Bad time to buy a house???

Ozzuk

https://www.bbc.co.uk/news/business-53693149
I think back in March I suggested prices/market might actually rise as lockdown eases.  Unlike Crashy I actually mentioned a timeframe, rather than just saying stuff will crash at some point before world ends.  
Even I think though tough times could be coming for housing market, but as long as demand remains high I can't see much of a correction coming, if any.   Certainly market in Wales is crazy, properties are selling almost as soon as they come on market, and at strong prices.  Can't say I'd fancy owning in London though as we will likely see a dip there as the foreign investors get nervous.
I think it was Crashy saying Airbnb owners would be flooding the market with cheap property - but given the reluctance for foreign travel I can only see demand increasing.

rash.m2k

I do personally think this is a bad time to buy, unless the absolute perfect home comes on (and by perfect I mean at the right price too!), it's a great time to sell though! I mean who would have thought if you give people free money (i.e. a stamp duty cut) house prices would go up.......................

It's about supply of finance and supply and demand of houses. Until supply of finance doesn't change, house prices will continue to go up. It's in a the interest of banks for house prices to go up, the more you borrow the longer you will keep paying interest and if house prices keep going up (which the banks want them to) then it's risk free profit for them - if you can't pay your mortgage you'll get tossed out on your backside and they'll sell for pennies and keep their share. 

The whole system is a scam, banks don't care about anything other than you borrowing for as long as possible so they can keep making money from you, if house prices need to go up to sustain that so be it. It's clearly a conflict on interest. We have no choice but to play the game if we want a house, but at least be smart about it.

The economy has shrunk the biggest in since the world war, interest rates are at 0.1%, we've borrowed the most amount of money since the world war, the BoE is predicting massive unemployment, thousands of redundancies have been announced, everything the governments around the world have done has been MORE than 2008, so why would the economic impact of all this be less than 2008? Any rational person can see the proverbial is about to hit the fan.

The economy at the moment is like road runner when he runs of a cliff but it takes a few seconds to realise he's run off a cliff. We have run off a cliff, but haven't realised that we have. Come November/December and we shall the true impact unless the government decide to borrow even more! We can't borrow forever, it has to stop at some point.

Bottom line IMO - wait until nov and build your deposit.

Angela_D_3

Anecdotal of course, but I've just had two valuations from notoriously conservative lenders.   Neither were down valuing 

Crashy_Time

Angela_D_3 said:

Anecdotal of course, but I've just had two valuations from notoriously conservative lenders.   Neither were down valuing 

Has the deposit stayed the same as well?

Crashy_Time

Ozzuk said:

https://www.bbc.co.uk/news/business-53693149
I think back in March I suggested prices/market might actually rise as lockdown eases.  Unlike Crashy I actually mentioned a timeframe, rather than just saying stuff will crash at some point before world ends.  
Even I think though tough times could be coming for housing market, but as long as demand remains high I can't see much of a correction coming, if any.   Certainly market in Wales is crazy, properties are selling almost as soon as they come on market, and at strong prices.  Can't say I'd fancy owning in London though as we will likely see a dip there as the foreign investors get nervous.
I think it was Crashy saying Airbnb owners would be flooding the market with cheap property - but given the reluctance for foreign travel I can only see demand increasing.

We are nowhere near the point where accurate predictions can be made on this, all you are doing is waving your VI flag at the moment, nothing more.

Parking_Eyerate

Crashy_Time said:

Ozzuk said:

https://www.bbc.co.uk/news/business-53693149
I think back in March I suggested prices/market might actually rise as lockdown eases.  Unlike Crashy I actually mentioned a timeframe, rather than just saying stuff will crash at some point before world ends.  
Even I think though tough times could be coming for housing market, but as long as demand remains high I can't see much of a correction coming, if any.   Certainly market in Wales is crazy, properties are selling almost as soon as they come on market, and at strong prices.  Can't say I'd fancy owning in London though as we will likely see a dip there as the foreign investors get nervous.
I think it was Crashy saying Airbnb owners would be flooding the market with cheap property - but given the reluctance for foreign travel I can only see demand increasing.

We are nowhere near the point where accurate predictions can be made on this, all you are doing is waving your VI flag at the moment, nothing more.

Funny that your profile indicates you’ve been attempting to make predictions for at least six years, all the while waving your very own ‘vested interest’ (VI) flag, nothing more.

Filo25

A work colleague formally listed her property recently (outer London), they had seven offers within 2 days, at least 2 of which were above asking price. That kind of echoes what I am seeing locally in a different area of outer London.

It may well be a very different story when stamp duty incentive ends and the furlough ends , although even that is hard to say with much certainty until we see if any general economic or housing market incentives replace them. For now though this seems to be a very strong market in commuter belt London, I suspect maybe a different story for inner London flats with no outside space though.

jimbog

Filo25 said:

A work colleague formally listed her property recently (outer London), they had seven offers within 2 days, at least 2 of which were above asking price. That kind of echoes what I am seeing locally in a different area of outer London.

It may well be a very different story when stamp duty incentive ends and the furlough ends , although even that is hard to say with much certainty until we see if any general economic or housing market incentives replace them. For now though this seems to be a very strong market in commuter belt London, I suspect maybe a different story for inner London flats with no outside space though.

Gardens, or at least outdoor space, are now a 'must have' as well as more space

happy_2008

Filo25 said:

A work colleague formally listed her property recently (outer London), they had seven offers within 2 days, at least 2 of which were above asking price. That kind of echoes what I am seeing locally in a different area of outer London.

It may well be a very different story when stamp duty incentive ends and the furlough ends , although even that is hard to say with much certainty until we see if any general economic or housing market incentives replace them. For now though this seems to be a very strong market in commuter belt London, I suspect maybe a different story for inner London flats with no outside space though.

Which location is this outside of london?

Filo25

Not 100% sure but I think they are based in Beckenham.

I'm up in NE London (Highams Park) and the market around here also seems to have been pretty strong since it opened up again (even before the Stamp Duty incentive was introduced)