..to think a lot of large houses will come on to the market?

[Whatarisk]

AIBU to assume that larger more expensive houses will start to appear on the property market?

My house is currently up for sale. We’d like to upsize. DH doesn’t think the property market will be affected much and if anything, people in larger houses will be put off listing their home. I think the opposite will be true.

Our jobs are relatively secure (in the sense that v few can be 100% confident of total job security right now) and I’m of the opinion that we sell ours, move in with my parents and hope something comes up. There are no properties that we are interested in currently but I’d rather sell before the market dips too much.

Interested in people’s views.

I think people, especially families, might be less keen to live in London and other big cities at least in the short term, as this may feel riskier and more stressful and volatile.

Untrendy market towns with nice rivers and parks and access to green spaces might become more popular.

Well yes, there will be a certain percentage who do have to, of course tontie.

I know, hence my post answering another poster who asked why anyone would sell. I didn't discuss numbers.

I managed to sell a 3bed semi in 1992 by being realistic about the price and reducing the asking price. House prices were falling across the board by around 15%. We reduced by that amount and managed to move to a detached (we hadn’t expected to be able to do that) as detached prices had also reduced by 15% which in actual terms meant a saving of double what we’d ‘lost’ on our sale.

The house we bought was selling because the owner had died, her family lived and worked in a different part of the country, had kids settled in schools and no way would they have hung on to an empty house, miles from their homes.

I think we will see a lot of houses come on to the market from the older generation, as they will be hit harder by Covid19 than other demographics and for those who have sold and are upsizing or are FTB there will be some bargains over the next couple of years.

@Figmentofmyimagination actually it might be the opposite..people including families might have no choice but to live in London. We can all agree that there is going to be a big recession after this. London has the most jobs. When there is 20% unemployment, people would grab the first job they can find and that is likely to be based in London. Some jobs probably allow flexible working, some jobs may not. People may have less choice about the conditions.

I mean post 2008 recession, a big reason why London property prices surged was because there were less jobs in other places.

I don't know. I think there might be a lot of people who have spent the lockdown getting really really frustrated with their living situation who are driven to move.

Because of the current crisis if you have a nice big house with a garden, no way would you be moving. Similarly no way would any older person be choosing to move into a retirement/care home. Cant see much chance of a drop in house price maybe a few percent, demand is still massively higher than supply. I know there is no way in hell I am moving in the next 2 years or until things settle down.

@ZombieFan they don't want to move, we are assuming they are forced to move. 20% unemployment, all OP needs is 1 family in meon family Hampshire to suffer a failed business/redundancy etc and she could get a very good bargain. She is only buying 1 house after all.

@Desiringonlychild It is just my opinion. People with bigger houses tend to be older, wealthier and in robust jobs, they are the ones most able to withstand any economic turbulence for a while.

If they held on during the so called decade of austerity, they should be able to hold on during the pandemic when banks are now giving out mortgage holidays and the government is throwing money at employees/employers.

@ZombieFan in some ways, this pandemic is much more unforgiving than the 2008 recession. For example, someone who owns an estate agent, a restaurant is unable to generate any revenue whatsoever and the government furlough money is not going to go on indefinitely. And a lot of such business owners do live in nice big houses. In the previous recession, even if demand did dip, people of means still continued spending. This time, there is a government mandates shutdown and from the Wuhan data, people are too afraid to venture out even after lockdown to spend money.

Bit of a reach, assuming the wealthy large house owners will be the most adversely affected, to the point where they are forced to sell their homes to people who would never have been able to afford them pre recession?
Where is that money suddenly appearing from?

www.theguardian.com/world/2020/apr/21/nurse-shortage-causes-nightingale-hospital-to-turn-away-patients

Nurse shortage causes Nightingale hospital to turn away patients
Exclusive: Covid-19 patient transfers to new London facility cancelled owing to lack of ICU nurses

Dozens of patients with Covid-19 have been turned away from the NHS Nightingale hospital in London because it has too few nurses to treat them, the Guardian can reveal.

The disclosure comes amid a growing belief among hospital management in the capital that the Nightingale, built to great acclaim over just nine days, was becoming a “white elephant”.

The hospital has been unable to admit about 50 people with the disease and needing “life or death” care since its first patient arrived at the site, in the ExCeL exhibition centre, in London’s Docklands, on 7 April. Thirty of these people were rejected because of a lack of staff.

Apparently they have enough doctors. But there is a shortage of critical care nurses as they are all already working in hospitals around the capital.

Hands up, who is surprised?

And whilst you are all stunned by this government and their lack of ability to think logistics through...

... Here's the FT talking about when a political decision isn't a political decision really.

Sorry wrong thread.

My phone is doing my head in.

Desiringonlychild Time will tell, I am betting my money on bricks and mortar.

A lot of ifs and buts at present, and it can only be guesswork as to how it will develop, but big (larger) houses are mostly owned by people with resources and/or good jobs, and in such times as these a 'mortgage holiday' is very likely for those who don't own their own property - but of course many do!
In the longer term anything is possible and for anyone with ready cash there will always be a bargain given time. However, the housing market is dependent on the lower end and getting a buyer willing to give you enough money to play the market may not be easy - newcomers, who are so much needed at any time will, I believe, be as rare as diamonds in coal cellars, yet demand for such people will be massive.

@Whatarisk Wow, the response is incredible. I’ve tried in my head to make some sort of sense or conclusion, but I can’t.

Bottom line is that a family house purchase is a long term investment, so if you find a house you love and can afford, while still being able to save for a rainy day (covid-19 just taught us all the value of that!), then you make it happen.

Now, from the position of a seller of a 6bed country house w a separate 2bed cottage, divorced and in my 50’s, please stop generalising about my finances, personal circumstances, level of desperation and whether my price is reasonable. Every seller is unique. Fact is, I could stay here for the rest of my life. I am so tired of low ball offers because the hubbies want to “win” on the negotiation, and think I’m obviously desperate! Wives love my house, every time, because it’s a glorious family home and its target market IS a young successful family like we were, buying for a future. The added benefit of a fab cottage is extra income (either tenancy or AirBnB), OR for grandparents, or even that fab benefit: staff, should that be possible.

I’m off the market now, but my estate agent (Hampshire) has been very active w requests from London, w two agreed SALES, subject to removal of lockdown OR, bought sight unseen! He has asked me to video it which I have and it so it continues to be marketed. Three families have viewed it this past week!

So, moral is, stop generalising about conditions or sellers. Go and negotiate a great sale of your flat (or keep it if you can cuz London rentals are always good value, especially on the 1/2 beds). Be a kind positive minded buyer and you will have a very successful purchase. Being difficult and persnickety just makes the whole process way too stressful! Good luck

We relocated and moved into rented during the 2008 to 9 crisis. We were rock solid money in the bank ready to move buyers and yet it didn't pay off. Why......nothing was coming on to the market. Estate agents told us that they get asked to do valuations but when they suggest realistic numbers, the would be vendors just sit on their hands. Owners at the top end of the property chain are no longer grappling with crippling debt. They had a much easier ride on the property escalator. Their finances are bomb proof. The consequent shortage of property coming on to the market caused, ironically, prices to remain fairly buoyant. Just our experience but I can see parallels down the line.

I think this will certainly put older frail people off moving into a care home. I never would now after seeing the horror stories.

@Viviennemary, I agree my parents will stay at home with cctv in every room.
I know enough cunty careers personally to be sure they won’t be cared for behind closed doors

Ours (big ish house) was offered on two days before lockdown so completion is delayed. The agents I've ebeen dealing with seem to think there will be an upsurge in houses coming onto the market as people will have realised their homes too small/big/boring after being made to stay in them for such a long period. I'm hoping that lots of smaller properties will come on the market so I can find my new home once ours completes and I get away from stxh. Maybe folks will make sure their jobs are ok first then sort their houses especially if they've been thinking about it but not getting ound to it. Good luck whatever you do

The word 'care home' is now synonymous with 'mortuary' no one will ever want to set foot in one again!

do people have a choice though re care homes, some older people require 24 hour care

There’s always a choice if you have money. Mine are under strict instructions to bump me off before 24 hour care becomes necessary, what’s the point

yes but not every has money

Interesting thread.
I also think less elderly people will go willingly ( If that's the correct word) into a care home. I think a lot of elderly people will adapt their home. For example turning a bedroom into a large en suite. Or even more to a more adaptable home. Bungalows with small, easily maintained gardens will be in huge demand.

Do most people go into care homes willingly? My grandma in laws cost 1k a week but there wasn't really another option as her tall townhouse was impractical, did try live in carers for a while.

I think bungalows do hold their value as they generally aren't cheap.