House movers - are you buying or sitting right?

[sst1234]

Hi, wondering how people are approaching buying in the context of the current climate. I know it may be a price of string question, but good to get others’ opinion anyway.
We have been planning a move to a bigger family house for some time but needed to save up. 2019 was very much about GE and Brexit uncertainty and since Covid 19 a recession is certain. However it is impossible to predict whether it will impact house prices negatively. 2008 certainly did and those that bought at the bottom of the market did really well.
Who is buying despite the looming economic downturn? Who is sitting tight and what do you hope yo save on your purchase? Who thinks that that prices will not drop much because supply will dry up even more.
We are looking to buy a new build, most probably on small development from a local building firm and will not sell our current home if drops too much in value. Any thoughts on new builds?

Not a fan of new builds as I find they can often be poorly constructed and tend to be on the small side as well. Saying that I think it's a great time to buy them as the developers are desperate - often accepting part exchange, offering to pay your stamp duty, legal fees etc.

I'm in the tricky situation where we had an offer accepted on a house just before lockdown. It's central London and in a price range that might be less affected by the economic downturn but it still definitely worries me that the price will drop massively in the next year or so. On the other hand we also have buyers still willing to buy our flat for full asking price and if we hold off buying the house we'll end up taking a hit on the sell price anyway so it kinda evens out...

We are staying put. Were all set to upsize when this whole shit show made me realise how grateful I was to be able to afford our current house so easily. At the moment, that makes me sleep easier than the nice kitchen island I had in mind sob
We would have been really stretching to go the next size up and while more space would have been lovely, economic peace of mind is more important at the moment.

I’m a first time buyer, also really interested about whether now is a good time or not. Making the most of a healthy deposit saved, low interest rates, a housing crash (even if it’s a short one) and stamp duty incentives.

Another one here who was thinking about moving within two years but will now stay put and be content with what we have and can comfortably afford.

My parents too were getting ready to downsize but are now planning to stay put as there's no rush and they weren't going to put all the money into the new property, so not as simple as sell lower, buy lower.

Interesting, it sounds like people are prepared to stay put. Contrary to what is often said about prices always bouncing back in the long term so a move should not be put off

I'd say that keeping my eye out, I'm looking to possibly move up from very good size home to dream home type territory. It's not a necessary move and adds a lot of debt to our life so I'm not entirely sure I even want to do it but if the dream home came up then I'd be tempted.

Not rushing into anything.

Don't try to second guess the housing market. It will always surprise you.
Instead buy a home you love and can afford. Buying is so much cheaper than renting

I don’t know what to do now. We’re not ready to sell anyway but were planning to get ready to sell to a house much much more expensive than what we live in now.

But it’s been lovely really not having to worry about having to afford the mortgage with all this going on. It’s hard. Do I really want a nice big 4 bed new build or am I happy where I am. I don’t know.

I think I'll probably move when we find the right place. Theres always reasons not to buy etc, as with anything it's if the time is right for you, not the world. If finances allow then go for it.

Hoping to put our property on market in the next 3/4 weeks. We have made the decision we want to move and so just want to go. We have quite a bit of equity in our house as have been here over 20 years and planning on staying a long time in our next property so if it does go down pretty confident it will go back up when we eventually want to move again.

we were due to exchange just before lock-down but didn't. Our buyer now wants to reduce his offer, we are buying a new build. Our selling agent is talking to our buying agent about reducing both houses by the same amount, but I've no idea whats going to happen.
the developer mentioned an amount but our buyer wants to reduce by double that. However, he is also worried his new mortgage offer at the lower amount might not now be approved.
its all a mess!

We were about to start looking for anew house but not going to now, going to wait at least 6 months.

First time buyers.

Looking to move. Currently in a tiny two bed flat and wanting a four bed house closer to my family. Was always gonna wait til Sept anyway as hubby is on probation in a new job so sitting tight til September. But nothing nice in our price range on the market anyway just lots of two bed flats weirdly

We're putting the brakes on until the market reveals itself post-Covid. I suspect there'll be a boom of properties in the months past covid and we'd already viewed most local properties that meet our requirements.

We live in a relatively new build at the moment (and we aren't looking for another new build!) Pro: they're low maintainence and tend to be well insulated/sound proofed. Con: Very "boxy" in style, small plots and I've surprised myself by learning that I hate the open plan concept that 99% of newer houses seem to go with. Our toddler gets really restless being in the same room all the time and in lockdown we're finding that we're working and living in the same room for most of the day. What I'd give for a separate living area right now!!

Reading with interest. I was all set to start as a FTB after Xmas, have then got cold feet. Thinking, do I keep the deposit (£50kish) in the bank in case I need it during a major recession, or buy? I don't want to buy and find house prices crash in 6 months or so. Its taken me years of being frugal to save up, I'm almost 40.

Focus, is your job secure? If so, I think I would in your position. Mortgage rates are low atm and what you are paying out in rent must be more than a mortgage instalment. Even if prices crash, they do normally go back up over time.

We are first time buyers and just bought a house this week... it all happened so fast but offer was accepted, mortgage approved and all done in 3 days!

pilates I thought it was, it probably still is for a while.. But I work for a University so who knows in the next year.

What's going through my mind is, will I potentially need the deposit money to move somewhere else and appreciate the flexibility of being able to take a job anywhere, if I need to, would a mortgage make me less mobile at that point. Can't guess the future though.

I’ve posted a similar thread today, hoping to move to our dream home but would be stretching, so uncertain whether it’s a good idea now.

We were planning to buy this summer but we're now going to sit tight and wait to see what happens. Not a big problem, we will rent in the meantime and save a bit more for the deposit. Not a new build though, I hate them.

I was looking to sell and buy a larger property. Not sure mine will sell now so might test the market, if it doesn't get much interest then I'll sit tight.