about to put our house on the market as Covid kicked off in the UK. We held back, and now we’ve decided to go back on.
Personally I’m not worried but that’s because of a lot of factors - we own our current house outright, using that equity as the deposit on the next house, and therefore even with an upgrade to space and location, we can comfortably afford the mortgage on just one salary. My partner’s job is extremely secure, and we have excellent savings, credit scores and pensions. We’re very lucky and see no reason to delay further now.
We’re going to be in the next house for a long time, so we’re not concerned about price fluctuations overall. We’ve started browsing and talking to estate agents and the markets are starting to move again now.
We’ll even be happy with selling our current place at a slightly lower price than valued, as long as we can get a similar percentage off the new place we’re buying.
Personally I’m not worried but that’s because of a lot of factors - we own our current house outright, using that equity as the deposit on the next house, and therefore even with an upgrade to space and location, we can comfortably afford the mortgage on just one salary. My partner’s job is extremely secure, and we have excellent savings, credit scores and pensions. We’re very lucky and see no reason to delay further now.
We’re going to be in the next house for a long time, so we’re not concerned about price fluctuations overall. We’ve started browsing and talking to estate agents and the markets are starting to move again now.
We’ll even be happy with selling our current place at a slightly lower price than valued, as long as we can get a similar percentage off the new place we’re buying.
Houses around me are still selling within a week of going on the market. Everything that was left on from just before lockdown has now sold.
It looks like my flat purchase is about to fall through I offered to split the difference so I put in an extra £15k and asked that she reduced by £15k. Her first reaction is stubbornness, which is frustrating. The facts are there; lenders don’t think her property is worth that much and I am willing to immediately go £15k into negative equity to secure it. She is thinking about it though, so fingers crossed.
Anyway, c’est la vie! My broker shared that not only are many properties now coming in undervalued by the lenders, they’re also changing their lending criteria for people who already have a mortgage in principle. He said as many as 60% are being denied their mortgage when they try to move forward with the transaction.
I expect this is the beginning swell of a much larger wave that will go through the property market.
I offered to split the difference so I put in an extra £15k and asked that she reduced by £15k. Her first reaction is stubbornness, which is frustrating. The facts are there; lenders don’t think her property is worth that much and I am willing to immediately go £15k into negative equity to secure it. She is thinking about it though, so fingers crossed.Anyway, c’est la vie! My broker shared that not only are many properties now coming in undervalued by the lenders, they’re also changing their lending criteria for people who already have a mortgage in principle. He said as many as 60% are being denied their mortgage when they try to move forward with the transaction.
I expect this is the beginning swell of a much larger wave that will go through the property market.
The only thing I’d say about that is let’s see where they’re at in 6 weeks time. They may have had an offer accepted, but that doesn’t mean they’ve completed. My offer was accepted back at the start of the year and it’s just been a mess since then
Funnily enough the house next door to me sold via closed bids in Feb this year, was told it was a young couple with no chain and a quick sale....it’s only just exchanged. I’m gutted, it needs gutting and I’m WFH on conference calls all day 
We were told this as well! I had my eye on a property that needed to be gutted but otherwise ticked all the boxes with area, land surrounding, schools and was decently priced. It went for massively over what it was worth but they haven't changed it to SSTC yet so I phoned estate agents to see if it fell through and if we could slide in but they've said that its still in the process a month later and will get back to us if it does fall through. They said a lot of property sales are falling through as most were first time buyers who had 5%-10% mortgages which cant be processed anymore. I imagine a lot of mortgage in principles won't be valid much longer.The only thing I’d say about that is let’s see where they’re at in 6 weeks time. They may have had an offer accepted, but that doesn’t mean they’ve completed. My offer was accepted back at the start of the year and it’s just been a mess since then
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