House prices dropping?

RelievedSheff

graphs said:

The delusion in this thread is astounding!

Would you care to expand on that?

Splatfoot

RelievedSheff said:

graphs said:

The delusion in this thread is astounding!

Would you care to expand on that?

There's absolutely no proof prices are dropping. You haven't provided examples. The market is frozen. No one is buying BECAUSE THEY ARE NOT ABLE TO AT THE MOMENT.  Estate agents are merely registering interest in houses from potential buyers and that's pretty much it. 

Brock_and_Roll

As has always been the case in the past, significant changes in house prices are fueled by people who HAVE TO SELL and not by the 300k or so transactions that are currently on hold. So it will be the 3Ds - Death, Divorce & Debt.
I doubt there is any real evidence of prices falling at the moment, not least as few people are listing their properties. However, given the dip in economic activity, likely increases in unemployment or employment uncertainty combined with banks' tightening their lending covenants, it is highly likely that prices will fall - but how far and for how long is anyones guess.

csgohan4

My Crystal ball is spinning round like crazy today 

Bossypants

Brock_and_Roll said:

As has always been the case in the past, significant changes in house prices are fueled by people who HAVE TO SELL and not by the 300k or so transactions that are currently on hold. So it will be the 3Ds - Death, Divorce & Debt.
I doubt there is any real evidence of prices falling at the moment, not least as few people are listing their properties. However, given the dip in economic activity, likely increases in unemployment or employment uncertainty combined with banks' tightening their lending covenants, it is highly likely that prices will fall - but how far and for how long is anyones guess.

I think when people say the market is 'on hold' right now, they mean it literally. Due to lockdown, things like viewings, surveys and mortgage approvals have ground to a virtual standstill, even in cases where everyone is keen to move ahead. Once the strictest lockdown is lifted, I agree it will be the three D's which will drive things at first, and quite likely cause a price dip of some kind. The question is how big a dip and how long will it last, which are questions nobody can possibly answer right now.