Corona virus

C1996

So following on from my last post - my offer for a house was accepted. However, I’m now being told that I made the wrong choice as the coronavirus will cause us to go into a recession. I’ve therefore been told that the value of my house would go down significantly and that I should wait until this whole coronavirus is over. Am I being advised correctly? Or are people just panicking lol

davidmcn

Who is doing this "advising" and did they have a crystal ball at the time?

NewShadow

C1996 said:

So following on from my last post - my offer for a house was accepted. However, I’m now being told that I made the wrong choice as the coronavirus will cause us to go into a recession. I’ve therefore been told that the value of my house would go down significantly and that I should wait until this whole coronavirus is over. Am I being advised correctly? Or are people just panicking lol

Are you planning on buying the house as a short term (1-5 year) investment? If not, then what happens to house prices in the short term shouldn't matter to you in the slightest. 

If the advice was to wait a few months then see if you can buy a comparable house at a discount - then you're risking sellers deciding it's a bad time to sell/there being drastically fewer houses on the market... Again, assuming this house isn't a short term speculative investment, do you want to risk the only house you can find to buy being one that you don't want to live in? 

dunstonh

However, I’m now being told that I made the wrong choice as the coronavirus will cause us to go into a recession

Who is telling you that you have made the wrong choice?

The country will almost certainly go into a technical recession because of the reduced output.  However, that doesn't mean your choice is wrong.

I’ve therefore been told that the value of my house would go down significantly and that I should wait until this whole coronavirus is over.

Recessions do not mean house prices fall.

Am I being advised correctly? 

Who is advising you?

csgohan4

How lucky do you feel? You wait for the house price to drop... House gets snapped up after you drop out, or worse the vendor refuses to entertain any further bids from you as your a time waster and a gazunder risk. 

soupy600

C1996 said:

So following on from my last post - my offer for a house was accepted. However, I’m now being told that I made the wrong choice as the coronavirus will cause us to go into a recession. I’ve therefore been told that the value of my house would go down significantly and that I should wait until this whole coronavirus is over. Am I being advised correctly? Or are people just panicking lol

Hi am in the same boat and having the same thoughts, just had my offer accepted and getting the solicitor sorted today to start.
Thinking the same as the comments above, its the right house for me and its for the long term, but this a thought in the back of my head house prices my fall or i might lose my job. At the might i think i'm going to go ahead i will still have a good few week until i have to sign, so much could change or not change in that time.   

Thrugelmir

C1996 said:

So following on from my last post - my offer for a house was accepted. However, I’m now being told that I made the wrong choice as the coronavirus will cause us to go into a recession. I’ve therefore been told that the value of my house would go down significantly and that I should wait until this whole coronavirus is over. Am I being advised correctly? Or are people just panicking lol

Only you know your personal financial situation. Worry less about house prices and consider the potential impact on yourself first.