To buy a house in this climate?

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We have found a house we love. Originally on for 275K got it for 240k. 5 minutes away from family, 5 minutes away from trains station and motorway. All houses on the street have sold for 275k+ on the road. It’s our first houses currently living with in-laws. Just worried with everything going on should we pull out? Baring in mind we have an amazing mortgage at 1.89%. Our offer was accepted two days ago. No rush to move in straightaway we want to slowly do it up (in-laws are happy with us staying here while we do this). Are we ok to still go ahead with the virus pandemic?

You need to ask your solicitor I have heard via an agent that you can complete and exchange with a long gap in between. Or are you asking re financial/job security?

I’m asking regarding the pandemic we are in right now - it it silly to be buying as we don’t know where the economy will be at. So this could include job/market value etc

Following with interest. We are looking to move house.

I wouldn't...

Can I ask why you wouldn’t? Just need some reasons so we can weigh our pros and cons

I suspect house prices are going to fall soon...

But mainly, how secure are your jobs?

We have our home on the market (no interest) and have found the perfect home. I feel as though the market is going to crash :( but unless you’re looking at your new home as an investment then it shouldn’t really matter if it crashes if you’re in it for the long term

I'm in the same boat as you, due to complete in May. It will hopefully be a forever home for me and my DCs so I think I'm going to take the chance. The mortgage is less than half the price of my rent so I believe I'd save money even if the housing market goes down.

I work for a government organisation so it’s pretty secure. Husband is a QS so depends on the outcome of this pandemic. He’s not worried as of yet. One of our salaries if it came to it would be able to cover mortgage.

I think that house prices are going to collapse. I wouldn’t want to buy now. But it’s just a guess - nobody knows for sure. If your jobs are secure and you plan to live here for a decade or more, I’d still consider going for it.

I would just go ahead. We were buying during the brexit vote in June 2016 and loads of people pulled out. There's often something negative going on.

Things are moving fast- as people trapped abroad found- and for me it would not be the time for anything major, and with so many market variables, and financial implications as moving house.

There is simply no need at the moment.

Solicitors are never quick and will become even slower, or just cease to operate.

Searches will grind to a halt- local authorities will have too much to do elsewhere.

Removal services are hardly essential work and may reduce or cease.

You may develop symptoms and need to self isolate, or even fall ill at any stage.

I would predict an exceptionally stressful and unnecessary experience, and one that would be likely to fail.

I'd crack on. You say your jobs are fairly secure, it's a house you want, it's a good price.

There's always something that makes people nervous about moving, elections, brexit, etc...

Yes, the process will take much longer than it would under normal circumstances but in your shoes I'd be inclined to just sit things out for a few weeks.

Crack on! Everyone not doing anything is what will cause the market to crash 😂

Basically the process will take a bit longer as they are advising not to exchange contracts until the lockdown is lifted, but given you’re only just starting it will probs add a few weeks onto the process. If prices drop a bit, they will come back up reasonably quickly as there will be a big rush back to business as usual as soon as restrictions are lifted - this is not the 08 recession.

I think we’re in the mindset that it will take longer than normal and if worst came to worst it would give us longer to pull out of things to badly? We’ve been keeping an eye on the market and nothing compares to this house.

By your post it sounds like you’re getting a good deal - 35k under the valuation to start.
Putting you in a slightly better position if the market does crash, you’ve not paid top whack. And eventually you will see the market rise again anyway.

Personally if I knew we could afford it regardless of economic outcome after CV and I loved it and planned on staying for a significant amount of time then I’d go for it.

If you do go for it I assume all parties would be aware and accepting that the process could take a lot longer than usual?

Also you are not committed until you exchange - if the shit absolutely hits the fan then you have an option to pull out. The sellers must be aware that selling in the current climate may be open to problems, just don’t exchange until everything is checked out and you are 100%

If you have a guaranteed good income even if there was public sector cuts eg GP, surgeon & you weren't planning to move in a few yrs then yes. If not, no.

I would buy it. It’s true that house prices may be about to fall but last time that happened, most good stuff didn’t go on the market as sellers wanted to wait for a better market.

Plan for a slow process tho as eg bank can’t exactly do a survey right now.