Housing market about to go into meltdown?

[grumpy52]

How is the housing market going to survive corona virus ?
Lots of people are going to struggle meeting payments especially those in the gig economy,entertainment and sport .
It is often commented that many are only 3 pay days away from becoming homeless or bankruptcy.

[Muzzer79]

IMO

Whilst there are some doomsday scenarios around, I think that once the general public gets used to the virus and sees most people recovering, and we get over the initial virus peak, it will calm down in a couple of months.

For a relatively short term blip such as this, I can't see a significant effect on the housing market. There's too many people who are ready to speculate.

There'll obviously be a freeze with nothing moving for a short while, but I don't foresee a crash.

Govt is helping with mortgage payment suspensions.

Some people will be in trouble quickly, but again I'm not convinced it'll be enough to swing the housing market machine.

If it goes on longer than a couple of months then obviously it's a different story.

[BobSaunders]

I think it will take time for the stock markets to recover, this independently has a knock on effect all the way down the supply chain. Some businesses will ride the wave and make money, some will stutter, and some may not recover. Whilst Covid-19 may move on from the UK, there are still other countries to infect which will impact our supply chain and keep the markets jittery. There will be a period of time required for recovery, and change is inevitable. It should not be brushed aside as a simple two month thing and back to normal.

[dingg]

3 month mortgage holidays announced.
Should help those affected

[Deep Thought]

dingg said:

3 month mortgage holidays announced.
Should help those affected

Its very smart of the mortgage companies - thats an extra 3 months interest they'll be gathering as those 3 payments will be tacked on to the end of the term.

[Titfer]

I can't see any viewings taking place in the next 12 weeks as an absolute minimum.

[Marlin45]

dingg said:

3 month mortgage holidays announced.
Should help those affected

Do you have a link to that?

[KTF]

Marlin45 said:

Do you have a link to that?

Point 1: https://personal.natwest.com/personal/support-cent...

[hotchy]

3 months holidays... they should also add in a clause where they wont charge 25 years on interest on that few k holiday. I'd rather not but the options always been there anyway and then your payment increases.

[Deep Thought]

hotchy said:

3 months holidays... they should also add in a clause where they wont charge 25 years on interest on that few k holiday. I'd rather not but the options always been there anyway and then your payment increases.

Thats exactly what they'll do - the mortgage companies must be rubbing their hands with glee.

[andy118run]

Titfer said:

I can't see any viewings taking place in the next 12 weeks as an absolute minimum.

I was just at a point where (for one reason or another) I was seriously thinking of placing my house on the market.

Just been googling various estate agents, having a look at what's on Rightmove in the area etc.

Thought I should come on here and check out what the PH People are saying.

This one really helped! Though could have a point I suppose. Is there really any point at the moment unless really necessary.

[anonymous-user]

My house went on the market yesterday, appeared on Rightmove around 4pm. (we started the process a few weeks ago..)

As of now we've got 6 viewing arranged. I'm surprised to say the least.

[Chimune]

We are ready to list 2 weeks back. Just need to click on a link and it goes live.
However. We haven't as the massive unknowns are:
1. Do we want strangers coming to our home atm.
2. Is our house worth what we expect now/ in 4 weeks / 16 weeks?
3. What's the house that we have an offer accepted but not completing till Aug, gonna be worth?
4. Is their off-plan house going to be finished in Aug?

All answers are no or don't know!

Edited by Chimune on Wednesday 18th March 13:41

[ChocolateFrog]

I think those that have stretched to buy BTLs might be in trouble, especially now renters are protected from eviction.

Can't see it affecting anyone else as long as you can sit tight for a few months.

Even the added interest isn't going to be massive in the grand scheme of things.

[So]

I'll be interested to see what the "help for renters" actually entails.

Boris says he will "avoid "pass[ing] on the problem" by "taking steps to protect other actors in the economy". However, I have a suspicion that this will only entail getting lenders to give landlords time to pay.

If I am right, the problem will be that many tenants at the bottom of the rental market will never pay because they know the consequences are few. But landlords will still have to pay, because they need to protect their credit rating.

[av185]

As with cars, the best stock will always sell at the best prices.

[anonymous-user]

av185 said:

As with cars, the best stock will always sell at the best prices.

Agreed.

I think we'll just see activity pause for a few months rather than any market correction anyway.

[V8RX7]

Sten. said:

My house went on the market yesterday, appeared on Rightmove around 4pm. (we started the process a few weeks ago..)

As of now we've got 6 viewing arranged. I'm surprised to say the least.

I'm pleasantly surprised

I was about to offer on a house as a project and have decided to wait and see what happens.

If I was buying for me I think I'd buy regardless

[anonymous-user]

If you've just found the right house to buy, I see no reason not to continue.

[cayman-black]

Sten. said:

My house went on the market yesterday, appeared on Rightmove around 4pm. (we started the process a few weeks ago..)

As of now we've got 6 viewing arranged. I'm surprised to say the least.

I hope they all come round wearing face masks.