House price crash

[Neron]

Seeing a lot of comments about this, some delight in that property could be bought cheaper in a few months.
Surely those houses will only be available because the owners have lost their jobs/repossessions etc? Why would we delight in that? I could be wrong, but those who don't have to move probably won't as no one would sell for a loss unless forced

Because people don't see beyond what they want

I too find it distasteful to be cheering on house price crash. There are families who WILL lose homes.

I understand what you’re saying, but there’s two sides.

Home owners would have lost their homes potentially, which is awful and not something to celebrate. But from the buyers side, this could be the only chance they’ll ever get to be on the property ladder, and the thought of renting once you hit retirement age is pretty terrifying too! You can’t blame people for trying to find a personal silver lining in a time of crisis.

Mum has emphysema, my sister is self employed and her daughter (My niece) is battling cancer. Both are screwed and will likely lose their home because of this and some people are happy because their houses could be bought cheaper in a few months?

I do understand the comments, I've just bought again after years renting and the prices ludicrous so I do get it - but the only reason prices will be cheaper is because people like my family have lost everything

When the Housing market crashes lenders tend to stop lending so it only benefits cash rich investors.

Surely if house prices crash no one will be selling so it won’t actually help buyers?

Seriously? People are dying, illness is rife and people are scared for their futures and all some people can think about is a house price crash?

I think that there will be virtually no property sales this year and that prices might dip a little but not massively.

Racoon I agree. MIL was planning on selling this year but now won't.

Confuzzled the fear is part of the pandemic. It's a valid fear and something to be discussed rationally.

Why on earth would it not be? Some people are very vulnerable.

In a house crash 1990 -1997 houses sat on the market for years, most people did not even bother to move because of this. There will be a correction.

We bought our first home this year after years of struggling to get on the ladder. it was supposed to be a 5 year home with dreams of moving to the seaside after that.

I believe we may be in negative equity soon and can write that dream off.

If house prices crash it will be because the economy has tanked, salaries have been cut, and huge numbers of us are unemployed. They’ll still be unaffordable, even if the number of 00s at the end changes. Like how my grandparents couldn’t afford a house in the 50s when the price was “only” £1000.

I very much dont most of the people happy about this, just find the money for a deposit, anyway.

As pp said, people cant see past what benefits them

thinking house prices will fall & that will be brill for those looking to buy is magical thinking.

it’s like when you’re a child & you’ll grow up & everybody will remain the same age

house prices will fall because people have lost their jobs & houses are repossessed. buyers won’t be immune to job losses

OP - I thought you would say they would crash because owners had died.

We have been living in a fools paradise since the financial markets crashed. House and stocks have been artificially inflated by near zero interest rates. The continual influx with disregard to infrastructure capability has created this catastrophe.

I hope they don't. If DH and my businesses go under (looking more likely by the day at the moment) then we may need to sell our house to release some cash and go back to renting.

Obviously if the housing market crashes we won't have any equity left, so god knows what will happen to us.

@FortunesFave I was referring to the fact that some people appear to be taking pleasure in the idea of a crash in house prices. I accept that this is a worry for some people m.

House prices crashes don't benefit ordinary FTB anyway.

Banks stop lending. Vendors stop selling.

The only people who benefit are cash rich investors.

Well those cheering a house price crash on may be out a job and the banks won’t want to lend under current circumstances. There will also be mortgage holidays to help people stay in their homes.

If anyone told me gleefully they were wishing this to happen when people around are sick and dying, I’d rethink our friendship. No time for bad minded people.

The only people who benefit are cash rich investors.

Until the banks fail and they lose it all...

I may lose my home. And as it's a very recent new build we are already in negative equity as prices have fallen slightly and it was quite expensive for what it is anyway (we wanted to live here particularly) so selling it isn't going to help though I suppose we might cover the mortgage. obviously we bought within our means but our means have just vanished within weeks. I'm a teacher, I wasn't working and now I'm waiting on a new contract. I've no idea if they'll have work for me at present.

If we lose our house we won't get a new smaller mortgage as ours is based on our business income. We'll have to rent....somehow!

We'll be fine at the end of the day as long as we're all healthy and together but it doesn't exactly make life easy.

Neron, I wish your relatives good health and security in their homes. You'll always get someone delighted to make a profit from someone else's misfortune. But I think most people sympathise with you.

Best of luck to you and everyone having difficulties.

If you don't have to move, you wouldn't, especially if in negative equity.
If you own your home it doesn't matter as you get cheaper the other side.
It's numbers that's all.