Is corona virus effecting the housing market?

[Didicat]

Just the above really? Opinions both ways.....

It’s been slow here since middle of last year. It wouldn’t put me off viewing a house unless I was quarantined and couldn’t or the same with the vendor

well we accepted an offer on our house monday. been for sale 4 weeks.

Corona virus no.
Brexit yes.

i agree with the last comment.
also i think that generally new builds have driven the housing market up to a point that most people cant afford to buy. estate agents are massively over pricing a lot of houses as well.
i'm on rightmove etc several times a day as i'm currently looking for a house and most houses are hanging around a long time and constantly being reduced.

In South East London, certainly not yet. Things have picked up so much since last year, we got an offer in our flat and have been frantically trying to buy somewhere for the past 4 weeks and lots out as lots of houses now going to best and final. House which were in market last year for months and are going as soon as they come to market as agents have people like me waiting! We were out doing viewings yesterday. Open day for one house had 20 sets of buyers booked in.

yes london always is booming.
in terms of everywhere else i don't see a lot selling.

I've got 2 friends trying to move locally and I work for a conveyancing firm.

It feels like Brexit still. There's not much new on or shifting locally. Some places, like Cambridge, will always be popular.

Two lots of people looking at house next door after poor owner died. It needs a lot of work. Nice quite village in SE England

My sale and purchase are plodding on.

Was asked to wear disposable gloves ( handed out by estate agent) for a house viewing this week.

London is not always booming - that was my point. Last year was much quieter than usual. It has definitely picked up now. Whether it will stay like this of course is another matter.

I agree Hername

Corona virus no.
Brexit yes.

Funnily enough, I was just googling this exact question this morning. Obviously there will be localised pockets still adversely affected by Brexit, but the general consensus is that since the GE and the Brexit date of 31st Jan the housing market has bounced back after three years of stagnation and uncertainty.

That is now likely to take a bit of a hit due to CV, especially for people who work in industries that are going to be hard hit by lack of footfall, temporary closures and cancellations. If CV means job losses or loss of self employed earnings it will inevitably have a knock on effect, even if it’s only due to buyers’ lack of confidence in their job stability.

Given the economic impact of Coronavirus then I'd say that the housing market will be affected. not the virus itself - but the know on effect of cancelled trips, events etc. My partner's freelance role just ended a month earlier because of the virus.

It will hit people in tourism and travel industries, so areas where they are the usual buyers will suffer.

it might affect the banking industry too - but depends on the type of banking.

Places with good home broadband will be more popular than those without!

A friend has just pulled out of buying due, in part, to coronavirus. I think for anyone already a bit wobbly about moving this could tip them over the edge. Also self employed people or those dependent on bonuses or those in heavy hit industries will be thinking twice.

I looked at a house last week and when the markets started plummeting I changed my mind about moving for now until things stabilise

It’s a risk that we could be out of work so not a good time to plan to move right now for me

so long as you have nothing to sell at a lower than expected price, if you are a cash buyer or work in a bomb-proof industry then you could be quids in. Be prepared to move quickly when prices start to drop.

Some middle aged couples who might have been going to retire early and downsize, or take a chunk out of their pension fund to facilitate a move or a second home or early retirement might hold off now the stock markets are in freefall. Their pension funds and mine are taking a massive hit. They will recover in time but not before they've upset the apple cart and altered the timing of some people's plans.

I’m about to exchange on a sale and a purchase and the purchase is at the top end of our budget so I’m a bit nervous now.

Been avidly checking Rightmove for a house in the past few weeks and I’ve noticed a big drop in the number of houses coming onto the market. Maybe just coincidence, but would you want a lot of strangers trailing through your house at the moment?

There’s a thread in AIBU about this - the financial markets are being hit badly. You need to watch the news

A friend has just pulled out of buying due, in part, to coronavirus.

How would corona virus affect a house purchase that’s already in progress? I don’t understand.

How would corona virus affect a house purchase that’s already in progress? I don’t understand

Some companies are struggling as they can’t get parts from China as the workers are on lock down.

Some people are self employed so can’t take the risk of no work if we are out in lockdown

It’s not such a great leap

Word at my office is there is a massive recession coming and will likely be larger than the 2008 financial crisis, did the last recession have much of an impact on houses?

How would corona virus affect a house purchase that’s already in progress? I don’t understand

A self employed person/anyone at risk of lower hours now having to rethink their mortgage perhaps? So shortsighted!!

I know a SE person who's just about to complete ... they're seriously thinking of pulling the plug because of the economic outlook for their business. They could easily go bust if were put in lockdown.