Housing market...do we pull out?

[Misscf81]

Me and my partner are currently in the process of buying a house, but with everything that is going on, we don’t know what to do.

At the minute, nothing has been signed...we have had the valuation done, and are awaiting a homebuyers report back (I am told it should be today). However, we are beginning to panic about the current climate, and equally what the long-term impact could be. There’s been no change to our current employment situation, but I’m terrified we are going to take this house on and either one of us (or both) will be out of work soon, or we may end up in negative equity as the market may crash and house prices/valuations decline.

What makes it worse is that we know this house needs a bit of work (how much work depends on the homebuyers), and I’m worried that we will move in, but won’t be able to afford to do the work anything happens with our jobs.

I feel bad on the vendors, as they are obviously panicking now, but I just don’t know what to. Last time anything like this happened was 2008, during the financial crisis, and I had to change career and move cities. I just don’t know whether stay put in our rented flat until all this blows over!!!

You’re about to exchange when Forbes is forecasting a depression. Most professionals presume anywhere between a 10-20% drop in value.

Don’t be like our politicians and look ahead to what is going to be the biggest hit to the uk economy in your lifetime.

I wish you luck but I recommend you love your new property when it’s worth less. If you would care then negotiate a further price reduction or pull out. I’ll put money on they seller sat at home awaiting the phone call.

All the best

You have to do what's right for you, although a crap situation for the sellers.
Just a thought though. Why is that house back on the market? It could well be the buyers for that had a bad survey....

Several houses have popped back up on the market where I live. I think it's just indicative of the fact buyers are pulling out now - we will be. I don't see how house prices won't fall.

Also, we were going to buy an overpriced new build flat but 2 days of lockdown has made me realise how much I want a garden.

A property near me has dropped the asking price by 20k this week, but it was vastly overpriced to begin with.

There is no point in dropping the price at the moment, if it's not selling it's because people aren't leaving the house to view anything, egardless of the price.