Do you think house prices will decrease

[greydaisys]

Do you think house prices will decrease

House prices are rising in some areas as people leave city areas for a more rural lifestyle. If you have been living in a flat without a garden or a small garden this may be less attractive to buyers. If you have a large garden in a pretty area or one with close amenities it may be more attractive. I think there will be winners and losers in the housing market.

I house I've had my eye on since it went on the market in Feb has just reduced the price by £50k. It always was over priced though .

@cabbageking this is what I am hoping for. We are buying in a relatively cheap area but is only an hour train ride from London, I'm wondering if WFH picks up and we need less contact with work that those commuting to more expensive cities will be looking at areas where we are buying to get more house for their money. It's certainly why we are buying there, not the most straight forward of commutes but I can get to London 1-2 days a week not too painfully but live in a 4 bed detached house for a steal of a price compared to closer in.

I think it depends on how bad the recession is.

I'd recommend you look at what happened after the 2008 crash (especially in terms of the region you're looking to buy). This time is different of course, but that can help you make more informed decisions.
propertydata.co.uk/charts/house-prices

I think it's too soon to say prices won't drop.

I personally think they will, but this is the transition period when those that were intending to move, had sold already ect, are still moving.

I think more jobs will be lost in the coming months.

I think new/different roles will emerge but that will take some for that, as companies wait to see what the new normal is.

@Molip

What are you taking from those stats, Molip? Ther was a bounce back but doesn't that coincide with HTB? Won't that close shortly?

@serenada it's closing to second time + buyers, not FTBs.

Thanks @notheragain4

Hopefully not too much as my house is on the market and due to my situation can not be taken off to see what happens.

Do you think the venom shown towards second home owners will affect the market in those areas?

Property journalists are already talking up the market, as they so often do - I dare say they frequently have vested interests, e.g. buy to let portfolios. One who used to write in The Times would talk of prices ‘improving’ when she actually meant ‘going up’ - to her evidently the same thing - never mind the many who were priced out.

Just the other day I saw an article by another such, talking of sales going to sealed bids! Presumably hoping to engender panic in would-be buyers.

IMO quite a lot is going to depend on where you live, whether the market was reasonably buoyant before the virus, availability of jobs, etc. etc.

I just rang two local agents to value my house next week, they said the market is very busy. I've noticed lots of houses coming up for sale in the area I want to move to, only to be sold within 24 hours

We had an offer accepted and accepted an offer on ours just before lockdown. Mortgages agreed but then valuers couldn't go out, so we've just last week had confirmation the valuation. No issues so it doesn't look like the banks are down-valuing (we'd only negotiated £10K off the asking price so I don't think it's because we've already knocked it down far enough).

We're in Yorkshire, so obviously might be different in other parts of the country, but DH is a mortgage advisor and they've been told to expect a rush - Rightmove reported its highest number of hits ever once it was announced estate agents could work again.
I don't see houses plummeting imminently

We're moving, we've had a lot of viewers there's just no houses for sale in our local area

I wonder how much of the busyness the estate agents are experiencing will turn into actual sales and how much of it is people who've found their house wasn't ideal during lockdown but will be happy again once things go back to normal.

Whether people can move will come down to money. Always does. Do they have enough cash to buy the house, or will the mortgage lender lend them enough.

What LTV ratios are around at the moment? That's often a good indicator. Mortgage lenders are careful with their money. They are unlikely to lend more than they think the property will be worth.