Has Coronavirus officially killed the housing market?

[wherebee 24,604]

3 hours ago, AlfredTheLittle said:

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.

I snaffled a 30 year fix at 2.85% in one country (not HK).

Had to sell when we left.  Gutted.  That was guaranteed to win in the long term.

[Funn3r 9,036]

1 hour ago, Option5 said:

42p a gallon in 1973 

I remember as a kid, must have been mid 1960s. We didn't have a car but all excited because got a lift with mate and I'd hardly ever been in a car. We stopped at garage for petrol. His dad went absolutely mental about "five shillings a gallon bloody extortionate" remember it very well 

[lid 6,044]

We didn't have a crash in 2008 did we? 

If we did I must have missed it.

What should have been a pebble dashing of the toilet bowl was merely a wet fart once they had bunged a cork up the arse of the economy 

[Bedrag Justesen 28,913]

1 hour ago, Great Guy said:

I genuinely find it fairly amazing that you need about 30 householders paying council tax to keep 1 person in a nursing home. What's a normal council tax? About £1500 a year? Cost of putting a pensioner in a home is about £45k....

Isn't that the same argument as it takes 100k TV Licence payers to cover Gary Lineker's salary ?

[Hopeful 26,528]

1 hour ago, Great Guy said:

Something like 57% of your council tax goes in "social care". I'll get attacked by saying this, however the virus could conceivable reduce council taxes....

I genuinely find it fairly amazing that you need about 30 householders paying council tax to keep 1 person in a nursing home. What's a normal council tax? About £1500 a year? Cost of putting a pensioner in a home is about £45k....

 

It all comes back to house prices

As far as I could work out

Nursing home annual fees had risen according to the sum

Money available in person's home / length of probable life in NH in years

 

[Popuplights 7,340]

32 minutes ago, Hopeful said:

 

It all comes back to house prices

As far as I could work out

Nursing home annual fees had risen according to the sum

Money available in person's home / length of probable life in NH in years

 

Exactly. My FIL is currently incarcerated for £4k a month....

I will top myself before allowing that to happen to me.

[Hopeful 26,528]

10 minutes ago, Popuplights said:

Exactly. My FIL is currently incarcerated for £4k a month....

I will top myself before allowing that to happen to me.

 

My father was £4800 a month.

The level of care was worse than negligent if you had eyes and ears.

I'm convinced that one nurse was a female Shipman

But when you are in a rush to find a home, you visit loads and get taken in by the ones that look in the best upkeep.

It became apparent that the homes that look best are there to catch relatives rather than care for inmates.

But then moving someone is a nightmare, logistically and financially, because the home wants a month of notice and of course you never know when a vacancy will arise in another home.

 

Edited March 31, 2020 by Hopeful

[sarahbell 20,745]

1 minute ago, Hopeful said:

 

My father was £4800 a month.

The level of care was worse than negligent.

I'm convinced that one nurse was a female Shipman

 

Friend's mum cost 876 a week. Her pension was within two quid of that a month

[Shamone 3,730]

4 hours ago, Hopeful said:

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.

Bastard.

 

[Rare Bear 2,951]

3 hours ago, spunko said:

How does one explain that it cost 80p a litre when I started driving in 2004? Is it all due to tax increases (I suspect so)?

Don't forget the dollar exchange rate. I don't know what the pound was worth in the early 2000s but it's shit against the dollar now.

 

[Popuplights 7,340]

I can hardly bear to go in the place. Obviously can't at the moment anyway, as marooned in the US. Makes my own father's death at home, in his own bed look like a lottery win. I have told the story before, but my dad hated hospitals, and when he was terminal with cancer, I plonked him in a wheelchair and took him home to prevent him being admitted. He died 3 days later. Hardest and best thing I have ever done. Brings tears to my eyes thinking about it. 

I will never go into a care home.

[Hopeful 26,528]

1 minute ago, Popuplights said:

I can hardly bear to go in the place. Obviously can't at the moment anyway, as marooned in the US. Makes my own father's death at home, in his own bed look like a lottery win. I have told the story before, but my dad hated hospitals, and when he was terminal with cancer, I plonked him in a wheelchair and took him home to prevent him being admitted. He died 3 days later. Hardest and best thing I have ever done. Brings tears to my eyes thinking about it. 

I will never go into a care home.

Me neither, will never go into one.

[eight 23,008]

2 minutes ago, Rare Bear said:

Don't forget the dollar exchange rate. I don't know what the pound was worth in the early 2000s but it's shit against the dollar now.

 

It was about 2:1 wasn't it?

[Rare Bear 2,951]

3 hours ago, Option5 said:

42p a gallon in 1973 

Bounced around five bob gallon in my pre teen and teenage years. Someone slightly older than me said that a packet of fags, a pint of beer and a gallon of petrol tended to be around the same price in those days.

[Rare Bear 2,951]

2 hours ago, spunko said:

It's not the size of the house only, it's the sale price and things are a bit skewed in the SE. I have said it before but my little 2/3 bedroom cottage (<1000 sq ft) is Band G, the second highest. I asked for them to review the band - and cited that my neighbour in a 7 bedroom manor house is also Band G - but they just said it sold for XYZ in 2014 and therefore it's Band G. My neighbour meanwhile hasn't moved since 1982 or something, but even if she sells now for a few £m it won't make any difference her house will still be Band G or perhaps they'll up it slightly to Band H, the highest. It's ridiculous.

Oooh!

What it sold for in 2014 is fuck all to do with it. It's what it was worth in 1990 or whenever that matters. 

[spunko 29,111]

Just now, Rare Bear said:

What it sold for in 2014 is fuck all to do with it. It's what it was worth in 1990 or whenever that matters. 

They backdate the sold price, if it hasn't sold for ages as was the case with mine. Doesn't seem fair given all the rampant HPI.

[Shamone 3,730]

2 hours ago, Great Guy said:

Something like 57% of your council tax goes in "social care". I'll get attacked by saying this, however the virus could conceivable reduce council taxes....

I genuinely find it fairly amazing that you need about 30 householders paying council tax to keep 1 person in a nursing home. What's a normal council tax? About £1500 a year? Cost of putting a pensioner in a home is about £45k....

Not by me, but Nothing will ever reduce council tax. Dem pensions need paying.

[Shamone 3,730]

24 minutes ago, Popuplights said:

Exactly. My FIL is currently incarcerated for £4k a month....

I will top myself before allowing that to happen to me.

Just wow.

[Wight Flight 35,166]

28 minutes ago, Popuplights said:

Exactly. My FIL is currently incarcerated for £4k a month....

I will top myself before allowing that to happen to me.

He would have been better off committing some kind of white collar crime and getting looked after for free.

[Popuplights 7,340]

2 minutes ago, Wight Flight said:

He would have been better off committing some kind of white collar crime and getting looked after for free.

Well really he would be better off dead, but that kind of thing is frowned upon

[Long time lurking 26,586]

8 hours ago, MrLibertyRedux said:

There are a load of places in Nottinghams arts quarter, all artisan type setups etc that have probably already gone to the wall or will be doing shortly. Shame as it makes it a nicer place without all the big chains.

Well the charities were on the box begging for a bailout as they could go bust ,for my town that means it`s going to be a game of last man standing if they go ,it will be between the banks and the EA`s 

[DurhamBorn 15,665]

7 hours ago, Roger_Mellie said:

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.

My sons in the process of buying now and iv got him a 10 year fix with TSB at 2.64%,it allows 10% overpayments and after 5 years the next 5 years has no tie ins.Thats a superb deal.He could walk away as he hasnt exchanged,but i still think the house is a great buy.However we are in one of the cheapest parts of the country and hes getting a 1979 built 3 bed semi on a good plot in the best area of town for £127k.Hes also got around £27k of silver to hedge.If it had gone up with inflation from 2005 it would of been around £200k,we have gone nowhere nominal up here since then.

Hes at Aldi in the warehouse and partner a teacher so recession type jobs and id bail them out if needed at any point.Likely the house will go down in price a bit,but getting a good house in a very nice area isnt going to be easy going forward if you need a mortgage.There will be plenty of HTB new builds though.Those estates will be sink estates in 5 years.

People simply arent spotting the interest rate risk,its not on anyone radar,but it will be the big story of this deflation in the future.

[Wight Flight 35,166]

10 minutes ago, Popuplights said:

Well really he would be better off dead, but that kind of thing is frowned upon

You do have a good point.

[Sugarlips 2,481]

Here’s some great news about the unfolding Airbnb disaster, there will be forced sales and bankruptcy in all the holiday hotspots soon..

https://www.wired.co.uk/article/airbnb-coronavirus-london

And I filled up yesterday for 93.7c yesterday that’s about 47p and the lowest it’s been here since 2005

[desertorchid 1,626]

I pulled out of a house purchase on the South Coast yesterday. Just too many unknowns at the moment and prices can only fall from here IMO.

It obviously went down like a lead balloon with the agent: and he had his own perspective

"This is a temporary measure and we are confident that once this worldwide pandemic has been brought to its knees, the property market will regain the strong momentum we were experiencing at the beginning of the year."

"I think however you dress things up when this is over there will be a real surge with interest rates being so low"

To be fair it must be rubbish being an agent right now, there are very few ways to put a positive spin on things.

 

Edited March 31, 2020 by desertorchid