Were you viewing properties up until 16/03? Are you actively still looking from 17/03?

Crashy_Time

The "High Prices Will Prevail!" mindset is touching, it really is, but the issue for the property market isn`t being scared you sneeze on an old lady when you are viewing her house, it is the economic damage cased by supply chain/demand drop off and volatility in global credit markets, plus the possibility of loads of mortgage payers/renters losing their income because their place of work is ordered to close or has no customers, that has knock on effects for landlords and banks. And just to be clear I`m not saying global credit markets are going to suddenly send interest rates to 15%, but they are going to make it harder for already squeezed/over-borrowed businesses to borrow enough to stay afloat. leading to more lay-offs and more unpaid rent/mortgage. It is a perfect storm really, with a sad human cost in both lives and livelihoods underpinning it.

Ozzuk

Crashy_Time said:

The "High Prices Will Prevail!" mindset is touching, it really is, but the issue for the property market isn`t being scared you sneeze on an old lady when you are viewing her house, it is the economic damage cased by supply chain/demand drop off and volatility in global credit markets, plus the possibility of loads of mortgage payers/renters losing their income because their place of work is ordered to close or has no customers, that has knock on effects for landlords and banks. And just to be clear I`m not saying global credit markets are going to suddenly send interest rates to 15%, but they are going to make it harder for already squeezed/over-borrowed businesses to borrow enough to stay afloat. leading to more lay-offs and more unpaid rent/mortgage. It is a perfect storm really, with a sad human cost in both lives and livelihoods underpinning it.

My opinion, some houses will become cheaper in the short term as people try to encourage sales, some will stay the same as owners don't panic, and others will increase the price due to potential less housing available.
Buying now is a risk for sure, mainly if you are stretching to 'move up'.  However, there is mitigation, the government will likely help with mortgage payments for those at risk.  Ultimately nobody (except a small nameless number crashy) wants the market to fail and there will be help just like any other sector.  Be sensible is the best advice!

Oh and of course it depends on the industry you work in and how at risk your role is - anyone buying now will need to declare to their lender any potential risk to role in next 6 months.

Thrugelmir

Ozzuk said:

Crashy_Time said:

The "High Prices Will Prevail!" mindset is touching, it really is, but the issue for the property market isn`t being scared you sneeze on an old lady when you are viewing her house, it is the economic damage cased by supply chain/demand drop off and volatility in global credit markets, plus the possibility of loads of mortgage payers/renters losing their income because their place of work is ordered to close or has no customers, that has knock on effects for landlords and banks. And just to be clear I`m not saying global credit markets are going to suddenly send interest rates to 15%, but they are going to make it harder for already squeezed/over-borrowed businesses to borrow enough to stay afloat. leading to more lay-offs and more unpaid rent/mortgage. It is a perfect storm really, with a sad human cost in both lives and livelihoods underpinning it.

However, there is mitigation, the government will likely help with mortgage payments for those at risk.  

Announced payment holidays aren't giveaways just deferrals. 

MovingForwards

I'm still buying, just working out the dates to conclude missives / then complete.

As others have said, I want a roof over my head. I'm putting 15% of my own money in and have no plans to move for the foreseeable future, negative equity doesn't concern me. I've got my furniture as I had to kit out my rental.

Hardest decision is whether it's a couple of men and a van, renting a van and getting mates to move me or get a removal company.

graphs

Yes actively viewing. Looking to spend about 220/230 and I have a 25% deposit.

Now no more viewings until mortgage rates come down and sellers drop their prices. The world has changed.

PasturesNew

When the right place comes on at the right price I'll buy it.  If it's the right price I won't feel a need to put in a silly offer as I've already viewed all the dross I hated.  When I see the one I'll know .... and I'll be prepared to pay what I think it's worth to me to get a place to call home and plonk my boxes down in it. 

[Deleted User]

graphs said:

Now no more viewings until mortgage rates come down and sellers drop their prices. The world has changed.

Until mortgage rates come down?  Where do you seriously think they're going to go down to?
"I want a big drop in price and free money to buy things with" doesn't sound like a particularly nuanced view of the situation.

MaxiRobriguez

Was looking, now on pause. My role somewhat hangs in the balance as a product manager as our product depends on people being able and wanting to leave the house. Depends if the company want to maintain the product and incur some additional debt or just shrug their shoulders.
If it's the former then we'll start looking again in a few months time when I expect no one else will be looking and there'll be more forced sellers. 

tommyedinburgh

Quick update as the original poster.
We had a delay or two getting the single survey done this week, finally managing to get it over the line and live on sites such at Rightmove at around 16:45pm on Friday. Almost instantly had a call via the Estate Agent with someone wanting to view Friday evening, he wanted to make a verbal offer but I decided to tell him to do it via the Estate Agent on Monday.

We then got two sets of viewers today, the first intimated that they are interested, to be honest it appeared clear the male was interested, I'm not so convinced about his wife. The second set of viewers were a family of four, again he wanted to discuss figures, he was adamant we should discuss a price I would accept but I again directed him to the Estate Agent. 

We have another set booked in for 11:00 am tomorrow, it seems like we done the right thing at least putting it on the market.