The UK Property Market and Covid 19

It is going to get Medievally brutal.

Ah well. Not my problem. And..... breathe.....

I think it's going to be everyone's problem and, like an iceberg capsizing, when it happens it'll happen very quickly.

Admittedly, von Greyerz is trying to sell you some gold here but his apocalyptic predictions aren't too far short of reality - and you can't eat gold.

 
Back in April I predicted UK house prices would plummet , I was wrong and they have risen in most regions ,no doubt this is partly due to the stamp duty holiday but after that things don`t look too rosy, unemployment is bound to rise as many businesses will collapse , what do Arrsers predict will happen with house prices in the next 6-12 months ?
 
Generally drop after Furlough support finally ends, but price will shore up still in desirable rural areas with reasonable internet and mobile signals

Beyond that I wouldn't want to guess
 
Will post Brexit affect property prices as fewer migrant Europeans will come to live here plus many are leaving ? quite unpredictable for me.
 
I've no idea, London and the like would probably be more affected by rich foreigners with dubious wealth acquisition not wanting to launder money in property here

Not sure if Brexit itself will make much of a difference???
 
Back in April I predicted UK house prices would plummet , I was wrong and they have risen in most regions ,no doubt this is partly due to the stamp duty holiday but after that things don`t look too rosy, unemployment is bound to rise as many businesses will collapse , what do Arrsers predict will happen with house prices in the next 6-12 months ?


Just over the Welsh borer from Chester, houses here are selling litteraly within days of going on the market, lots of them.
Local solictors says she is struggling to keep up with the workload

She reckons its down to the stamp duty holiday but I'm of the opinion that there is s deep seated desire to get out of the cities......
 
We are waiting for the inevitable drop before investing. It'll be a buyers market come spring.
 
Generally drop after Furlough support finally ends, but price will shore up still in desirable rural areas with reasonable internet and mobile signals

Beyond that I wouldn't want to guess
Hahahahahaha (as they say). We’ve been 1.67mb download and 0.2 upload for the last few days. On a good day we get 6meg and 0.8 meg.

no mobile signal with any carrier.

Welcome to rural Hertfordshire!!
 
Hahahahahaha (as they say). We’ve been 1.67mb download and 0.2 upload for the last few days. On a good day we get 6meg and 0.8 meg.

no mobile signal with any carrier.

Welcome to rural Hertfordshire!!

Blimey I get 60meg download via ye olde overhead telephone wire, and 4G, in some sleepy little Welsh village that time forgot

But where we moved from a few miles away, about 40k download speeds were the norm, now that was painful

I've lived in Hertfordshire, can't you get Virgin fibre where you are, that's what I used to have, it was great when it worked

Hmm on that basis I wonder if my house has gone up in value?, they don't tend to move much quickly here normally
 
Blimey I get 60meg download via ye olde overhead telephone wire, and 4G, in some sleepy little Welsh village that time forgot

But where we moved from a few miles away, about 40k download speeds were the norm, now that was painful

I've lived in Hertfordshire, can't you get Virgin fibre where you are, that's what I used to have, it was great when it worked

Hmm on that basis I wonder if my house has gone up in value?, they don't tend to move much quickly here normally
Nope. We can’t get fibre. We live in the Chess Valley basin - only 6 houses here. Mile and a half from an A road down single track with one passing point! Nearest village hasn’t got fibre either.

30 minutes from Marylebone on Chiltern rail. We could be in the highlands - totally isolated.
 

Dalef65

Old-Salt
Back in April I predicted UK house prices would plummet , I was wrong ..........................................


, what do Arrsers predict will happen with house prices in the next 6-12 months ?
As you yourself acknowledge, it's difficult to accurately predict what will happen.

The variables include, (but are probably not limited to), The effects of Brexit, what course the pandemic takes, the Government response to the pandemic, lockdown etc, unemployment, furlough availability and level of, etc etc..

You were wrong with your own forecast from last April (that's not a dig, just saying), so any attempt to forecast house prices in six months time would be like trying to predict which way the wind will be blowing, or whether it will be raining on a given day in April 2021.

Is my considered opinion.
 

philc

LE
New houses are being thrown asap in North Yorkshire, edge of villages fields are getting planing permission, lots of houses but few amenities. Now who is buying them, no idea. No new big jobs aside from the Potash mine on the moors near Whitby. Maybe commuting in to York, Thirsk or Leeds where houses are more expensive.

If they are being built, they are being sold.
 
Just over the Welsh borer from Chester, houses here are selling litteraly within days of going on the market, lots of them.
Local solictors says she is struggling to keep up with the workload

She reckons its down to the stamp duty holiday but I'm of the opinion that there is s deep seated desire to get out of the cities......

Interesting. We’ve just moved. Sold our old terraced 2 bed. We got an offer 2 days after putting it on the market in August. Houses here “darn sarf”, terraced 2/3 bed variety are selling quick. There are delays in the market as so many houses are selling. Estate agents and solicitors are struggling to keep up (Currently and extra 2-3 weeks min on the conveyancing times).


We are waiting for the inevitable drop before investing. It'll be a buyers market come spring.

Have you already got properties? Are you a landlord? Genuine questions. Where I am investors have been buying now. This surprised us as we thought landlords and investors would hold out until a possible drop. Instead, they can’t buy quick enough!


Back in April I predicted UK house prices would plummet , I was wrong and they have risen in most regions ,no doubt this is partly due to the stamp duty holiday but after that things don`t look too rosy, unemployment is bound to rise as many businesses will collapse , what do Arrsers predict will happen with house prices in the next 6-12 months ?

Really wish I could predict that. We’ve gone for broke and upgraded from 2 bed terraced with city street parking (if we could park) to multi room detached and off road parking on a drive. A big step up and probably should have done it years ago.
But...... and we’ve discussed it a lot because of COVID, jobs, the economy and what may happen to house prices in the future.
As a seller/ buyer it seemed relative. Waiting for a 30% drop means old house will drop values relative to new. But selling now while the market is moving meant selling quick vs a potentially smaller mortgage.

No-one can predict what the next 3 years will be. It seems 50/50. Businesses are trying to hold on. But having a lockdown again may force some to think **** it and reduce operations this time round. Less jobs means less people buy/ sell = less demand = falling prices.
Or it could stabilise.
Or it could go up?
I wouldn’t want to bet on it yet.

The one thing I did see is our old house, the buyer has put it up for future rent at £900p/m.
I find this outrageous (fire up the bus!). Banks are reluctant to give young people mortgages, but these same young people have to find £900p/m! Even the mortgage wouldn’t be that high!

I’m still glad we moved though. Best decision we made and we’ll ride out the tough if it comes..
 
Just over the Welsh borer from Chester, houses here are selling litteraly within days of going on the market, lots of them.
Local solictors says she is struggling to keep up with the workload

She reckons its down to the stamp duty holiday but I'm of the opinion that there is s deep seated desire to get out of t

Interesting. We’ve just moved. Sold our old terraced 2 bed. We got an offer 2 days after putting it on the market in August. Houses here “darn sarf”, terraced 2/3 bed variety are selling quick. There are delays in the market as so many houses are selling. Estate agents and solicitors are struggling to keep up (Currently and extra 2-3 weeks min on the conveyancing times).




Have you already got properties? Are you a landlord? Genuine questions. Where I am investors have been buying now. This surprised us as we thought landlords and investors would hold out until a possible drop. Instead, they can’t buy quick enough!




Really wish I could predict that. We’ve gone for broke and upgraded from 2 bed terraced with city street parking (if we could park) to multi room detached and off road parking on a drive. A big step up and probably should have done it years ago.
But...... and we’ve discussed it a lot because of COVID, jobs, the economy and what may happen to house prices in the future.
As a seller/ buyer it seemed relative. Waiting for a 30% drop means old house will drop values relative to new. But selling now while the market is moving meant selling quick vs a potentially smaller mortgage.

No-one can predict what the next 3 years will be. It seems 50/50. Businesses are trying to hold on. But having a lockdown again may force some to think **** it and reduce operations this time round. Less jobs means less people buy/ sell = less demand = falling prices.
Or it could stabilise.
Or it could go up?
I wouldn’t want to bet on it yet.

The one thing I did see is our old house, the buyer has put it up for future rent at £900p/m.
I find this outrageous (fire up the bus!). Banks are reluctant to give young people mortgages, but these same young people have to find £900p/m! Even the mortgage wouldn’t be that high!

I’m still glad we moved though. Best decision we made and we’ll ride out the tough if it comes..
If youngsters /anyone can pay rent of £900.00 on time for three years they should automatically be eligible for a mortgage , unfortunately it doesn't work like that .
 

muscat_diver

War Hero
No, but the kicker will be homes coming on as a result of unemployment, the potential collapse of the Air B&B market and city people looking to sell up and move to "safer spaces"...

I suspect inner city prices will fall and leafy suburb, commutable country village prices will rise. Remote working will also have an impact as people do not have to fund the daily commute....
The old mantra 'location, location, location', will apply to the new normal.
 

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