Worldwide recession & house market slump - won't happen

[Luci459]

Aibu to think that that won't happen?!

House prices will bump back up as usual. Stop going on.

Pulling out of house sales is not the way to go.

@Luci459 🤣🤣 you actually started a thread! She seems desperate to convince people there will be zero impact on the housing market. Anyone think she has an vested interest?!

It won't happen.

Valuations aren't happening, hence strict lending.

You just went the housing market to crash so you can all buy a cheap home!

If you're buying a long term property in a good area, when you come to sell in 5-10 years, it won't have made a difference to the price.

Unless you're somewhere like Birmingham 🙄

And this dying, will pass their houses on in inheritance. They're not going to be free houses or flooding the market.

Honestly. 🙄

And this dying, will pass their houses on in inheritance. They're not going to be free houses or flooding the market.

Honestly. 🙄

What about inheritance tax? lots of people need to sell to pay that.

No tax below £345,000!!

And only tax after £475000 if it's a direct relative!

How many people have houses over that!

Me, my neighbours, my family & friends. The average property price in London is about 650k, & what affects the London market trickles out elsewhere. But you should know this since you're in property....

Plus the people more likely to die in this pandemic are older people who do tend to have bigger & more expensive properties but again you surely know all this...

You cannot make something happen, by simply keeping repeating it. If you really believe you could, how about telling us all that the pandemic is going to suddenly end?

No, it will affect overinflated areas. London first...

Mochajoes

Oh apologies, I didn't realise the average house price in Britain was £650,000

Silly me

You just went the housing market to crash so you can all buy a cheap home

I bought my first "cheap home" in 1982, it was 24k (which was actually a huge amount of money at the time). Being old and mortgage-free, I don't have a dog in this fight.

And as for buying a long term property in a good area, when you come to sell in 5-10 years, it won't have made a difference to the price, tell that to the people who bought at the height of the boom in 1988. In some parts of the country, prices took more than 10 years to recover and even in my affluent part of the SE they'd barely recovered after 10 years.

I've just checked on Zoopla. The house I bought for £24k in 1982 was valued at £87.5k early in 1988. I sold it in 1992 for £49k and it sold again in 1997 for £75k, so was still 15% below its pre-crash valuation 9 years later.

So you're not aware that London house prices have an impact on other areas & that London is one of the coronavirus hotspots?

Silly is a polite way of putting it I guess.

Come on, tell us what your job in property is?

Well that is good news!

*No tax below £345,000!!

And only tax after £475000 if it's a direct relative*

Plenty of people have significant assets in addition to their homes. My aunt died with over half a mill in the bank, and DP's SIL inherited 600k from an aunt and 300k plus a house from her late father.

Well hooray, thanks for the reassurance OP, I feel much better now.

You are in for a very rude awakening I’m afraid.

*And only tax after £475000 if it's a direct relative!

How many people have houses over that!*

The average 4 bed detached house where I live is that and more and we are talking about the shitty Persimmon and Wainhomes ones.

We have certainly had a lot of property crashes in my life time - 1970s, 1990s property crash, 2008 wasn't too good either and now this.

At the moment on people dying from the virus we have something like 2000 in the UK v. 500,000 people who die in the ordinary course in the UK in any year so I suspect however bad covid 19 gets it might not reach 500,000.

I don't want the housing market to crash but I certainly don't think its not going to happen either. Someone on a FB group I follow thinks house prices are going to go up and can't understand why his cash buyer has pulled out of their house sale?

Interesting read

moneyweek-com.cdn.ampproject.org/v/s/moneyweek.com/investments/property/601065/what-does-the-coronavirus-crisis-mean-for-uk-house-prices?amp_js_v=a2&amp_gsa=1&amp&usqp=mq331AQFKAGwASA%3D#aoh=15859081518411&referrer=https%3A%2F%2Fwww.google.com&amp_tf=From%20%251%24s&ampshare=https%3A%2F%2Fmoneyweek.com%2Finvestments%2Fproperty%2F601065%2Fwhat-does-the-coronavirus-crisis-mean-for-uk-house-prices

Here's another good one from Moneyweek: moneyweek.com/investments/property/601081/three-things-matter-for-the-uk-housing-market-now-and

Do you work for the Daily Express OP?

From newbie's link. Unfortunately, this is likely to happen.

Pesci was lecturing somebody about the three things always to look for in a property. I was expecting him to say, “location, location, location”, of course. The gag was that, instead, the character, bereft of all humanity, said, “death, destitution and divorce”.