House Prices (what's next?)

homeless9

Not sure what the problem is with this thread being here?, it relates 100% directly to buying and selling houses which is what this forum area is about.

homeless9

Vestraun said:

We’re proceeding but have agreed a 15% reduction and have a substantial deposit. 

Are you buying a new build?

So you got this 15% reduction because of what's happened with the coronavirus over the past 2 weeks?

A month ago I found a new build property I liked for £325,000, but I offered £300,000 as that's the maximum I could afford. The developer accepted, and this is in a wealthy area of the South East, not some hard to sell area up north. So I already got an 8% discount off the asking price.....The estate agent told me the developer was happy to sell for £300,000 because he had got a good price on the other properties on this small development. I also have a substantial deposit.

I don't know if I should ask for even more off the price now that this virus has come along and devastated the economy. I would have thought the seller would be happy to get rid of it for £300k now, for sure. If I pulled out then he may be looking at £280,000 in a few months.

Davesnave

homeless9 said:

Not sure what the problem is with this thread being here?, it relates 100% directly to buying and selling houses which is what this forum area is about.

It doesn't in the sense that this forum is about the practical and legal questions around buying, not predictions about house prices which are a matter of debate, regardless of the times. That's why "Debate House Prices and the Economy" was there to filter questions like yours, but now MSE have closed it.....

Perhaps they think "Please do not post content intended for this board elsewhere in the forum" will be heeded, or at least understood.

Perhaps they are wrong?

graphs

So basically homeowners are allowed to talk up the market, but FTB's are never allowed to talk it down lol

homeless9

Davesnave said:

homeless9 said:

Not sure what the problem is with this thread being here?, it relates 100% directly to buying and selling houses which is what this forum area is about.

It doesn't in the sense that this forum is about the practical and legal questions around buying, not predictions about house prices which are a matter of debate, regardless of the times. That's why "Debate House Prices and the Economy" was there to filter questions like yours, but now MSE have closed it.....

Perhaps they think "Please do not post content intended for this board elsewhere in the forum" will be heeded, or at least understood.

Perhaps they are wrong?

well, this thread links into whether I'd buy or not and that fits within this 'House Buying' section.

RelievedSheff

On the one hand it does make sense that house prices should fall after this is all over and done with.

On the other hand no new houses are being built for possibly three months or more which will just add to the demand for existing houses which may hold up prices.

Who knows?

Interesting times are coming that is for sure.

Davesnave

homeless9 said:

Davesnave said:

homeless9 said:

Not sure what the problem is with this thread being here?, it relates 100% directly to buying and selling houses which is what this forum area is about.

It doesn't in the sense that this forum is about the practical and legal questions around buying, not predictions about house prices which are a matter of debate, regardless of the times. That's why "Debate House Prices and the Economy" was there to filter questions like yours, but now MSE have closed it.....

Perhaps they think "Please do not post content intended for this board elsewhere in the forum" will be heeded, or at least understood.

Perhaps they are wrong?

well, this thread links into whether I'd buy or not and that fits within this 'House Buying' section.

You're still on your own, though. Everyone here will have an opinion, just as they do 'over there,' when that part of the site is operative, but only a fraction of the opinions will be correct, or even close to what transpires.

I used to read that part of the forum in 2007- 9, but all it did was confuse me!  I sold because I wanted to break the tedium of my life at that time and purchased again when something that met my requirements came up, not because someone else said May '09 was a great time to buy. It was, but no one, including me, definitely knew that.

In the final analysis, you must do similarly.

Davesnave

graphs said:

So basically homeowners are allowed to talk up the market, but FTB's are never allowed to talk it down lol

And you really believe people will take note of what you say?

graphs

Davesnave said:

graphs said:

So basically homeowners are allowed to talk up the market, but FTB's are never allowed to talk it down lol

And you really believe people will take note of what you say?

Big price drops coming, accept it.

Davesnave

graphs said:

Davesnave said:

graphs said:

So basically homeowners are allowed to talk up the market, but FTB's are never allowed to talk it down lol

And you really believe people will take note of what you say?

Big price drops coming, accept it.

You may be right, but the last time they came along, they weren't unaccompanied. Some of us were able to take advantage of them, but for others it was a painful time.