Is corona virus effecting the housing market?

[Didicat]

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

No I dont think it is. We viewed 3 yesterday and my DP's house has just sold subject to contract. The houses we viewed are recently on the market and are receiving plenty of viewings.
Prices seem to have jumped a little since brexit so now we will have to pay more but have received less than expected for our house.

I too am worried because we are on the market and our next purchase is a big one, we are looking to upsize £350k. Viewings on ours have gone silent the past 2 weeks and was pretty steady before that.
I’m trying to ignore the worry and keep thinking we should carry on and worst comes to the worst we can pull out at the last minute

What happens if we exchange but then can’t complete due to corona? Or the removal companies cease to operate? I’m worrying!

We have just taken our house off the market, I do not want people walking around with the possibility of infection, my husband is 78.
Apart from the fact I think over 50% of the viewers are carpet treaders
anyway.

We put our house up for sale a few weeks ago and sold really quickly to cash buyers. I’m worried that they might end up pulling out. We’ve also had nothing to view-a few have come up but are either too small or vastly out of our budget.

Needmorecoffeeandcake I’m worried about that too!!

We’re close to exchange and in a very short chain. Our buyer is still keen and the house we’re moving into is empty. Every time we ask Solicitors about Coronavirus they laugh it off like it’s a non issue

@conrad79 the estate agent was saying they’ll be open no matter what. Yeah sure. You’re an essential service if lockdown comes in!

teaandajammydodger that’s so typical of an estate agent! Fingers crossed everyone. The worry makes me feel quite nauseous

Every time we ask Solicitors about Coronavirus they laugh it off like it’s a non issue

For many people it will be. If a sale is almost complete then unless the buyer gets cold feet due to insecurity about their job or income, there is no reason to stop the sale at this point.

I think any negative impact will take a few months to be felt and it will be a ripple effect. Obviously EAs have a vested interest to keep talking the market up, as they always do. The last thing they want is for the market to grind to a halt and for well progessed chains to stall or collapse. They aren't alone in wanting to play down any issues in a market that directly affects their livelihoods.

We sold at the end of last year and have finally got a complete chain about 4 weeks ago. Still waiting for all final legal documents to come back and then we should be looking at exchange and completion dates, but we have an unfinished new build at the top of the chain, so I suppose that could be delayed if any builders are ill and self isolating.

I was also thinking about removals companies. Will they still be operating? We have an estimated moving time period of 4-6 weeks, but it sounds as though things will be much worse in the next few weeks, so I just can't see it happening and I'm worried our buyer will pull out and then the whole chain collapses.

As a PP said, you have to look at the bigger picture and of course the main thing is that we protect ourselves and others and reduce the spread, but getting to this point has been a long time coming. 2 years actually and it's massively affected my MH as we are just so desperate to move, for lots of reasons. The thought of being knocked back to square one again is just horrible. Again, I know there are bigger things going on here, but it's still a concern.

I've had an update from my solicitors this morning (exchanged but completing next week). They are looking into the possibility of everyone in the chain agreeing to a financial exchange even if we can't physically move for whatever reason, with the actual move delayed until any possible quarantine is lifted.

It seems like a good idea but I can't see our first time buyers going for it as they would still need to pay rent.

I am worried too my house is on the market and has to stay on because it is being sold as per the financial order from my divorce.

My ex is constantly moaning the dc and I are still in the house and he is renting and wasting his money. Obviously this is out my control but I feel this is going to slow things down for us.

On one hand it is a good thing because in the lockdown situation we have a small back garden. When we have moved we will be in a flat.

On the other hand I am struggling along paying the mortgage. Feeling uncertain of the future more now than during the 18 months it took to get divorced . 😕

TossACoinToYourWitcher wow that’s interesting!! Could everyone help pay their additional rent if there’s a lockdown?

How long was there between exchange & completion? We wanted 7 days but I bet it’ll be on the same day now!

@Conrad79 17 days.

Does today’s self isolate for 14 days update make it all too risky?

I’m most worried about removal firms for my move. Chain free and moving into a vacant property but unsure if I could even get my stuff moved.

Fingers crossed for everyone else. This is definitely a rubbish time to be moving.

Same here @LolaSkoda.

Doing it on our own would be an absolute nightmare, but if we're all going into lockdown, I can't imagine that it will be business as usual for the removals companies.

Hi, We are moving this to the Coronavirus topic area now.

We've just had an offer accepted, and are applying for a mortgage, but I am super worried.

I don't want to buy in a peak then be forced to live there 10 years in negative equity if interest rates rise/house prices fall. Though we can get a pretty good

www.todaysconveyancer.co.uk/main-news/coronavirus-advice-conveyancers/

We have had an update from our removers today to say they currently don't foresee any issues with moving us on Monday but they obviously can't make any guarantees.

I'm somewhat reassured by the link above that suggests if everyone agrees we may be able to revert to a pre exchange position.

How can house prices not fall massively? There is about to be a huge recession - the UK economy is largely service-based and who is buying most services now? Self-employed people are screwed. There is a reason the stock market is falling like a stone - it knows which way things are going.

I can't see how this couldn't be multiple times worse than 2008.

Plus who would want to have all the disruption of selling, buying and moving when we're supposed to be locked down? Old people or those with health conditions are self-isolating so can't have viewings or attend viewings.

House prices are massively, astonishingly overpriced and have been held up by thin air. They're about to look down and realise that.

Sorry, that's not very cheery but I would not buy now.

Not yet. But it dobe when there are job losses all over the place.

We have just pulled out of our house purchase (initially to live in, then would have let it out). I’m pregnant, and the worry of moving etc is just too much now, husbands wages have just been cut 20%, likely to be moving to 50%. It just isn’t sensible or viable for us now.