Recession / property question

[houseydncf]

Can anyone explain how to recession may affect me? As if I'm a toddler, as I've been reading all day and i'm struggling to understand.

We're currently selling our house and are upsizing. We're planning on it being a long term move, we plan to be here probably 15 years if not longer.

Selling our house for 240k, buying new house for 290k with a 70k deposit if this is relevant.

The fact that the UK is technically in recession does not have any direct impact on you at all - it's just a measure of whether the overall economy is growing or shrinking, with a recession being when it shrinks for 6 months or more in a row.

However, during a recession there are typically more job losses and less money being spent, which can result in (for example) people being less willing to make big commitments like moving house. So you might expect the housing market to be more subdued in a recession. This means you might find it harder to sell your house - on the other hand you will probably see fewer people trying to outbid you for any house you wanted to buy.

@snowlaser phew! Thank you for explaining that so simply. I feel really stupid having to ask.