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JoeDavola

Has Coronavirus officially killed the housing market?

Post-Covid, what 3 changes are you going to try to make? (max 3)  

119 members have voted

This poll is closed to new votes
  1. 1. Post-Covid, what 3 changes are you going to try to make? (max 3)

    • Work from home more
    • Walk more (drive less)
    • Avoid Chinese goods
    • Shop locally
    • Quit working (bennies)
    • Retire earlier
    • Leave the UK
    • Come back to UK
    • Cook more own food
    • Eat out more
    • See family more
    • See family less!
    • More time on hobbies
    • Worry less
    • Get divorced
    • None of the above


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I'm 4yrs 9mths into a 5 year fix, was looking just last week to see if IRs had fed through into mortgage rates yet. 

I'm currently about 65% LTV (might be a little lower) so I should be OK, also in the not entirely typical position of being able to put a chunk of cash in to bring that down if I really need to. 

When I renew I'm definitely going for a 10 year fix minimum. IRs are going to the moon off the back of this.

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4 minutes ago, HolyCow said:

Doesn't it basically mean that they expect house prices to fall by 40%?

It means that they're not prepared to take the risk on betting that they won't fall 40%.

Which means they must think there's at least a decent chance of 40% drops in parts of the country.

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4 minutes ago, Great Guy said:

I think the government will be printing money on an epic scale... If I had the money I'd be buying real assets like property.

#printymcprintface

Agreed - question is at what point over say the next 6 months do you make an offer on something like a house.

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Posted (edited)

Nothing of interest to me so let them get on with it. If prices dropped 40% in the SE and yet you'd have to have a 40% deposit then I can't see anyone who could afford to buy who is "normal". The prices would still be expensive and the deposit would be unattainable. Not sure what this does apart from killing transaction volumes. Owner occupiers won't sell at a discount and first time buyers won't even be able to get a mortgage. The property market is so f**ked whichever way it goes, it doesn't work as any ordinary market would. Too many years of messing about in what should have been left to market forces in the first place.

Edited by SillyBilly

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Posted (edited)
21 minutes ago, SillyBilly said:

Nothing of interest to me so let them get on with it. If prices dropped 40% in the SE and yet you'd have to have a 40% deposit then I can't see anyone who could afford to buy who is "normal". The prices would still be expensive and the deposit would be unattainable. Not sure what this does apart from killing transaction volumes. Owner occupiers won't sell at a discount and first time buyers won't even be able to get a mortgage. The property market is so f**ked whichever way it goes, it doesn't work. Too many years of messing about in what should have been left to market forces in the first place.

If prices drop 40% I doubt you would still need a 40% deposit

But if you did still need a 40% deposit, I wouldn't buy

I'd wait for the next expected 40% falls.

The time to buy will be when deposits are 'normal' again.

i.e. when the banks think property is a safe bet

 

Edited by Hopeful

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9 minutes ago, MrLibertyRedux said:

It would be nice to see Foxtons head office nuked from orbit though.

It's the only way to be sure.

They truly are utter, unmitigated cunts of the worst type:

https://news.sky.com/story/coronavirus-foxtons-tells-tenant-having-covid-19-cannot-stop-landlord-viewings-11960870
 

If they do go bust I would seriously consider a trip back to London after this is all over just to piss through the letterbox of one of their empty stores.

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25 minutes ago, TheBlueCat said:

They truly are utter, unmitigated cunts of the worst type:

https://news.sky.com/story/coronavirus-foxtons-tells-tenant-having-covid-19-cannot-stop-landlord-viewings-11960870
 

If they do go bust I would seriously consider a trip back to London after this is all over just to piss through the letterbox of one of their empty stores.

I would not advise that. Some of those letterboxes have powerful springs on them. Ask a postie....

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1 minute ago, Melchett said:

I would not advise that. Some of those letterboxes have powerful springs on them. Ask a postie....

To fully express my hatred for that bunch of twunts it’s a risk I’m prepared to take.

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what's to stop the government stepping in and keeping prices high?

They found a way in 2008, they always find a way to keep kicking the can down the road don't they

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Be interesting to see if the 0.1% interest rate feeds through to available mortgages for a while once things get moving again. If it does, that will surely be the time to take out the biggest 10 year fix mortgage available.

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15 minutes ago, 201p said:

what's to stop the government stepping in and keeping prices high?

They may not want to this time as this is the big reset.

Yep, allowable this time

"It's not our fault"

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Posted (edited)
23 minutes ago, sarahbell said:

If they drop house prices enough then somene people here will have 100% deposit

Yep

But do I want to buy in this country anymore?

I might buy just to have a pad if I need it, and rent it out, but I'm not sure I want to live here any more right now. I've seen enough, this last week has tipped me over the edge with regard to fellow citizens.

Edited by Hopeful

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5 hours ago, JoeDavola said:

Surely this is massive news:

https://www.bbc.co.uk/news/business-52106119

and

 

....who the fuck has a 40% deposit?

Me.

Worked hard, saved, didn't spend £100 a weekend getting a beer belly, didn't impregnate anyone, then pulled it out of bank.  Now to find a house.

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