Is anyone still buying?

greentea2020

Exchanged yesterday, completing in 2 weeks.
Attempted gazunder due to market changes and vendor refused. Decided to go through with it at the end as it’s my
first property and a flat for the next 5-10 years. 

I am worried about my job (tech) but I couldn’t continue living in rented accommodation - I’ve been in London for 15 years and have been trying (and failing) to buy for the last 5.

anonymous12124

OldMusicGuy said:

Typical scaremongering. Nobody knows what is coming. It may be a period of lower growth followed by a strong recovery, it might be a recession, it may not be as bad as everyone predicts.

Do you follow the news? "It might be a recession"? It's already a recession - although the true definition is 2 continious quarters, we'll hit that no questions at all.

It's bad, it's very bad and this is not predictions, you've got most countries putting in policies the likes of which we've never seen of before.

We're not scaremongering, we're just telling people the economy is in a terrible place right now and the impact will be felt for a long long time to come. So the best thing to do is wait a bit, see what happens post Covid-19 and hope that we get some stability by Q3/Q4.

anonymous12124

akorn77 said:

but you cannot compare that crisis to Covid because this time round the government is providing huge stimulus and there is a chronic shortage of homes (coupled with growing population) which will only get worse as people remove their properties from the market due to Covid.  

The situation is worse because this time around they're shutting down entire sectors for weeks. The government's huge input is great, but it'll only drive inflation up so the net result will still be pretty bad.

JessJ23425

anonymous12124 said:

akorn77 said:

but you cannot compare that crisis to Covid because this time round the government is providing huge stimulus and there is a chronic shortage of homes (coupled with growing population) which will only get worse as people remove their properties from the market due to Covid.  

The situation is worse because this time around they're shutting down entire sectors for weeks. The government's huge input is great, but it'll only drive inflation up so the net result will still be pretty bad.

They're also subsidising 80% of peoples wages, halting evictions, giving mortgage holidays amongst a whole range of fiscal policy to limit the mass unemployment that followed 2008. Of course this is going to be serious but the majority of economists I'm reading from are confident we are FAR better prepared now than we were last time around, not least because Labour haven't been spending and borrowing up to their ears for the last 10 years.

theartfullodger

ProDave said:

Is anyone still buying?

I bleedin' hope so:  Due to age and ill health I'm slowly selling off properties one a year: About 4 weeks ago I wrote to tenants saying I was doing so, did they want to buy/would of course give good reference etc etc.. They gave 28 day notice (as is valid in Scotland) and are leaving very soon. 

Surprisingly my selling agent says there are still some people looking to buy....!!

We will see: If no sales in 3 months I may risk letting again.  

I have much less of a problem than those who have the Rona, poor s*ds.

Best wishes to all, stay safe!

Missy79

Still buying, hoping to exchange on the 4th April and complete the following week, waiting for the responses to solicitors/my queries currently. Have considered renegotiating but don't want any delays at this point either. I'd much rather be in the new house if I have to isolate fully rather than my mum's spare room and the OH can move out of his shared house.

LoveSauce

Completing on April 13th. Found a house I will stay in forever because it meets all my needs. 2 bedroom detached house in the city is

reallly rare here, so i didnt want to lose it.

But if this forever home wasnt on the market, I wouldnt be buying a mediocore 5-6 year home in this climate.

Grumpelstiltskin

A property on the street where I live went on the market just before last weekend.
Monday 2 lots of viewers, then all went quiet until yesterday when Sold STC went up.

newbridge

Have got everything ready for exchange to purchase a new build, putting on hold for now and see how bad the market gets. Will renegotiate or pull out completely. 
The builder has already removed new properties from website that they haven't started building! Makes me think it would be a half building site for a long time although mine is completed.