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

I'd hate for all this to become a self-fulfilling prophecy. Sufficient unto the day is the evil thereof. Let's just deal with things one day at a time. It is much better for everyone - this kind of projection ramps up anxiety.

Some may lose their home, which of course is a tragedy, but society in general will benefit from affordable housing

Of course society would benefit from affordable housing. Potentially embarking on the biggest depression in recent history of a bit going to make housing affordable.

Bank of England have just lowered interest rates again down to 0.1%!!! Negative interest rates next

That's not good...

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Banks will only increase required deposits so first time buyers aren't going to benefit anyway. I know someone who put their house deposit in stocks and shares and has just had 30 percent wiped off it overnight.

SapatSea I remember. I had just bought my first flat. I was older and had saved really hard for a deposit. The majority of flats in my new development block had been bought by first time buyer couples on 100% mortgages. They just had to run away. I applied for and got a job that meant spending months out of the country at a time so got a lodger to help pay the rent. I spent no money. And just saved my flat. It was awful. I never want to see that again.

Same people thinking this are the ones bulk buying. They don’t care about anyone else. Some people in our society are too selfish to see outside their own bubble. They would trample an old person to get the last roll of toilet roll. Hopefully anyone who knows those type of people will shun them moving forwards

We were buying during the crash in the 90's. It wasn't nice viewing all the repos, and in the end it wasn't a repo we bought.
Toys and clothes along with other belongings were just left in some houses. All the white goods had tape over them, you could spot a repo miles away, even though the EA didn't want to say so.
It's sad when people lose their homes, but life goes on. We just don't need to go around shouting how good it is, when others have lost so much. If you stand to win from lower prices, good for you.

Op it’s life, one mans meat is another mans poison!

Well they can cheer all they like. But people’s stupidity never ceases to amaze me. They will crash if unemployment goes through the roof and and economy crashes. These things will affect those wanting to buy too! Mortgage companies would not be lending to these people.

House prices are never likely to crash to the levels people want unless we end up living in an economy where people are literally buying cake crumbs. The growth might slow and level out over the next 20-30 years.

I saw this posted elsewhere and thought they have a point.

Possible the suicides arising from this mad economic policy will be greater than the additional deaths relating solely to Corona. Not heard of a single case where an otherwise healthy person died. Many healthy young ppl will kill themselves over their livelihoods being destroyed

Possible the suicides arising from this mad economic policy will be greater than the additional deaths relating solely to Corona.

I caught a headline on FB yesterday to the effect that for all the deaths from Corona, ten times as many lives have been saved by the reduction in pollution across China.

It will be interesting to see if a similar effect is recorded in the UK, should road traffic shrink to negligible levels.

Not heard of a single case where an otherwise healthy person died

What’s your point? We should let them die?

Most of the people dying have underlying, well managed health conditions and reasonably expected to live for many, many years.

Many healthy young ppl will kill themselves over their livelihoods being destroyed

Economic chaos will happen whatever we do. Out best approach is to try to contain the damage as soon as we can.

Everyone said that there would be a massive price drop in 2008. In the end there was a dip because house holders hung on for dear life, and that was without the mortgage and rent holidays being discussed at the moment.

I agree that it is a bit grim to talk about outcomes that would be positive for some at others' expense. I like the idea that we might emerge from this with more sensitivity to people's family commitments and more openness to remote working and flexibility as opposed to just wanting people to work in the office because we're used to it.

I don't think that whatever started will be anything like 2008. Imho it will be considerably worse

Everyone said that there would be a massive price drop in 2008.

Did they ?

I didn't.

The only thing that will cause a massive price drop is a massive reduction in demand, or a massive increase in supply. Otherwise it's just an Escher painting made real.

Nothing is going to reduce demand, and successive governments have been bribed by the housebuilders to restrict supply.

Hence, nothing will change ... unless it turns out all the houses that were built on flood plains are uninhabitable. In which case prices will rise.

I like the idea that we might emerge from this with more sensitivity to people's family commitments and more openness to remote working and flexibility as opposed to just wanting people to work in the office because we're used to it.

That would be a very positive outcome, yes

I agree that it is a bit grim to talk about outcomes that would be positive for some at others' expense.

I though AIBU was for the rough and tumble of real debate ? Too much shit gets snuck through because it's become easy to shout "-ist" and ignore valid discussion.

I like the idea that we might emerge from this with more sensitivity to people's family commitments and more openness to remote working and flexibility as opposed to just wanting people to work in the office because we're used to it.

From what I've seen, it's brought out the worst in people rather than the best so far.

From what I've seen, it's brought out the worst in people rather than the best so far.

Kind of ironic echo of Dickens there ....

I’m in Ireland. I’ve seen a lot of positive behaviour.

Well you could always sell your loo rolls at a vast profit I suppose?

We've lived through 15%+ interest rates, it's a case of being resourceful. My FB page is full of 2 things - woe is me posts and posts of people showing initiative, like the veg & fruit wholesaler that has had heaps of catering contracts cancelled - he's now doing veg boxes for local delivery.
Luckily I can still work - but potentially this could come to a halt.
My plan for this is in my conservatory. Rows of tomato seedlings etc, these will be potted in in home made compost in pots I recycled from a plant firm. When they're looking good and the time is right, they'll go on sale. I'm hoping to get at least £1-2 each. I have several hundred and just sown more. I've also acquired (free) some secondhand hanging baskets, and have some hanging basket tomato plants - these will obviously cost a lot more, but will be more profitable.

Kind of ironic echo of Dickens there ....

I have an Italian friend and her FB posts are so selfless. Trying to lift spirits, talking about when summer is here and all of this has passed. Then you've got a tirade of CFs moaning that their holiday is cancelled, and how dare Boris try and close the pubs. I think we may be about to learn a bit of humility the hard way.