To everyone who said the housing market would crash by June.

(130 Posts)
BridgettJ Wed 29-Jul-20 15:04:58

LOL.

Its gone through the ROOF!

OP’s posts: |
BarbedBloom Wed 29-Jul-20 15:22:50

So happy for you

Bluntness100 Wed 29-Jul-20 15:25:18

Not sure being goady is a valuable thing to do. But you do you.

And to be honest The same folks are now just saying it will crash later. It’s not worth engaging. Everyone has their own Opinions. Best to keep a balanced view that it can go either way.

BridgettJ Wed 29-Jul-20 15:29:03

Not being goady! This was bad for me! We wanted to sell our house..! Just laughing at how aggressive these people got at me when I was so desperate to sell a few months ago.

OP’s posts: |
MartinJD1976 Wed 29-Jul-20 17:41:45

Certainly seems like a mini boom at the moment in terms of the amount of houses selling SSTC very quickly. Demand seems to be outstripping supply. Be interesting to see how many actually make it to sold when the stats come out. Seems like lenders are now being very picky about who they lend to and surveyor valuations seem to be tight.

Shinesweetfreedom Wed 29-Jul-20 18:05:35

I don’t see any threads saying prices would crash by June

jimmyjammy001 Thu 30-Jul-20 01:15:12

It will never crash because the government will just pump billions and billions more of public money into it, just take recent stamp duty cut and banks now lending back at 10% deposit again, with out these props by the government house prices would come down alot.

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ReefTeeth Thu 30-Jul-20 01:17:32

My LinkedIn feed has so many of my UK contacts been made redundant.

There is just a lag OP.

Pretty soon the true unemployment rate will show.

mumdone Thu 30-Jul-20 06:24:48

I don’t think there will be a huge crash. There might be regional variations.

OverTheRainbow88 Thu 30-Jul-20 06:29:10

We’ve been looking thinking there would be a drop in price and I am Amazed At how quickly houses are selling and for how much! 5 over 1.5 mil houses sold in 2 weeks in one area I was looking at!!! A 3 bed semi needing every single thing done to it sold for 700k and had 4 asking price offers!

MaryBerrysChutney Thu 30-Jul-20 06:38:28

My neighbour listed her house and within an hour she had 5 viewings and an offer over the asking price in 2 days. The trouble is, she can’t find a place for herself. Everything is selling that quick.

Lemonylemony Thu 30-Jul-20 07:36:00

Remember this is SSTC - it doesn’t really mean anything, it’s just someone accepting an offer. It takes months for the data to filter through on what sales actually happen. The process is taking an age at the moment, mortgages are getting difficult etc.

mumdone Thu 30-Jul-20 07:54:42

Yes but if you check there is still a high proportion that complete. There may renegotiate purchase price following surveys etc, but essentially most go through ok.

LadyHalesBroach Thu 30-Jul-20 08:21:25

I don’t know OP, I think you should happy. We’ve just bought, I got the house 20% below asking, and all the houses in my saved searches are getting reduced.

ChippyDucks150 Thu 30-Jul-20 08:29:45

I know. It's a seller's market, I put my house up for sale last week, it sold within 24 hours for over the asking price.
The flip side is I can't find anywhere to buy. One property we looked at had over 45 viewings, needed a brand new kitchen, appliances, and carpets and still went for well over 10k over the asking price. We offered 6k over it and still didn't get it.

Hopefully I can find something soon but it's stressing me out.

BelleSausage Thu 30-Jul-20 08:40:53

This is a hyper inflated bubble. It will crash hard once job cuts really bite at the end of furlough.

At the moment, people who have vaguely been thinking about moving are going now because of the stamp duty incentives. There is also a lot of divorce around and a lot of people migrating from high density urban areas to the countryside. It is a mass move. It won’t last.

I have two friends in property. One commercial and one residential. The commercial world is already seeing the drop. Companies have looked at what it costs to keep offices in city centres and decided to save money. (See many investment banks asking all staff to work from home indefinitely).

The residential side is lagging because of all the reasons above. My friend who works for a big estate agents is expecting the bubble to burst in about Oct.

WombatChocolate Thu 30-Jul-20 09:00:53

Covid impacts will take a while to fully emerge in their economic impacts, especially with things like furlough delaying them. The economic impacts across the various sectors will last longer than that of the crash of 2008, which were still being seen a decade later. Covid is still very much with us, so to imagine the impacts on the housing market have property started yet, or that their impacts have fully been seen is just daft.

Keep watching. Keep seeing what happens. Recognise the extent of impact won't be the same everywhere, but that it's impossible for there to be an economic crisis of this magnitude without the housing market being impacted.

Cranton Thu 30-Jul-20 10:45:06

Completely agree @WombatChocolate, economic data usually takes a couple of quarters (2-3) to manifest properly so we will need to wait until October - December or so for the real effect on the housing market to be felt.

It will also be very interesting to see how many of these agreed sales make their way through to completion. I have seen a number of posts in recent days of mortgage surveys coming in way under the agreed price and sales falling through as a result.

Let's wait and see - I for one will be putting my money where my mouth is and sitting this out until later this year. The risk at buying in this mini bubble is just too much for me in the context of the wider economic picture.

BoxAndKnife Thu 30-Jul-20 10:47:54

Who said it would crash in June?

Furlough isn't over yet.

And as a PP said, many of the houses on my saved search are getting reduced.

I don't think there will be a crash. But there will, hopefully, be a LONG overdue correction.

user327253 Thu 30-Jul-20 11:00:07

I think it's really naive to expect prices to have dropoed at this point. The recession hasn't hit yet. A lot of first time buyers who had AIP's had them extended, a lot of people are still furloughed, a lot of people won't be evicted until the furlough period is over, a lot of people will lost their jobs over the winter. At the moment there are people desperate to buy whole they still have a mortgage offer, and the stamp duty incentive is boosting the market for those who already own property. The first time buyer market is what will be hit first. With no 95% LTV's around and not many 10% mortgsges and New Build developments paused during lockdowns, it means those sales are about to grind to a halt which will have a knock on affect up the chains.

What I have noticed is things selling quickly but previously sold things coming back on, and I've noticed much less coming on over the last month. I've seen a rise in more expensive property prices and a drop in the really budget ones. I've seen a few 3 beds needing modernisation up locally for 60k! I haven't seen anything anywhere near that cheap in the three years I've been keeping an eye on the local market.

HotChoc10 Thu 30-Jul-20 11:28:41

It's incredibly crass to be so goady about it. I am also lucky enough to own my home, and any kind of crash wouldn't happen in isolation from a wider economic downturn, but I do feel deeply for my friends who feel powerless and scared for their futures because prices keep going up and up, and they can't afford to buy.

Cranton Thu 30-Jul-20 14:41:04

@user327253, funnily enough another "previously sold" house (circa £1m) in the area I am looking has just come back on today. Think this will become the norm so wise not to count chickens until the keys have been handed over...

Bluntness100 Thu 30-Jul-20 14:44:07

Who said it would crash in June?

You want her to list the posters for you? 😹

BoxAndKnife Thu 30-Jul-20 15:15:46

Bluntness100

*Who said it would crash in June?*

You want her to list the posters for you? 😹

Yeah. Yeah, that's exactly what I want. Obviously.

hmm

You really do try ever so hard to live up to your username, don't you?

time4anothername Thu 30-Jul-20 16:25:41

a run of posts saying, up, down, reduced, flying out the door, not selling, etc makes no sense without knowing where people are in the country or even in which country?

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