When the house price will reflect the impact of economy tanking

[rabbitcarrot]

just noticed a few houses have been added to rightmove in past couple of weeks, the price is still pretty much like pre-lockdown..

Just wondering when the property market will be adjusted to reflect the impact of economy shrink?

Biggest mortgage provider Lloyd's predicts prices may decrease by up to 5%, but Nationwide has reported an increase in prices this month. As sales take about three months to go through we have only seen sales in progress stop or postponed, the full impact will not be apparent until later in the year. This is normally peak buying time, will those people decide not to move at all? Maybe some will, but the majority will still need or want to, so I think there will be pent up demand when lockdown is over, and if people can start viewing houses earlier in the summer then the housing market will have less affect from the virus. If viewings are not allowed until late summer or September, people may put off moving until Spring, therefore less demand. But it's a two way thing: people may not put their property on the market in the first place, so supply may be contracted too.
I plan to move to London next summer and that has to happen. I need to sell two properties in order to buy in the capital, and am hoping any possible reduction in what I achieve from my sales will be matched by lower price in what I buy.

At least you will have some breathing space to save if interest rates rise at the end of your term.

@sotiredwe

No- I won’t take it now as 1) it’s not right time for me and 2) corona!

I’m trying to work out where I would be in terms of buying and how long to wait as I don’t want to lose the chance of a 95% mortgage. People have pointed out if the market goes low enough for someone like me to get on then it could coincide with interest rates rising and only higher LTV on offer.

Nationwide price report used mortgage approval data which largely predates the pandemic though

And I take back my previous statement as it looks now as though 95% with Lloyds is no longer available