Is now really a bad time to buy?

movilogo

Every case is different so there is no generic answer. 
But prices are coming down for sure. How much that is hard to predict. 10% down almost guaranteed, 20% likely. But it will be down slowly as EA + sellers still are in denial. 

tom9980

movilogo said:

Every case is different so there is no generic answer. 
But prices are coming down for sure. How much that is hard to predict. 10% down almost guaranteed, 20% likely. But it will be down slowly as EA + sellers still are in denial. 

I am selling listed £175k and yet i have had 3 offers within a week? including asking price so I guess buyers are in denial?

hazyjo

tom9980 said:

movilogo said:

Every case is different so there is no generic answer. 
But prices are coming down for sure. How much that is hard to predict. 10% down almost guaranteed, 20% likely. But it will be down slowly as EA + sellers still are in denial. 

I am selling listed £175k and yet i have had 3 offers within a week? including asking price so I guess buyers are in denial?

Same for a good friend. Three viewings, and all three offered (one over asking price). Was the week before lockdown. She's just put it back on the market and the one offering over is still keen and ready to go.

Not all areas can be tarnished with the same brush. Many people are anxious to get going. They put it on hold for Brexit and now this virus - and once lockdown is over, it wouldn't surprise me if there's a brief surge. People generally just want to get back to normal now.

Thrugelmir

If you wish to move. Crunch the numbers. Finance is the driver whatever the market conditions. 

MobileSaver

Crashy_Time said:

MobileSaver said:

many believe the enforced lockdown may well lead to a house price increase in certain types of property; your perfect FTB house in a desirable area could well be one of them.

Are you hoping that your property might benefit by any chance?

No. I'm in my dream home fully expecting to only leave here in a coffin and I have no kids to leave the house to. My other properties will only be sold when my elderly relatives finally shuffle off this mortal coil which hopefully will be at least a decade or two from now.

What house prices do this year, next year or the year after simply does not affect me in the slightest. I know that doesn't fit your narrative that anyone challenging the HPC mantra must (ironically) have a vested interest but that's life.

[Deleted User]

MobileSaver said:

Densol said:

 Ive been carefully watching the market for almost a year
lots reduced as well or coming back on the market that were previously sold.

What's the area so we can all take a look at all these reduced properties?

Places are coming onto the market at less than they would have previously been marketed. 

Prices are reducing as can be seen on the link
Some are now coming back onto the market. 

Because I am watching a VERY specific area for my FTB son, Im going to notice slight adjustments to the market. Not huge prices crashes. Im not a lunatic believing that already, but there are definite downwards adjustments. I know you bought very recently and dont want to believe prices are reducing but that is what seems to be happening. 

https://www.rightmove.co.uk/property-for-sale/find.html?locationIdentifier=REGION%5E5950&insId=1&sortType=1&minPrice=180000&maxPrice=240000&minBedrooms=2&radius=0.5&googleAnalyticsChannel=buying

So for example 2 bed flats in this area were being marketed around the £220-240k mark. They are now coming on around £205 ish or just not selling 

Norman_Castle

LitBill said:

I’ve been doing some reading and listening and it seems some are suggesting that now may be a good time to upsize.

Assuming any percentage price drop is equal for all properties how much difference between old and new properties? If you are ready to move it could be beneficial but I wouldn't move because of it. 

I would work out what you can afford and see what comes into range.

Norman_Castle

Densol said:

So for example 2 bed flats in this area were being marketed around the £220-240k mark. They are now coming on around £205 ish or just not selling 

Were they selling for 220-240k?

Tea_Pea_Dee

Densol said:

MobileSaver said:

Densol said:

 Ive been carefully watching the market for almost a year
lots reduced as well or coming back on the market that were previously sold.

What's the area so we can all take a look at all these reduced properties?

Places are coming onto the market at less than they would have previously been marketed. 

Prices are reducing as can be seen on the link
Some are now coming back onto the market. 

Because I am watching a VERY specific area for my FTB son, Im going to notice slight adjustments to the market. Not huge prices crashes. Im not a lunatic believing that already, but there are definite downwards adjustments. I know you bought very recently and dont want to believe prices are reducing but that is what seems to be happening. 

https://www.rightmove.co.uk/property-for-sale/find.html?locationIdentifier=REGION%5E5950&insId=1&sortType=1&minPrice=180000&maxPrice=240000&minBedrooms=2&radius=0.5&googleAnalyticsChannel=buying

So for example 2 bed flats in this area were being marketed around the £220-240k mark. They are now coming on around £205 ish or just not selling 

They have been falling well before lockdown/covid as you can see from RM statistics:

"Overall, sold prices in RM16 6LY over the last year were 24% down on the previous year and 11% down on the 2017 peak of £314,000."

I know this area fairly well, as too will Hazyjo, both Essex girls, and in my opinion Grays has just been tarted up and called Chafford Hundred and very near to wonderful, wonderful (not) Lakeside.  It was always going to happen, covid or no covid.

Mutton_Geoff

Martin Lewis says this is why he wouldn’t be buying a house right now - https://www.idealhome.co.uk/news/martin-lewis-small-deposit-mortgage-249267