Is a recession coming?

[morewineplease1]

Just that really.

What are people's thoughts on the property market and a recession?

I've seen a few threads on here and tbh, apart from arguing no one makes a clear or valid point.

(Please don't give me abuse, I'm just looking for people's thoughts - not to be told it's obvious). Thanks 😃

We had a massive recession in 2008. are you very young?

Were you not alive in 2008?

I just said it didn't affect me. I was only 16!

Of course it is

How old are you OP? 😂

This is such a bizarre post

Why do people on MN get so arsey! Keyboard warriors much!

'It didn't affect me- I was only 16' .. this is the most ignorant comment I've read in a long time

Sorry I cross posted re 2008.
Yes we’re heading for a recession. It will affect people in a number of ways. Lost jobs, people unable to pay mortgages and bills, less money spent on public services, repossessed houses etc etc. People going hungry, lives lost. Just like in 2008, unfortunately.

Fucking hell. Some people have got sand in their cracks today.

www.ft.com/content/8ccae8d2-6eb0-11ea-89df-41bea055720b

Did it not affect your parents, your friends parents, wider family?

Here are some basics

www.khanacademy.org/economics-finance-domain/macroeconomics/macro-basic-economics-concepts/macro-scarcity/v/introduction-to-economics

The thing is, if your job is secure, you've got your normal income and your normal outgoings, than no, a recession isn't likely to personally affect you. I find Economics fascinating (I studied it at University), so you may find understanding the wider implications more interesting - the macro side.

A recession is particular definition (a fall in GDP for 2 successive quarters), and the government is clearly what it can to avoid this with its support packages. Whether the housing market will be massively affected is an interesting one - I suspect with the various mortgage holidays being offered etc, it probably won't be. In the UK we seem destined to always have more demand than supply.

Well property figures in Jan didn't look great & it could be argued that we only started to recover from the 08 crash in 2018 in terms of wage stagnation. Plus the gov had more leverage in 08 eg slashing interest rates which we can't do now

Yes there will by definition have to be a large recession as economic output has massively dropped with all those people not working.

How quickly things bounce is a more difficult question as is the effect on the housing market.

Our business has only in the last year started an upturn since the 2008 recession. We felt really positive at the beginning of this year ....😔 but yes expecting a recession and possibly a lot more far reaching than 2008. Thousands of businesses literally closed overnight. That didnt happen before, and it's got to have huge economic consequences.
It would be pretty hard not to have heard about the government paying 80% wages, putting packages in place for SE, record number of people on UC. The government wouldnt do this unless we were in desperate times.
And all the shops/pubs/cinemas/theatres etc - do you think that when lock down is less restricted theyll all just unlock the door, switch the lights on and boom, business as usual...?

If it's short then it may just be a blip but people's mindset will surely change eg saving more, not over-stretching yourself. The high street & retail has struggled to recover from 08 as people turned towards experiences eg travel, food which this is having a direct impact on.

Plus we will need to pay for the fiscal intervention.

@EmmaStone that’s interesting. So do you think it’s a reasonable presumption that first time buyers will find it even harder if/when lots of companies shrink due to this lockdown? I would have thought even less movement in the market will affect prices to some degree.

OP I was 18 in the last recession and the only thing I remember is DDs dads work letting everyone in his office except him go.

This left him with more job security than most and I dont remember anything else about it. His job would've only been in danger after that if the whole company had gone under and it never has hes still there ten years on.

A total fuckage is what's coming.

I was 18 in the last recession. Didn't affect my job. So was ignorant to it, life carried on as normal. Nothing worse looking down on someone for not knowing or having the same education as you.

Depression Not Recession.

I was 17 during the last recession.

It didn’t really impact me, not like the one coming will. I was young, free & single. Now I have children and responsibilities.

My first house I bought was a repossessed house in 2012 and I viewed another before purchasing it. I guess I benefited in a way as the house was underpriced and I sold with a good profit.

This time I’m a SAHM and if OH lost his jobs we could be the ones getting repossessed. Changes you’re perspective depending on what side you’re on I guess how much you will remember about it.

The recession is already here. The question is now whether we are entering a depression.

Friend is a surveyor- he said yesterday that it’s impossible to value houses as they think they might have dropped by 50% if that gives you an indication of what’s coming