To everyone who said the housing market would crash by June.

[BridgettJ]

LOL.

Its gone through the ROOF!

Not sure being goady is a valuable thing to do. But you do you.

Goady. Think this may be the favourite word of most MNers.

It is a false boom with the stamp duty break and the economy has not yet felt the full affect of the coronavirus pandemic 🤷‍♀️

I

I expect there will be a boom right now due to changes to stamp duty. I'd like to say it won't last l, but when I bought my house I was assured by estate agents that the top price for my street is £125k due to stamp duty at the time. Those same houses are now £300k.

Crash? Everybody on here knows that house prices can only go up (it's a law of physics like gravity), so they will. Forever and ever. It's only a matter of time before the banks increase the annual combined salary multiple from 5x now to 25x i predict this is going to coincide with the job market boom this winter.

The houses around here were shooting up but now cooling. Some are returning to the market (valuations, finance or surveys - who knows?).
I've started to see some cuts at the top of the market but not further down yet.
We tend to show the market forces here sooner given proximity to the City and small business owners.

@BridgettJ

LOL.

Its gone through the ROOF!

Could you link to those threads, please?

Any 'boom' is due to the artifice of Rishi's bung regarding stamp duty. It's up there with the bike repair voucher.

Why is no one saying......

Brexit?

The No Deal Juggernaut heading our way.

That is what will finally destroy our 'high house-price= healthy economy' myth.

Coming to a neighbourhood near you you.

Could you link to those threads, please?

Unless the post actually posted on those threads it would take them just as long to look them up as it would take you, wouldn't it?

House prices haven’t budged since before lockdown where I am. I think stamp duty holiday has helped

If the market is booming why the stamp duty intervention?

I've said it once but i'll say it again.

In the long term, property always increases in value.

Does it? I thought some areas had never recovered from 08?

Certainly my area of London peaked in 2014 & prices been pretty stagnant since then though they are toppy.

A drop would actually help us move up the ladder if we saved a similar %

@gonshite which part of London are you? Surprised to read that prices haven't gone up in any part of London since 2014

I’m also surprised prices haven’t gone up in a part of London since 2014 and would like to know which part?

Neighbours have SSTC their house for at least £20k less than it went on sale for in February, East Midlands, £280k house

Our usually very buoyant / weather previous storms / demand always outstripping supply / desirable / fabulous schools area is as dead as a dodo.

LOADS of reductions. Houses hanging around for months. Coming back on after being SSTC. I’ve never seen it like this.

And Brexit hasn’t happened yet.

@BelleSausage
I don’t recall any investment bank asking all staff to WFH indefinitely. Who are these companies?
Banks along with other employers whose staff have been tightly packed in an office often requiring the use of a lift will be severely restricting numbers in the office while Covid has a presence but that is just common sense.

Prices have definitely gone up in nice parts of London since 2014. However a bit stagnant over the last two years. My DD has just remortgaged her flat and it’s gone up a bit but not much. That’s fine though! The surveyor said they were expecting lower prices in October with greater unemployment. If she moves in the future, she will be moving up the housing ladder so the next purchase with boyfriend could be a lot cheaper!

Reductions in prices only affect older people who want to trade down. Like me in about 10 years!

Stamp duty incentive is a big one. Brings forward people thinking about moving soon.

This was pre Covid, not looked at selling prices since January.

I'm zone 2/3 SW London, I was factoring in stamp duty & fees. So prices then were 2 bed flats from 650k & a house from 1.1m. Not much movement since.

And I can't remember if it went crazy in early 2014 or late 2014. I just remember it been crazy, neighbours couldn't sell quick enough, offers over asking, constant requests from buyers/estate agents to sell.

It's all gone a bit crazy right, but my husband about 10 years ago now was convinced the market was going to crash so we rented. We ended up renting for years, in lovely homes and it party of our history now but as we sat renting the prices just kept going up and up and up!!

I've said I'm never living my life by crash or not crash again which is effectively what we did because I believed him!

Luckily we now own and will sell and move as and when we need to regardless of the markets!!

I really 100% believe a house is your home not an investment like people seem to think, you need to be happy first, make some profit second.

I see it as a home too but if I was buying now I would try to future proof as much as possible.

We was going to sell up but I fear getting a fresh mortgage as people loose their jobs. So I fixed for five years instead. Feels a bit to uncertain right now. Still seeing 2 bed houses going for 400k near me.