Going ahead with house sale amid recession ?

eidand

do we really need to argue about the same thing, again? How many threads so far have been completely derailed with the same thing and same arguments?

MobileSaver

eidand said:

How many threads so far have been completely derailed with the same thing and same arguments?

Agreed, it's far too easy to get sucked in to Debating house prices on these threads so I'm out, although I'll continue to take issue with blatant falsehoods in these threads.

leftism

@eidand I agree. And now I'm going to be a homeowner, maybe when I do see the debate come up, I'll join @MobileSaver defend the other side ;-) 

Crashy_Time

MobileSaver said:

andycorleone said:

which next year will cost significantly less  (This is not rocket science but a simple fact)  Only good know what will happen in 5 years.

No, it is not remotely fact but is pure speculation; prices in some areas may go down, prices in others may go up - most people in my neck of the woods thing we're about to see a mini-boom as city dwellers realise the benefits of country living.

No-one knows for certain what will happen but it is odds on that the average house price will be higher in five years than it is today...

Most city dwellers that want to be there are already in the country, they did it when it was easier to cash in equity and buy a country house, it will be much harder to do in a recession when banks are tightening mortgage criteria, I would expect most people you know have missed the sweet spot for London/City money TBH.

steviegood

wazza07 said:

We're looking in South Manchester/Stockport as well; mainly Heaton Moor/Mersey/Chapel, Woodsmoor and Davenport. Similiarly to you, I've not really seen any reduction in price (if anything they've gone up). Competition is quite fierce as well, the well presented properties are flying off and even houses that were struggling to sell pre-COVID have now sold as well. We're quite disappointed as our ideal house came up but went before we could even view it as a cash buyer had offered significantly over asking price. We had a purchase fall through recently owing to the vendor freaking out with COVID so we've decided to continue with the sale of our house and go into rented, hopefully putting us in a better position. We are a bit worried about being priced out in the Heatons (if prices continue to rise) but I guess we'll have to see. It's positive so many houses are coming up - just hope it continues! We're looking for our forever home so not necessarily looking to grab a bargain, we're just hoping we don't get priced out. 

@wazza07 Agree with you that Stockport is a competitive market at the moment. We are looking in exactly the same areas as you and any homes that come onto market seem to go very quickly. Our budget is 230K max so we are competing a lot with BTL / property investors. I think Stockport is benefiting from the ripple effect of the market in Manchester so investors are really interested in Stockport. Plus, I'm guessing due to the number of people living in flats in Manchester city centre, they might be reviewing their options in light of the lockdown, so there might be more demand for homes with gardens and outdoor space. Maybe property prices fall for apartments or homes with limited outdoor space. It's difficult to know. I understand employment was growing in Manchester pre-lockdown, so it will be interesting to see if the property market remains strong in Stockport during the upcoming recession. I'm thinking different regions will be affected in different ways depending on local employment and supply/demand. I'm leaning towards buying now rather than waiting as Stockport may not see a huge price fall for homes with gardens but the circumstances are different for everyone. 

Crashy_Time

andycorleone said:

I Honestly don't understand people. After all what happened in the past few month recision is unavoidable. The consequences are not immediate but imminent  (Usually 12-18 Months).

Do you have any friend or Family that have lost their Job recently?  If not maybe you should invest more time socialising instead of asking these question in an online forum, So you could have a more human experience of current circumstances.

If you don't mind buying an already overpriced house, which next year will cost significantly less  (This is not rocket science but a simple fact)  Only good know what will happen in 5 years.

Not Job is secure and chances of getting a new one are very low these days. this is a domino effect, This in only the beginning. things are going to get worse before get any better. 

I'm in the same boat as you, The two wise decision I can make at this point is Wait or ask for a 5%  reduction of you initial offer.

5% probably not enough at this stage.