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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

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

491 replies

Whatarisk · 19/04/2020 23:58

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.

OP posts:
dottiedodah · 20/04/2020 07:53

Larger detached, and semi detached homes, are often owned by relatively well off people who have savings and low or non existant mortgages .They have a financial "cushion" if you like and will probably be the least affected TBH .I would hold out for the moment and see what happens a few months after Lockdown .We have a 4 bed detached property, and have my DD with us after her relationship broke down .Also her friend who lodges with us!

GeraniumJohnsonsBlue · 20/04/2020 07:55

I do think once lockdown is over there will be lots of interest from prospective purchasers and lots of sudden activity as the pent up bottleneck is released. People have had an awful lot of time to look on Rightmove, discuss moving with their spouse and analyse why their current property no longer works for them.

The question is, do they still have stable employment and the nerve or the ability to act on their desires.

CeibaTree · 20/04/2020 07:56

Am I correct OP that you are hoping that due to coronavirus deaths you'll be able to snap up at larger house at a bargain price? I wouldn't count on any more coming on the market due to deaths than do in previous years - but what you might see are more houses of every size coming on the market because of people losing their jobs in the upcoming predicted recession. Finger crossed eh (!)

GeraniumJohnsonsBlue · 20/04/2020 07:58

Oops sorry that last comment should have been @Blackbear19 not Xenia.

Oblomov20 · 20/04/2020 07:59

I disagree. I don't think prices of expensive houses will drop at all. I think they'll rise and go through the roof. But that will take time, because No one is going to be moving any time soon unless they absolutely have to.

Blackbear19 · 20/04/2020 08:02

Another fall out from the virus is many people will be after an extra room to have as a home office / study.
WFH is likely to become far more common and a regular thing.
Maybe not full time but I can definitely see businesses encouraging it along with smaller offices and hot desking.

Davros · 20/04/2020 08:03

A lot of people in larger houses are middle aged (50-60) with lots of equity. Once you are over 55 (I think) you can start taking the equity out which is what a lot of people do. I've also noticed that it's become a trend for people around my age (60) to no longer sell to downsize but divide up the large house if they can get planning permission. I've seen this a number of times. They don't have to move or leave their area and they make money out of the house, sometimes having family live in the flats that are created, paying or otherwise

Leflic · 20/04/2020 08:05

There’s absolutely zero chance properties in Hampshire are going to go down in value especially large family homes.Theres a massive demand (mostly from London ) and undersupply. It’s also got great transport links both within the U.K. and to Europe, a coast, good weather and two National Parks.

Unless a serious amounts of jobs in London go to the wall, it will be business as usual. Judging by the 2008 crash, Brexit etc none of which made a dent in the market.

Also lockdown will end. All the people ready to go when it was announced will want to move ASAP, so it will be pretty busy up to Christmas.

blossomwilloughby · 20/04/2020 08:06

Given how care homes have been treated in this, I wonder if people who had been considering moving into care homes will now refuse if they are able to do so. This will mean that their homes won't need to be sold to pay for care home fees so the number of houses coming onto the market from that source might decrease

GeraniumJohnsonsBlue · 20/04/2020 08:06

My DH who is usually office based is saying he could easily work permanently from home and just go in for the odd meeting, for which a handful of conference suites could be retained. The money companies could save on premises and associated costs would be huge.

LellyMcKelly · 20/04/2020 08:06

I don’t think anyone will be selling anything if they don’t have to for quite a while.

GeraniumJohnsonsBlue · 20/04/2020 08:07

What do you mean how care homes have been treated?

Frompcat · 20/04/2020 08:09

I don’t think anyone will be selling anything if they don’t have to for quite a while.

But a lot of people do have to. A lot of us are in flats with young children - after this I imagine a lot of us will be wanting to upsize even if we weren't planning on it before.

People will always need to move house.

winchestersandwich · 20/04/2020 08:11

I plan to list and sell when this is over, we were about to before it happened.

The house I want is on the market and if my house has gone down in value so has that house.

scaryreading · 20/04/2020 08:13

You may get more for your money at the higher end even if your flat price drops slightly?

Hope you get there OP

tontie · 20/04/2020 08:16

Our inlaws are selling a rental property, only went on about 2 wks before lock down. They were going to take it off but they just want rid of it & feel no time like the present.

Blackbear19 · 20/04/2020 08:16

I assume she means lack of PPE and no visitors in Care Homes.

I can't see that making any difference to the housing market. If anything it will increase the demand for houses with space for Granny.

Care homes are a last resort for people who need 24hr care not I'm fed up on my own I'll consider moving to a care home to live.

TheHumansAreDefinitelyDead · 20/04/2020 08:23

I dunno OP

We moved from a small flat in London to a semi detached in Hampshire.

My kids will move out in a few years, and I always thought we’d downsize then. But I have a renewed love for my garden right now.

Instead of downsizing I may give up on holidays and luxuries and enjoy where we live instead.

New era, new plan

Leflic · 20/04/2020 08:24

Following on from my last comments about Hampshire not going down in price, my moneys on it going up higher.
People now know the value of outside space and a good location.

tontie · 20/04/2020 08:25

I can't see that making any difference to the housing market. If anything it will increase the demand for houses with space for Granny.

Slightly off topic I'm not sure about that. People are living longer but often have complex medical needs, can every family have granny or grandad move in, do they even want to particularly as some will still be working

Wtfdoipick · 20/04/2020 08:27

We are looking for a larger property to give us both room to work from home in the future and a bigger garden. it's going to be swings and roundabouts yes I think house prices could fall but I also think more people will be looking to upsize than down.

victorioussponges · 20/04/2020 08:30

Would you consider a new build? If your concern is availability I would have thought those would be a safer bet than banking on lots of people wanting to sell up in such an unsettled time. I've seen lots of new developments springing up round Hampshire way. I could imagine you getting a better deal from the developer wanting some cashflow than on the regular market.

PurBal · 20/04/2020 08:32

Buying and selling at the moment is a no go. We had our mortgage valuation a week before a colleague (exactly 4 weeks ago) and ours is going through and his isn't. Our offer is fortunately all tied up because mortgages are now nearing impossible to get (rumours of a 40% deposit). Most people won't be able to afford to move after this is all over. I imagine it'll be a minimum of 18 months before the financial sector, and therefore the housing market, returns to normal.

TheEmojiFormerlyKnownAsPrince · 20/04/2020 08:38

I think the opposite will happen. When lockdown eases, a lot of people will be wanting to move.

I think this may drive prices up and cause a housing bubble.

Scruffyoak · 20/04/2020 08:41

Were are in same situ. Need a bigger house....desperately looking!