Buying a house during coronavirus

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Yel

Yel

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Anyone else in the process of looking for a house or buying a house?

Thought it might be an idea to have a separate thread as it may seem a bit insensitive on the main one.

I've got a decent deposit and houses are still coming up for sale and being reduced, but many are now offers in excess of.

The dilemma is they should really ot fallen in the last recession but we had an asset bubble as they printed so much money, created so many schemes that mainly were a bailout to the house builders, cut interest rates from nearly 6% to pretty much 0 and kept them there. So many props to keep them high as the UK economy seems foolishly built on unaffordable housing.

This time it's different, they're going to be printing alot more money but they have virtually no tools left in their warchest as they're still exausted from the last recession.

I'm worried about large inflation that will eat away at my deposit. So not sure what to do now.

Either keep looking and offering 10-20% below asking prices. Then get a mortgage on a low fixed rate so that even if I lose work I could afford it working on minimum wage.

Wait it out and hope my deposit and sterling still has some value in say a year and see what house prices do.

I only got a C at A level economics, but inflation I imagine is the end goal for the government - makes exports/workforce more competitive, reduces debts. The last decade has shown they really don't want people to save, they want them to spend it all. But it's complex with the whole world going though the same issues. I doubt houses will fall in monitory value, but quite likely in relative value.

Anyone else going going through the same situation?
 
We had only just started looking when all this happened. Haven’t got a mortage in principle yet or anything and now don’t really know what to do. Have a deposit ready, my job is stable but partner is a business owner so not really sure this is the right time.
 
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It certainly doesn't feel like the right time, but I have a large deposit and worry that the currency will be wiped out then all my savings will buy a loaf of bread.

I'd like to hedge my bets so at least I own a bit of land.

The system probably does need a reset button, but how to protect yourself in that event?
 
We are in the process of buying a new house and selling ours.

Not quite sure what’s going on with it all but going to make some calls tomorrow.
 
Yel said:
It certainly doesn't feel like the right time, but I have a large deposit and worry that the currency will be wiped out then all my savings will buy a loaf of bread.

I'd like to hedge my bets so at least I own a bit of land.

The system probably does need a reset button, but how to protect yourself in that event?
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I think the best thing to do first is see whether you can get a mortgage lender to agree a low rate fixed term mortgage in principle.

I do remember the late eighties/early nineties when many were left with mortgages they could no longer afford, with houses then in negative equity. One thing to consider (horrible i know) is depending on the number of victims of this terrible virus, many more properties may eventually come on the market, that is likely to drive prices down.
 
In some areas it seems that sellers are taking their property off the market, this then means that the houses that are left up for sale are at a premium because of supply and demand.

That being said, I would also imagine that some sales that had been agreed are now falling through because of redundancies and worse.

Here's my inexpert advice:

Are you buying a property for an investment or a home? If it's an investment then take some advice from a financial advisor where best to put your cash right now. If it's for a home, then check your employment is secure, you are getting a good rate of interest and that you love the house. If you are up for DIY then the old advice to buy the worst house in the best area is sage.

Yes, you might find that you are in negative equity at some point. That happened to me back in 2007, but it only really would have mattered if I had needed to sell, or if interest rates had gone through the roof. I had managed to get a good fixed rate and could afford the mortgage. Plus, at least I was paying a mortgage down rather than my rent paying someone else's.
 
We are in the process of buying
Searches are back

We're just ploughing ahead and hoping for the best
 
I had an offer on our house last week.

Bottom of chain is a Chef and Hairdresser - surely that will be finished before its started.

We haven't found anywhere we like but I can not see how we will be able to view anything anyway now.

Meh.
 
We had an agreement in principle at the beginning of March ..viewed a property which we dedicated not to put an offer on.
Fast forward and my husband is now furloughed from his job.I'm going to phone our mortgage advisor this week...haven't been in the right frame of mind to do anything about it until now.
Does anybody have any anecdotal experience or understanding of what's going on in housing market in general during the pandemic?I've tried to wade through some stuff on google but still a bit confused.
We are first time buyers...there are a few houses we like the look of but wouldnt feel confident putting in an offer through a virtual viewing
Redwine said:
Nothing will happen in the next 3 months.
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I'm confused why listings are still going up
 
Can people still move if they have arranged a move in date before tit kicked off. I know people who were due to move next month but I haven't heard if that is still possible.
 
Thanks, I wonder if they will try and move themselves, however they won't be able too ask for family help, so perhaps not.
 
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