Buying a new build house that has dropped in value

GDB2222

Stairs are good for you. Town houses have more stairs. Therefore, town houses are better for you than other types. I wish all questions could be as easily answered by pure logic!

RelievedSheff

MobileSaver said:

Crashy_Time said:

New Builds are two a penny ... there will be plenty more,

And yet every official report for years has stated that there's not nearly enough being built to satisfy demand... is there something only you know that the rest of the country doesn't?

And that gap between supply and demand will only get worse this year with the house builders having a two month break.

[Deleted User]

RelievedSheff said:

MobileSaver said:

Crashy_Time said:

New Builds are two a penny ... there will be plenty more,

And yet every official report for years has stated that there's not nearly enough being built to satisfy demand... is there something only you know that the rest of the country doesn't?

And that gap between supply and demand will only get worse this year with the house builders having a two month break.

Lots of people dying means houses freeing up though. At the moment due to people pulling out or holding off there is over-supply, and prices are falling fast.

Unicorn_cottage

[DELETED USER] said:

RelievedSheff said:

MobileSaver said:

Crashy_Time said:

New Builds are two a penny ... there will be plenty more,

And yet every official report for years has stated that there's not nearly enough being built to satisfy demand... is there something only you know that the rest of the country doesn't?

And that gap between supply and demand will only get worse this year with the house builders having a two month break.

Lots of people dying means houses freeing up though. At the moment due to people pulling out or holding off there is over-supply, and prices are falling fast.

PAHAHAHAHAHAHAHAHA! 

Owain_Moneysaver

[DELETED USER] said:

Lots of people dying means houses freeing up though. 

Especially old people in larger houses that could be subdivided into "character studio apartments"

RelievedSheff

[DELETED USER] said:

RelievedSheff said:

MobileSaver said:

Crashy_Time said:

New Builds are two a penny ... there will be plenty more,

And yet every official report for years has stated that there's not nearly enough being built to satisfy demand... is there something only you know that the rest of the country doesn't?

And that gap between supply and demand will only get worse this year with the house builders having a two month break.

Lots of people dying means houses freeing up though. At the moment due to people pulling out or holding off there is over-supply, and prices are falling fast.

Not everyone who has died has a house to sell though do they?

 A lot of deaths have been elderly in nursing homes, no homes coming onto the market from those. Others will have a spouse who will still be living in the home, no homes on the market there either. Some of the remainder of those who have died will be in rented accommodation, again no homes on the market from those. That doesn't leave an awful lot of housing to come onto the market.

I'm not sure where this over supply is that you are talking of. Where we are there are currently the fewest properties on the market since we started looking in this area a couple of years ago and the majority of those are under offer/SSTC. There is certainly no indication that house prices are as yet "falling fast" as you claim.

MobileSaver

[DELETED USER] said:

Lots of people dying means houses freeing up though.

How many extra deaths have there been so far compared to an average year? It's interesting that the crashaholics seem to be experts on so many different topics; the chief scientific advisers to the government have said they won't know until next year, clearly they just need to give [DELETED USER] a call today for all the answers rather than wait until then?

Even if there has been a significant number of extra deaths so far, how many of those will result in "houses freeing up"? Many deaths were in care homes where I suspect the majority did not own their own home. Many deceased will have been living with a partner so again no house freed up there. Many will have rented so no reason those properties will now be put up for sale.

In short, only a small amount (if any) of the 34,000 Covid-19 deaths so far will result in extra properties coming on to the market which is a drop in the ocean to the 1.2 million houses bought and sold every year. Add in RelievedSheff's point that house building has essentially stopped for two months and the overall affect is likely zero if not reduced supply.

Crashy_Time

MobileSaver said:

Crashy_Time said:

New Builds are two a penny ... there will be plenty more,

And yet every official report for years has stated that there's not nearly enough being built to satisfy demand... is there something only you know that the rest of the country doesn't?

Must be right then? Do you actually believe that the public believe that now? Good luck if you do.
https://www.whatmortgage.co.uk/news/rents-dip-london-due-supply-new-build-homes/
That was well before the biggest depression in 300 years was announced. I can count around 15 flats for rent in two or three streets near me, there is still just one guy outside the local shop begging though, where does the demand go when no one is watching it?

Crashy_Time

MobileSaver said:

[DELETED USER] said:

Lots of people dying means houses freeing up though.

How many extra deaths have there been so far compared to an average year? It's interesting that the crashaholics seem to be experts on so many different topics; the chief scientific advisers to the government have said they won't know until next year, clearly they just need to give [DELETED USER] a call today for all the answers rather than wait until then?

Even if there has been a significant number of extra deaths so far, how many of those will result in "houses freeing up"? Many deaths were in care homes where I suspect the majority did not own their own home. Many deceased will have been living with a partner so again no house freed up there. Many will have rented so no reason those properties will now be put up for sale.

In short, only a small amount (if any) of the 34,000 Covid-19 deaths so far will result in extra properties coming on to the market which is a drop in the ocean to the 1.2 million houses bought and sold every year. Add in RelievedSheff's point that house building has essentially stopped for two months and the overall affect is likely zero if not reduced supply.

The spectacle of someone who supposedly is mortgage free and not moving again trying to convince new buyers to over-pay for basic, poorly constructed in many cases, housing is quite disturbing TBH. Prices are set by ability to pay or demand/availability of credit anyway, so the amount of houses doesn`t matter, but I am not expecting a massive spike in homelessness any time soon due to lack of units.

AdrianC

MobileSaver said:

[DELETED USER] said:

Lots of people dying means houses freeing up though.

How many extra deaths have there been so far compared to an average year?

https://www.reddit.com/r/ukpolitics/comments/gcw7m6/i_plotted_weekly_deaths_in_the_uk_from_2010_to/

This is a comparison of the last decade's weekly deaths in the UK. It's about a fortnight old now.