Buying a house- has anyone had house price reduction?

daffodillly

Splatfoot

House prices haven't gone down as far as I can see. The media are whipping everyone up whereas in reality, estate agents (including mine) are really busy with buyers.  You can ask for a reduction and see what they say? What are your reasons for wanting a reduction?

daffodillly

The news are reporting ‘average house price has dropped by £4K.’

Thrugelmir

Properties listed prior to lockdown are now coming through on Rightmove as reduced. Definately a weakening of prices most likely due to a lack of demand. 

sharpe106

I would think be a small drop in what people are willing to accept in the current environment. But most people that don’t need to sell will probably hang on a few months to see what happens. As doubt any drop will be long term.

Splatfoot

daffodillly said:

The news are reporting ‘average house price has dropped by £4K.’

Nobody can tell this yet

Grumpy_chap

The media are talking up a crash to create a crisis they can report on as a story.  The fundamental of house prices is supply and demand, and that really comes right down to the number of homes and the number of people - the reduction of people arising from coronavirus will not affect house prices.  Commercial impacts and job losses may have a bearing, but the BBC today reported that "25% of all people that were not thinking of moving before coronavirus are now thinking of moving" so that is a massive spike in demand and we can expect house prices to soar.

Bibbitybobbitybop

We got a further £10k off our purchase but also had to drop £13k off our sale, off previously agreed sale prices.

jfinnie

Grumpy_chap said:

BBC today reported that "25% of all people that were not thinking of moving before coronavirus are now thinking of moving" so that is a massive spike in demand and we can expect house prices to soar.

Only if there isn't a corresponding drop in the amount of people who were thinking of moving, and who now put those plans on ice...

Splatfoot said:

daffodillly said:

The news are reporting ‘average house price has dropped by £4K.’

Nobody can tell this yet

Of course they can.  There are statistics that run that track exactly this; this one is a very well regarded metric from the Nationwide Building Society.  Whether or not it is set to become a long term trend is another matter and requires a crystal ball.
One link to a bonafide site reporting on this:
https://www.thisismoney.co.uk/money/mortgageshome/article-8379337/House-prices-suffer-biggest-drop-February-2009-says-Nationwide.html

Splatfoot

I don't see how they can tell when the property market has really only been open for two weeks. 

daffodillly

I didn’t realise this would be a comment thread guys. I appreciate the various opinions/ info though. I thought a poll would just give me an idea of who has had experience of buying a house now & had a price reduction. I was meant to exchange contracts on a new build the week of lock down. The build of course stopped & I did not.  They are now asking me to move forwards but are barely on site building my house & now with a 5 month delay to completion. It’s not my dream house but I’d like to get on the property ladder & it’s an upgrade in general. Just wanted to see what’s happening out there in reality for buyers that’s all.