So close to completion...this is nerve-racking!

Doozergirl

wksd said:

We are the same, complete 26th!

I'm not too nervous as we have exchanged and can't see any issues but who knows! I am not concerned about falling property prices, we will be living in the house at least 5 years, probably 10, we'd only upsize if we had triplets or if I suddenly had a lot of money. Prices will rise and fall, I don't think that many will benefit by waiting and I hope you don't

Jealous!   Waiting patiently to hear.  

Good luck, everybody.  I'm keeping an eye out for you all 🙂

andycorleone

annetheman said:

TF03 said:

andycorleone said:

Doozergirl said:

andycorleone said:

I don't get it. What's the rush? All odds point that we are headed for one of the biggest recessions of our generation. Many people who don't read the story have no idea what that means. Losing £2K- £3K Today is nothing for what is coming  next. There is no way I will sign anything in next Month or 

You're on the wrong thread.   People here are grown ups and have their own reasons.   

Or maybe too worry that what they own now will drop dramatically in price in the months to come.

Please give a good reason to proceed in buying a property in this economy climate? The only beneficiaries right now are sellers, I'm afraid.  or people who enjoy gambling (and on this one there is a very low profit if for some magical reason everything improves in the next few weeks but all oods points to a lost) 

Plenty of reasons. Those already in a chain, or just days away from completion where pulling out now would result in potentially large penalties. 
Those who have made sensible purchases, that limits the chances of going into negative equity.
Or those who just want to move on, get into a new property and carry on living their lives. 
If I wasn't in the position I am, I'd certainly be waiting a few weeks and months and would advice others to do so before starting the house buying process. But as it happens, we aren't and we are very excited to get the keys to our new house next week. 

Will house prices drop due to all this. Probably. By how much. Who knows. If you could share that information with us from your crystal ball then please do. 

Don't forget the lowest interest rates of all time for borrowers. If you're in a position to be accepted, that is. Your savings aren't going to be earning much for a while, why not put them towards the deposit on the home of your dreams, especially as a FTB? Or would you rather spend another £12,000 throwing money into the wind aka renting? Rent prices are highly, highly unlikely to decrease (especially if a lot of people are about to sell up or be evicted in the coming years).

In less than a month everything will be clearer for you.  During a recession no Job is secure, If you are Renting chances are you can move to a cheaper accommodation but if you are paying a mortgage only exit is bankruptcy.

I honestly hope and wish everything will get on track but reality is pointing in to the other direction. I'm just saying if you are in a position to waiting a couple of Months chances are you will benefit quite lot. 

jimbog

andycorleone said:

 During a recession no Job is secure, If you are Renting chances are you can move to a cheaper accommodation but if you are paying a mortgage only exit is bankruptcy.

Really?

annetheman

andycorleone said:

annetheman said:

TF03 said:

andycorleone said:

Doozergirl said:

andycorleone said:

I don't get it. What's the rush? All odds point that we are headed for one of the biggest recessions of our generation. Many people who don't read the story have no idea what that means. Losing £2K- £3K Today is nothing for what is coming  next. There is no way I will sign anything in next Month or 

You're on the wrong thread.   People here are grown ups and have their own reasons.   

Or maybe too worry that what they own now will drop dramatically in price in the months to come.

Please give a good reason to proceed in buying a property in this economy climate? The only beneficiaries right now are sellers, I'm afraid.  or people who enjoy gambling (and on this one there is a very low profit if for some magical reason everything improves in the next few weeks but all oods points to a lost) 

Plenty of reasons. Those already in a chain, or just days away from completion where pulling out now would result in potentially large penalties. 
Those who have made sensible purchases, that limits the chances of going into negative equity.
Or those who just want to move on, get into a new property and carry on living their lives. 
If I wasn't in the position I am, I'd certainly be waiting a few weeks and months and would advice others to do so before starting the house buying process. But as it happens, we aren't and we are very excited to get the keys to our new house next week. 

Will house prices drop due to all this. Probably. By how much. Who knows. If you could share that information with us from your crystal ball then please do. 

Don't forget the lowest interest rates of all time for borrowers. If you're in a position to be accepted, that is. Your savings aren't going to be earning much for a while, why not put them towards the deposit on the home of your dreams, especially as a FTB? Or would you rather spend another £12,000 throwing money into the wind aka renting? Rent prices are highly, highly unlikely to decrease (especially if a lot of people are about to sell up or be evicted in the coming years).

In less than a month everything will be clearer for you.  During a recession no Job is secure, If you are Renting chances are you can move to a cheaper accommodation but if you are paying a mortgage only exit is bankruptcy.

I honestly hope and wish everything will get on track but reality is pointing in to the other direction. I'm just saying if you are in a position to waiting a couple of Months chances are you will benefit quite lot. 

I can guarantee you there has never been a better time to be in my line of work. I work in the pharmaceutical industry, specifically in remote (that means, distance/digital/virtual) medical expert engagement - just this week we have had a huge increase in the number of inquiries because everyone is home bound and looking for compliant digital solutions.
We cannot keep up with demand and are looking to draft in contractors. I am not worried about my job in the slightest.

I also have a pharmacy degree so could always go to community pharmacy, but the big bucks are in the private sector so that's where I'll stay.

I don't mean to brag, I honestly feel for anyone not in the healthcare sector, private or public - nobody saw this epidemic coming and it's going to be tough.

In a couple of months, let's say 5, I will have paid another ~£5,000 on rent, lenders might be more reluctant to lend and the place I love may be gone.

What are these "benefits" you are talking about that await me in a few months?

voorsk

andycorleone said:

I'm just saying if you are in a position to waiting a couple of Months chances are you will benefit quite lot. 

Why are you saying it to people who've already exchanged?  We are not in a position to wait, so your advice is completely pointless.

I exchanged a few weeks back, before the pandemic hit, and delayed completion because we didn't want to pull our son out of school until the Easter holidays.  Now he's out anyway, and the buyer won't bring the date forward.  Engage panic mode!

fullofcold

andycorleone said:

Doozergirl said:

andycorleone said:

I don't get it. What's the rush? All odds point that we are headed for one of the biggest recessions of our generation. Many people who don't read the story have no idea what that means. Losing £2K- £3K Today is nothing for what is coming  next. There is no way I will sign anything in next Month or 

You're on the wrong thread.   People here are grown ups and have their own reasons.   

Or maybe too worry that what they own now will drop dramatically in price in the months to come.

Please give a good reason to proceed in buying a property in this economy climate? The only beneficiaries right now are sellers, I'm afraid.  or people who enjoy gambling (and on this one there is a very low profit if for some magical reason everything improves in the next few weeks but all oods points to a lost) 

enthusiasticsaver said:

My daughter and son in law complete today.  People  still need to  move house especially if they are in a chain that has been going for a few months.  You have to look on purchasing a home as different to investing.  You still need to  live somewhere even if the economy is going through a difficult time.  It will sort itself out eventually. 

I wish and hope everything will get better too and properties prices won't be affected but reality tell us a different story.

In my case I am downsizing because I have health issues and I cannot keep the house maintained the way it needs to be, so we have gone smaller.  Still, your attitude is not helpful.  People are already stressed and it is the like of you that have talked the country into recession, or the brink of it.

I am supposed to be exchanging on Monday, and completing on Wednesday.  I better be, everything is now booked for then and we are packing and preparing for that move.  Thankfully I work in an industry where I will be able to work from home should push come to shove, and I know even if we work from home as a team we will work hard because we want jobs to go back to in a few weeks/months.