Is it reasonable for us to drop our asking price given current climate?

blue_max_3

rav1962 said:

This happened me recently threatening to pull out near completion  if I didn't agree to new price & their demands.     I said would just take off the market & property I'm buying not reduced.
Now they have retracted everything they demanded and are panicking if I don't sell to them.!! 
All circumstances are different & depends how much you want the property...

Time to put the price up! Only joking, but would serve them right.

dani17

vitaweat said:

abanksee said:

vitaweat said:

abanksee said:

House prices are not going up anytime soon

How do you know?  If you know what future asset prices are, why are you posting on here?

It's simple economics though. Less jobs, less money = lower house prices.

It wont last for years but there is going to be downward pressure. Absolutely mental to suggest they'll stay the same or rise as the odd person on here thinks.

But there's more money not less.  And fewer goods to boot.

More money + fewer goods = higher prices.

I agree that house prices adjusted for inflation might well fall but in cash money terms I strongly suspect they will rise and fast.

If you meant the furlough scheme , it will unlikely create inflation IMO. it will just increase the debt of the gov ( almost fake ) . it is a new version of quantitative easing done since 2008 crisis and never created any inflation. neither in UK nor anywhere else. 

scrola

MobileSaver said:

scrola said:

Well I did. Neighbour paid £405k in late 2007 we paid £300k in late 2008,

Of course you did new poster who signed up to MSE just to post this.

Nice one, my second post and you call me a liar, thanks for the welcome!

I was responding to a request for real examples of price drops 2007-2008, thought I was being helpful. My purchase in 2008 was due to forced move, nothing to do with trying to guess the market.

I also said that prices did recover after the dip, and I'm not even going to try and predict what will happen from here on unlike many others.

[Deleted User]

scrola said:

Splatfoot said:

Splatfoot said:

Those posters that are obsessed with prices going down, why did you not buy in the months/years after 2008? When there was actually a house price reduction? I'd be interested to know. 

Anyone?

Well I did. Neighbour paid £405k in late 2007 we paid £300k in late 2008, house opposite went for £285 at end of the year. All identical new builds. People are right though as they were all valued the same when we sold last year, so it didn't make much difference over 10 years........except we we didn't pay a mortgage on £105k and had it a equity for our new house.

LOL people get ripped off so much on new builds. I guess it's because the first to buy doesn't have a reference price from other sales. Bad for them of course, they are basically underwater by £100,000 or more at this point.

Crashy_Time

vitaweat said:

abanksee said:

vitaweat said:

abanksee said:

vitaweat said:

abanksee said:

House prices are not going up anytime soon

How do you know?  If you know what future asset prices are, why are you posting on here?

It's simple economics though. Less jobs, less money = lower house prices.

It wont last for years but there is going to be downward pressure. Absolutely mental to suggest they'll stay the same or rise as the odd person on here thinks.

But there's more money not less.  And fewer goods to boot.

More money + fewer goods = higher prices.

I agree that house prices adjusted for inflation might well fall but in cash money terms I strongly suspect they will rise and fast.

More money for who? Certainly wont be the general public with less jobs, pay freezes and higher income tax after this.

The Government has just pumped hundreds of billions of pounds into the economy which has been given to consumers directly!!!

No, they made a big announcement to get people to comply with lockdown for a few weeks, and now they are starting to back-peddle, sure they are talking about extensions to the scheme, but they are asking people to go back to work so the general public are not getting a long term free stream of money by any stretch of the imagination. Most readers will just laugh at the posters cheer-leading the idea that it is all going to bounce back with a vengeance in a few weeks, actually I think there is another serious credit crunch looming.

markin

Desperate sellers slash prices in battle to sell homes before coronavirus crisis sends prices plummeting by up to 16% - but agents warn deals are continually collapsing amid chaos over viewings

Some 2,150 properties have been added to RightMove in England, Wales and Scotland over the past 24 hours as Robert Jenrick lifted the ban on house moves.

Splatfoot

markin said:

Desperate sellers slash prices in battle to sell homes before coronavirus crisis sends prices plummeting by up to 16% - but agents warn deals are continually collapsing amid chaos over viewings

Some 2,150 properties have been added to RightMove in England, Wales and Scotland over the past 24 hours as Robert Jenrick lifted the ban on house moves.

You do realise you just quoted the Mail? Sensationalism at its finest. Also, 2,000 properties added in UK is nothing. I usually get up to 100-200 in the area I'm looking over a 24 hour period. Pre lockdown obviously. 

jimbog

Splatfoot said:

markin said:

Desperate sellers slash prices in battle to sell homes before coronavirus crisis sends prices plummeting by up to 16% - but agents warn deals are continually collapsing amid chaos over viewings

Some 2,150 properties have been added to RightMove in England, Wales and Scotland over the past 24 hours as Robert Jenrick lifted the ban on house moves.

You do realise you just quoted the Mail? 

That was a little embarrassing

Crashy_Time

I think house prices will be like Brexit soon, all the argument and banter and entrenched positions online will seem quaint and not really all that important after this economic slowdown really gets rolling, the predictions from most commentators are quite dark, the V shape recovery is definitely off the table.

Safe'n'Sound

Crashy_Time said:

I think house prices will be like Brexit soon, all the argument and banter and entrenched positions online will seem quaint and not really all that important after this economic slowdown really gets rolling, the predictions from most commentators are quite dark, the V shape recovery is definitely off the table.

By using Brexit as your go-to direct comparison, you may have just let your mask slip Crashy. Of all the recent examples of over hyped fear mongering, so called professional economic experts being so far off the mark and poster boys & girls for 'Remain' (market crash supporters in this case) dishing out 24/7 negative soundbites..... Well, be careful what you wish for as it all sounds the same to me.