Would you buy a house now there is a Covid-19 pandemic?

PasturesNew

As soon as I find one I like I'm buying.... daft not to.  I am lodging right now, which isn't ideal as there's no cleanliness and no privacy.  If you see the right house, buy it.  If you don't, then wait.
Whatever unravels during conveyancing will just be whatever it is.
You can't put your life on hold; many put theirs on hold for Brexit, look how that's helped them. 
The aim of the game is to live somewhere you like (if possible). 

Windofchange

Another one in the process of buying a house currently - about a month hopefully from completion. I'm not bothered at all about the current situation. If I were 3 months behind and found this house now, I would still make an offer and proceed. I don't personally care if prices fall in the coming months as this isn't a short term thing. This house will be right for us for at least the next ten years based on what I know now, and by that point prices will have more than recovered from any short to medium term hit now. I will also have built a few hundred grand of equity. If you find somewhere you like, and your employment isn't at risk currently then go for it. As with a previous poster, I'm front line A&E staff so my job isn't going anywhere at present. In fact, we've just been asked if we'd consider being paid in lieu of holiday, and there is a ridiculous amount of overtime coming up! 

KPyro

I've just had an offer accepted on a house. Definitely have some of the concerns around whether hindsight might eventually say I've paid too much, but I've come down on the side of "life goes on", my partner and I have been talking about buying for 6 months and the right house finally came along.

Right now I'm more worried about the fact that the vendor hasn't yet found a house to buy themselves, and if everyone goes into lockdown and house viewings stop or the market slows down significantly, we could be waiting a very long time before they can get sorted. The bright (albeit cynical) side of this though is that it might give us a chance to see what's really happening with house prices before we actually sign anything.

Getting_greyer

Yeah, prices will drop short term then inflate massively.

GoingOn30

You shouldn't be hit too hard if you are buying for the long term or have a decent deposit. 
Different story if you are trying to get a 95% mortgage, have job insecurity or intent to sell again in a few years time. 

kazzamunga

Not sure why anyone's worried about negative equity. Obviously it's not a time to buy a house you want to sell in a year's time, but if you intend to make it a home I am sure the economy will bounce back from this eventually, if people are supported properly by the government in the meantime. 

MCI

GoingOn30 said:

You shouldn't be hit too hard if you are buying for the long term or have a decent deposit. 
Different story if you are trying to get a 95% mortgage, have job insecurity or intent to sell again in a few years time. 

Agree 100%. 

I wouldn't be buying investment properties right now (nor ever haha I would not like to be a landlord) but if this is a home to live in long term, yes absolutely.

We completed on our house at the start of the year and I am relieved to have it. Of course, in our case the mortgage payment is less than rent on our flat. I might have a different answer if mortgage payments were higher. I don't know the OP's situation.

LDLD_987

Hello all,
First time posting here & looking for some advice.

We’re First Time Buyers (renting atm) & about to sign contracts. There is no chain to worry about.

I’m apprehensive & want to wait a few more weeks as anything could change & I’m worried about being off work unpaid (no indications, jobs both stable but things change day-to-day!) My partner wants to sign now.
I know it’s ultimately down to us but if you were in my shoes..?

Any advice greatly appreciated as this was a big enough step to begin with!

Thanks!

TonyMMM

My neighbour had EA round last week to put house on the market (they want to move to sheltered accommodation).
They tell me that EA rang yesterday saying not to bother because all their potential buyers were cancelling viewings, and she should wait until later in the year (this is in high priced South East prime commuter territory ) .
They did suggest that if they did still really want to sell, then they advised revising their valuation (only given 6 days ago) downwards by about 10-15% to make it "stand out".
People who can are going to stay put, so the market is going to be v quiet in the short to medium term. 

orangecrush

We're on the market, and are house hunting.  It's not ideal, but mortgage rates are too low to pass up, and we're both in secure jobs.  I know others won't be, but I figure if the market tanks it will tank for our house and for the house we buy, so... I guess time will tell.