selling house lockdown

penners324

Houses are still being bought and sold, some just through virtual video viewings. Not sure why people think they aren't.
Just put mine on the market today.

diggingdude

I think people expecting big price drops need to be realistic. So many people are mortgaged to breaking point, they won't be able to drop prices.  more likely the market will dry up for a while i reckon

RelievedSheff

Houses are still being put on the market and still being sold where we are and the new builds on our estate are still being sold.

There are now far fewer properties on the market then there were say six months ago and the ones that are on the market and remain unsold are the same ones that have been lingering on the market for a long while over 12 months in some cases.

Certainly in our area it looks like people who don't have to sell are just biding their time and there is certainly no noticeable decrease in asking prices for the few properties that do come onto the market and no influx of people rushing to sell up.

I agree with Diggingdude above that the most probable outcome after lock down restrictions are lifted is that unless people are forced to sell then the number of properties on the market will decrease as sales complete and no new stock arrives on the market. Buyers will have an increasingly limited choice of homes on the market and the market will just stagnate.

numbercruncher8

No doubt this is right for some areas. In some streets I have not seen a house on the market for years. 

Where I am looking prices are falling. Especially in the case of flats, which are off about 10%, but houses are off peak as well. This is even worse for ex new builds, as the HTB premium disappears. Some of these people aren't going to be able to remortgage, and in the case of a flat built in 2016 could face a double whammy of HTB payment kicking in and an additional 2% on the mortgage. For a buyer that who had a c.£50k deposit, c.£200k HTB loan and c.£200k mortgage, they will need to find an extra £400 a month.

In both cases, anecdotal experience like this is useless for the OP as it'll depend on the area. 7% off may be plainly sensible, or it may not be.

If I were to try and pass my personal observations as a generalisation, it looks a bit stupid. Yet there seems to be lots of 'I don't think prices will fall as much as people think' which is utterly meaningless to people in different situations. A bit like an NHS doctor telling everyone else 'I don't think there will be as much unemployment'.

Just my two cents, because every thread like this inevitably drifts off into some discussion especially when the uber-bears get involved.