Dropping offer on house?

mobileron

Offer 25% less, then see the reaction.  Then start looking again.

Davesnave

 It will take much longer than the time you have before the extent of any price falls becomes clear.

In the last major recession, it took from around November 2007 to May 2009 to hit bottom overall, but various areas of the country experienced falls at different rates. We sold in the middle of that fall period, but we were then unable to buy in our target location, because the few vendors we dealt with were in denial over price reductions and wouldn't negotiate realistically.

We're therefore 150 miles away from where we intended to go; not that it's a problem now.

GDB2222

mobileron said:

Offer 25% less, then see the reaction.  Then start looking again.

That’s probably the way of it. On the other hand, it beats going ahead unthinkingly and possibly being in negative equity for the rest of your life. Don’t forget that people in negative equity have two really major problems: first, they cannot move house, and second, they generally pay far higher interest on their mortgage. The latter makes it harder for them to save their way out of the problem.

Nobody knows how this will all work out. The economy may bounce back as soon as the virus restrictions are lifted, but there’s a real chance this won’t happen and there’s mass unemployment as in the 1930s.

Crashy_Time

Densol said:

I was buying BTL for £330k
I ran as fast as I could in the opposite direction until I know whats happening with prices 

Excellent move.