Coronavirus and Housing market?

AdrianC

The only person who can say with any certainty is @Crashy_Time.

And he's been wrong continuously for decades so far.

diggingdude

Think positive, in 9 to 12 months a lot of babies are likely to be born. People will need bigger houses. Sadly there may also be more probate houses available

lincroft1710

If there are many deaths of single person or couple, no dependent children homeowners, then it is possible more houses may come on to the market than usual and drive house prices down a bit.

Thrugelmir

CreditCardChris said:

MovingForwards said:

People are still buying, properties are still being listed for sale on a daily basis, I've not seen any difference in prices where I'm buying.

TPeople always need a home and the population will increase forever. Homes will always be in demand in that demand will only grow exponentially, literally as long as the human race exists. 

Even when there is a mini collapse like in 2008 it takes just a few years for the market to bounce back. Bottom line is the housing market is the safest investment known to man.

Many developed countries are already in state of progressive population decline. Plenty of written works on the topic. As people become "middle class" they have fewer children. Insufficient to replace those that die. 

pimento

We completed in November last year on our sale and in February this year on our purchase. We're in rented while we do it up.
My worry is a lockdown because we'd be stuck in our rental as our house won't be finished for three more weeks.
I wouldn't like to be the bloke who bought our  house, he must be worrying about how he'll pay the mortgage and we would never have got the price we did then now.

Skiddaw1

Must admit I'm glad we sold up and moved last year rather than this. And that we relocated to rural Cumbria.

MCI

pimento said:

We completed in November last year on our sale and in February this year on our purchase. We're in rented while we do it up.
My worry is a lockdown because we'd be stuck in our rental as our house won't be finished for three more weeks.
I wouldn't like to be the bloke who bought our  house, he must be worrying about how he'll pay the mortgage and we would never have got the price we did then now.

Same we completed in Feb and are doing it up. Movers booked for Saturday so hopefully we'll be getting in ok. I have to work from home now and would rather do it in the new house than the old flat.

pimento

Our flooring is due to go down the week of April 6th. If we can hang on til then I'll be very relieved.

Windofchange

I'm closing on exchanging contracts in SE London in a week or two's time, but it's not given me any sleepless nights. It'll be sods law that I've timed buying at some sort of peak pretty much to the week, but as with others on here, I'm not anticipating selling up for a good decade if ever. I'm quite bearish with property anyway in that I believe that we are due another correction, though maybe not to the scale of 2008. If it happens, well life goes on and prices will always bounce back in the long term. Just like my pension and stocks portfolio - they have taken a big hit the last two weeks, but I am two decades at least away from cashing either of them in. My advice (as it is to my patients) is very much carry on as normal. My new mortgage payment is a few quid more than we are currently paying in rented, so if the whole thing does crash, well I either continue to lose my money to a landlord, or I lose it to a recession. I'm no worse off buying, and at least I can paint the walls whatever colour I want :-D

Crashy_Time

AdrianC said:

The only person who can say with any certainty is @Crashy_Time.

And he's been wrong continuously for decades so far.

Decades? Slight exaggeration. The basic prediction that a bubble doesn`t respond well to shocks is about to be tested, and I think most people who considered it properly would struggle to give a good reason why the ordinary person benefits from high house prices.