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

tatartan

blue_max_3 said:

Most homes will not be sold at all. 

Which is different from any other year how? The majority of properties in the UK don’t change hands every year. 

blue_max_3

tatartan said:

Which is different from any other year how? The majority of properties in the UK don’t change hands every year. 

That's what I meant. It will only effect the vast majority of homes if they need a valuation for remortgaging or fixing purposes. So headlines like 'property dropping xx%' are not really relevant to most.

Crashy_Time

Bossypants said:

Aberdeenangarse said:

Bossypants said:

tatartan said:

Crashy_Time said:

Semple said:

jbsn said:

given prices are going to plummet...

Can i borrow your crystal ball, seeing as you clearly know what's going to happen before numerous economic experts.

"Expert" (banker) view on Bloomberg just now is that most "economic experts" are predicting "extremely high" unemployment, maybe the OP should just step back for a while?

Crashy_Time said:

Semple said:

jbsn said:

given prices are going to plummet...

Can i borrow your crystal ball, seeing as you clearly know what's going to happen before numerous economic experts.

"Expert" (banker) view on Bloomberg just now is that most "economic experts" are predicting "extremely high" unemployment, maybe the OP should just step back for a while?

Don’t forget the 5% house price drop now predicted by the industry and the bank of England’s ‘worst downturn since 1706’ predictions.  

Just going to leave this here in case people would like to read the rest of what the BoE had to say. Context is everything, after all! https://www.bbc.co.uk/news/business-52566030

Bank of England also predicted a 16% drop in house prices in today’s announcement.

Indeed it did, and also that they would recover along with the wider economy by summer 2021.

Not possible to predict, there could be continuing health scares we don`t know yet, and no one really believes that their predictions are accurate anyway?

Crashy_Time

blue_max_3 said:

tatartan said:

See now we have moved away from “there won’t be a drop” to “we will have a drop of 16% but it will recover after a full year”. Tune in next week where the nae sayers say “only a 25% drop and recovery by 2022”.

i think this alone would prove that Crashy and his mate graphy may be on to something here? 

It never applies across the board though. A nice house in a desirable area is going to be less effected by this. There is always demand for those sorts of properties. Most of us would probably not be interested in houses that dropped 16% immediately. 

That is open to interpretation, some people would say that is a country home, others a nice terrace with three bedrooms in an area they are comfortable in, but the money needs to flow through the system so that people can "trade up", and that is hampered by tighter lending/higher unemployment, and smart cash buyers don`t over-bid, even for plush country homes. I usually categorise the "certain areas won`t be affected" meme along with the "They ain`t making any more land" etc. etc. type memes, they are not really reality based, the wider market runs on credit and ability to pay not perceptions about certain postcodes.

blue_max_3

Crashy_Time said:

That is open to interpretation, some people would say that is a country home, others a nice terrace with three bedrooms in an area they are comfortable in, but the money needs to flow through the system so that people can "trade up", and that is hampered by tighter lending/higher unemployment, and smart cash buyers don`t over-bid, even for plush country homes. I usually categorise the "certain areas won`t be affected" meme along with the "They ain`t making any more land" etc. etc. type memes, they are not really reality based, the wider market runs on credit and ability to pay not perceptions about certain postcodes.

That's completely true. What makes up a nice home includes things such as good schools, amenities, transport any a multitude of other factors. And these are likely to be less effected as I suggested. Not completely immune from the overall effects, but the last to feel the full force of any downturn. There will always be a demand. 
If people can't sell, they won't be trading up.

tatartan

blue_max_3 said:

Crashy_Time said:

That is open to interpretation, some people would say that is a country home, others a nice terrace with three bedrooms in an area they are comfortable in, but the money needs to flow through the system so that people can "trade up", and that is hampered by tighter lending/higher unemployment, and smart cash buyers don`t over-bid, even for plush country homes. I usually categorise the "certain areas won`t be affected" meme along with the "They ain`t making any more land" etc. etc. type memes, they are not really reality based, the wider market runs on credit and ability to pay not perceptions about certain postcodes.

That's completely true. What makes up a nice home includes things such as good schools, amenities, transport any a multitude of other factors. And these are likely to be less effected as I suggested. Not completely immune from the overall effects, but the last to feel the full force of any downturn. There will always be a demand. 
If people can't sell, they won't be trading up.

And the way we work will undoubtably change forever, as a whole I mean rather than individuals. Will transport links be as important as precovid for people who end up working from home forever, and amenities become less important as the high street dies and online deliveries take over. 

blue_max_3

tatartan said:

And the way we work will undoubtably change forever, as a whole I mean rather than individuals. Will transport links be as important as precovid for people who end up working from home forever, and amenities become less important as the high street dies and online deliveries take over. 

The concern might be that companies may look overseas for staff. If you can cut your wage bill significantly, there is plenty of incentive.

Bossypants

Crashy_Time said:

Bossypants said:

Aberdeenangarse said:

Bossypants said:

tatartan said:

Crashy_Time said:

Semple said:

jbsn said:

given prices are going to plummet...

Can i borrow your crystal ball, seeing as you clearly know what's going to happen before numerous economic experts.

"Expert" (banker) view on Bloomberg just now is that most "economic experts" are predicting "extremely high" unemployment, maybe the OP should just step back for a while?

Crashy_Time said:

Semple said:

jbsn said:

given prices are going to plummet...

Can i borrow your crystal ball, seeing as you clearly know what's going to happen before numerous economic experts.

"Expert" (banker) view on Bloomberg just now is that most "economic experts" are predicting "extremely high" unemployment, maybe the OP should just step back for a while?

Don’t forget the 5% house price drop now predicted by the industry and the bank of England’s ‘worst downturn since 1706’ predictions.  

Just going to leave this here in case people would like to read the rest of what the BoE had to say. Context is everything, after all! https://www.bbc.co.uk/news/business-52566030

Bank of England also predicted a 16% drop in house prices in today’s announcement.

Indeed it did, and also that they would recover along with the wider economy by summer 2021.

Not possible to predict, there could be continuing health scares we don`t know yet, and no one really believes that their predictions are accurate anyway?

I assume the person who was quoting the 16% drop prediction believed it. As I said, I'm just supplying the other half. Predictions aren't very reliable but half a prediction is worse.

Crashy_Time

Bossypants said:

Crashy_Time said:

Bossypants said:

Aberdeenangarse said:

Bossypants said:

tatartan said:

Crashy_Time said:

Semple said:

jbsn said:

given prices are going to plummet...

Can i borrow your crystal ball, seeing as you clearly know what's going to happen before numerous economic experts.

"Expert" (banker) view on Bloomberg just now is that most "economic experts" are predicting "extremely high" unemployment, maybe the OP should just step back for a while?

Crashy_Time said:

Semple said:

jbsn said:

given prices are going to plummet...

Can i borrow your crystal ball, seeing as you clearly know what's going to happen before numerous economic experts.

"Expert" (banker) view on Bloomberg just now is that most "economic experts" are predicting "extremely high" unemployment, maybe the OP should just step back for a while?

Don’t forget the 5% house price drop now predicted by the industry and the bank of England’s ‘worst downturn since 1706’ predictions.  

Just going to leave this here in case people would like to read the rest of what the BoE had to say. Context is everything, after all! https://www.bbc.co.uk/news/business-52566030

Bank of England also predicted a 16% drop in house prices in today’s announcement.

Indeed it did, and also that they would recover along with the wider economy by summer 2021.

Not possible to predict, there could be continuing health scares we don`t know yet, and no one really believes that their predictions are accurate anyway?

I assume the person who was quoting the 16% drop prediction believed it. As I said, I'm just supplying the other half. Predictions aren't very reliable but half a prediction is worse.

As I said, I think most people hearing "V-Shaped recovery" from a banker in a suit or politician now just switch off, I think their ability to influence sentiment and manage economic shocks is severely dented in recent years.

[Deleted User]

A lot of people are down to 80% pay so that's 20% off for a start. And then deposit requirements are way up for mortgages too.

If you want to sell any time soon you need to slash the price, at least 20%.