..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.

We may have a series of lockdowns as we get successive waves of coronavirus infections
No one knows how this is going to pan out, we are in uncharted waters

It depends what happens if more people are encouraged to wfh you may find prices increase on larger properties as people want more space and are prepared to pay for it.

My husband and I both work from home, we upgraded from a 3 bed to a 6 bed, five years ago and use two bedrooms as offices. When you work at home full time space goes from being a luxury to a necessity! There just aren’t that many large homes in the UK and once people buy them they tend to hold onto them unless they die or have financial difficulties.

We struggled to find a property that ticked our boxes and budget and we had an enormous search area (1.5 hour commute from London).

I think for the exact reason you want to move larger houses and houses with gardens have already become more desirable so people will stay put if they can. There's a thread on here with many lamenting the lack of outdoor space during lockdown and they're not just those with young children.

No one would willingly place their house on the market in this climate.

Either from a health or a financial perspective.

I agree with the PP you'll have to hold on for the foreseeable, sorry OP.

I don't think older people dying will see a flood of homes onto the market. The number of deaths are not significant enough for that and even if they were whoever inherits the house is going to hold on to it until conditions improve.

If people who used to work in commercial property switch to working at home then what will happen to the no longer needed commercial property?

Going to hold onto it until conditions improve
But wouldn't there normally be a situation where you have two or three beneficiaries of the will all of whom I would like to have the cash asap so that they can put it towards their own lives?

I live in one of those zone 3 "shoeboxes" and I would much rather be here than in the country. It has been a godsend to be in London during the pandemic. Ridiculously easy to get hold of all basic supplies, delicious restaurants still delivering, neighbours in close proximity so you can club together for online shops.

Living in the country for most does not mean living in an isolated field.

Just what the Meon Valley needs, Another Londoner coming for the pretty lanes and houses.
Thousands of very pretty lanes and cottages up North, You’ll get lots more for your money.

Depends where, because a lot of other Londoners had the same idea and drove the prices up.

The ‘old people dying factor’ my have a small impact but it will be nothing on unemployment.

Unemployment has been so low for so long that most of the posters here aren’t even mentioning it. But it will be the biggest factor in property in 2021/2022.

The second biggest factor will be WFH. Everyone now wants/needs office space at home.

I really hope this will lead to a massive boom in house building and that Rishi gives huge incentives and lots of land to do so.

“I really hope this will lead to a massive boom in house building and that Rishi gives huge incentives and lots of land to do so.“

Oh no. Destroying yet more land?

I used to think there’d be long term benefits for those of us who survived this but I guess not.

Op are you under the impression that the number of people who have lost their jobs and signed on for UC means that these people’s jobs have gone for good and after this is over they will be desperate to move because they face their house being repossessed because they can’t pay their mortgage

I think there is a lot, if not the majority of those signing on who as soon as everything has reopened will return to doing the work they were doing before.

Add to that the type of property you are after is more than likely owned by someone older which could mean that they have an interest only mortgage. With interest rates they might only be paying out less than £100 per month.

Even if they properly lost their jobs and couldn’t find a f/t job again
A couple on UC with bits of work up to the limit you are allowed to earn without affecting your UC income. Add in them both doing a bit of matched betting and with a bit of care they could go on for years in that position.

I doubt they will be in any hurry to sell as that brings with it more costs than it is worth.

After we come out of lock down property will decrease in value as economy will be weak. You can;t sell house whilst in lock down.

Some commentators have been predicting an initial rise when lockdown ends, because of "pent-up demand".

I'm not convinced. I think people will sit on their hands and wait to see how the economy performs once things are back to something vaguley resembling "normal". If there are big job losses, prices are bound to fall imo.

I think there will be an initial fall as people are desperate to release the cash and sell in the hope for a bargain.

For a few that time it right there will be bargains but then if you miss the window it will start to rise again.

Ridiculously easy to get hold of all basic supplies, delicious restaurants still delivering, neighbours in close proximity so you can club together for online shops

I live in the countryside. Literally have all that.

Do you think London is the only place where that happens?!

I live in one of those zone 3 "shoeboxes" and I would much rather be here than in the country. It has been a godsend to be in London during the pandemic. Ridiculously easy to get hold of all basic supplies, delicious restaurants still delivering, neighbours in close proximity so you can club together for online shops.

I live in the north west semi rurally where 'public transport' is a fantasy we only dream of.

We have these things called 'farms' which deliver locally direct to your doorstep, cutting out the middle men of supermarkets and charitable neighbours. This is where things like vegetables and milk come from in case you weren't aware. No worrying about supermarkets not having enough delivery slots.

We do also have this thing called 'community' which pre-existed prior to lockdown. So people more than willing to help out neighbours.

I can get same day delivery gin and beer delivery. Lots of them are locally produced gin and beer brands.

As for takeaway. We can get curry, thai, pizza, chippy and kebabs within a 5 mile radius from local none chain restuarants. The only thing thats closed is the nearest Maccas.

We also knew of places to get things called 'pasta' and 'bog roll' when there were shortages in the Big Smoke.

I don't live in a cardboard box nor do I wear a flat cap either.

It is quite civilised in many places outside zone 3.

I think there will be a big shift for those that have hung on to their job to move out of cities to market towns and rural locations or back to home towns for more space, particularly if city life doesn’t go back to being as fun as it normally is with bars/restaurants/parks and museums socially distanced or shut and office jobs can be done from home with the odd long commute into an office.

Everyone is going to want more space to work/play in for their money, if they have it as you have demonstrated OP. So there may be some more houses, if lots of small business owners fold and downsize or elderly single people die but the demand for them may also be high with people like you trying to get out too.

Anything with a garden and room for a work shop/study/office will be gold.

RedToothbrush

You've taken my post completely the wrong way. I wasn't slagging off anywhere that isn't London.

There are numerous reasons I prefer to be in London than the countryside right now (and by the way I have lived in both). My point was simply that I think it is wrong to assume that people will no longer choose to live in smaller places inside the city than larger places outside it, simply due to this pandemic. People choose to live in London for many, many reasons.

I don't care how many farms you have nearby in the countryside, there simply are not the same facilities as there are in cities. That doesn't make the countryside inferior, it's a wonderful place to live. It just isn't for me.

If people who used to work in commercial property switch to working at home then what will happen to the no longer needed commercial property?

If enough switch this will also have a negative impact on certain industries.

But wouldn't there normally be a situation where you have two or three beneficiaries of the will all of whom I would like to have the cash asap so that they can put it towards their own lives

Yes I think in normal conditions (or slightly unfavourable conditions), but not during something as unprecedented as this. There'll be so little moving in the housing market that it probably wouldn't sell anyway unless you put it at a stupidly low price.

Yes I think in normal conditions (or slightly unfavourable conditions), but not during something as unprecedented as this

I still think you would sell it although perhaps not straight away. Siblings will want different things, some may not be on the ladder etc.

We will have more pandemics in the future? How will this one play out? Will we change the way we live? lots to ponder.

@tontie possibly some will just try and sell (although might not even find a buyer). But when it comes to an inheritence (which obviously isn't money you're usually relying on immediately) I think most people would be willing to wait a year if it meant an extra 20 - 30%.

I don't care how many farms you have nearby in the countryside, there simply are not the same facilities as there are in cities. That doesn't make the countryside inferior, it's a wonderful place to live. It just isn't for me.

Facilities that you use on a regular basis and I can't get to within 35 mins?

They would be....?

Just so we know how much of a backwater I live in.

Not forgetting there are various things that you don't do regularly but I can take an occasional trip to do, for much less cost annually.

I actually thought the opposite - that people won't be selling much at the moment, not least because you can't currently view properties or move house plus uncertainty from lenders.

However, moving to be near your parents with a 1 year old otherwise sounds like a good idea, and being in a favourable position to move means estate agents are more likely to contact you if/when something comes up. I'd probably do the same in your shoes as the Hampshire buyer's market is very competitive.

Regarding the comment about Londoners moving to Hampshire, they'll be commuting to London and the OP's parents live there so it isn't really just a whim.