OT House price fall off a cliff.

[harry]

As I prophesised. (Not difficult.)

[Cursitor Doom]

There should be an awful lot of toys coming on the market cheap, too. All the goodies people treat themselves to in the good times and have to sell to raise money when things turn bad. It'll be interesting to see where in terms of price all these fancy Ferraris and Lambos end up a year from now. I might just go on a buying spree. In fact I plan to....

[The Natural Philosopher]

I was astounded to find that my SIPP had in fact gained 7% over the last year of which 3.4% went to the bastards in setting it up.

Well I was expecting anything up to a 15% loss .

[alan_m]

It wasn't hard to predict that if estate agents are closed, banks are offering limited services, surveyors and solicitors are in lock-down that viewing properties, getting a mortgage etc. may have been difficult.

[Simon Mason]

I exchanged contracts on 4JAN19. Happy days!

[Vir Campestris]

It says _sales_ have fallen off a cliff. Not surprising when there can be no viewings... if it mentions prices that's past the paywall line.

It wouldn't surprise me if they do go down though.

Andy

[Andy Burns]

A friend of mine works for a block-management firm, she's still doing viewings (although they now consist of meeting prospects at the door, opening up, letting them wander round, locking up after) so why can't estate agents?

[John Rumm]

They can now... Some of my EA customers have even sold a few just from virtual tours during the lockdown. (although its a brave person to buy a house from a video tour alone!)

[alan_m]

I've had a few statements recently showing gains but when checking the dates of the valuations they were in February!

[alan_m]

Presumably empty properties. Someone in lock-down probably doesn't want anyone wandering around their house while they are still there.

[Cursitor Doom]

"Over the last year" is actually pretty lame. Stock prices didn't fall off a cliff until late this winter so it's not the least surprising.

[The Natural Philosopher]

I didn't invest till the autumn.

[Andrew]

Do they have tarmacced roads where you live ?.

[Cursitor Doom]

Yes. And better still no speed limit!

[RJH]

Yes, quite.

Most analysis suggests that prices won't be affected significantly - demand remains, and supply has been put on hold. But too many unknowns at the moment. I think the three most significant are:

Planning system - maybe this is the time that all of that land banked semi-arable, edge of city, land comes ripe for development. At least one application has won on appeal, using the 'economic need' clause, brought on by COVID-19. Place your bets.

Behaviour of housebuilders. No idea how they're going to react. Conservative at the best of times . . .

Jobs. People obviously need money/jobs to move - implications here massive. Not least in the property sales side of things.

[harry]

There will be massive unemployment after this business. There'll be lots of mortgage forclosures and lots of people can't afford present house prices or indeed any house. Lots living with parents.

There will be little demand for houses so prices will fall. It will really get going when the "furlough" is stopped/cut.

We'll see soup kitchens never mind food banks.

There's lots of idiots can't grasp how serious the situation is.

[Cursitor Doom]

Perhaps it's a classic case of denial? They just can't bring themselves to face up to it. Give it a year down the line and the mood will be one of abject resignation.

[Max Demian]

Lockdown was a really silly idea.

"Spanish flu" only lasted a couple of years.

[John Rumm]

...and killed more people than the first world war.

[Max Demian]

Then everyone danced the Charleston until the 1929 crash. Your point?