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Thread: Corona property prices

  1. #51
    I recently got a new mortgage with Halifax and they won't lend beyond 70 but obviously will beyond 65

  2. #52
    Quote Originally Posted by Estoril-5 View Post
    I am surprised at the number of houses popping up on Rightmove etc this week.

    question to those in the know, could a 45 year old get a 30 year mortgage so potentially paying off the mortgage when they are 75?
    It all depends on the lender. My offer in principle is with First Direct, it is a 40 year mortgage which assumes I retire in my 70s. I am looking at a 5 year fixed with unlimited overpayments, so my plan is to bring the term down as and when I can but fix to a lower monthly payment in the first instance by taking a 40 year term.

  3. #53
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    Quote Originally Posted by thestore View Post
    It all depends on the lender. My offer in principle is with First Direct, it is a 40 year mortgage which assumes I retire in my 70s. I am looking at a 5 year fixed with unlimited overpayments, so my plan is to bring the term down as and when I can but fix to a lower monthly payment in the first instance by taking a 40 year term.
    Wow, didn't know they did 40 year mortgages. Thought 25 years was the norm, times have changed I guess. If a 40 year mortgage means the monthly payment is affordable then that would keep house prices inflated.

  4. #54
    Quote Originally Posted by Estoril-5 View Post
    Wow, didn't know they did 40 year mortgages. Thought 25 years was the norm, times have changed I guess. If a 40 year mortgage means the monthly payment is affordable then that would keep house prices inflated.
    I’m not sure how many lenders do it, was a surprise to me too. It’s perfect for me though as ~50% of my income is bonus based so nice to have the certainty of lower payments but ability to overpay.

  5. #55
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    I have just started to talk to a couple of Estate Agents to do valuations on my Dad's property who died about 6 weeks ago.
    I haven't got probate yet but thought I would start the ball rolling.
    I took a look at this thread as I thought I might get some idea of how things are in the market, good to see that no one here has much of an idea either

  6. #56
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    We have 2 properties for sale, one was due to exchange/complete as lockdown hit. We have been on hold for 2 months and today have agreed a £10k reduction if completion happens in a week. We will see if it happens.

  7. #57
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    Quote Originally Posted by Estoril-5 View Post
    question to those in the know, could a 45 year old get a 30 year mortgage so potentially paying off the mortgage when they are 75?
    You maybe required to show you have some sort of savings plan in place in case you need to pay your mortgage past retirement age.

  8. #58
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    Property on the market pre-corona for £400k with two agents selling (was overpriced). Checked today and one of them has reduced to £350k. Id still be surprised if someone pays that, I think £320k would be good considering its location, pretty sure its a leasehold because the house is on the land of a block of flats (ground masters lodge or something), also it doesn't have its own parking space outside, you have to park in the communal outdoor carpark and walk it to you front door, plus you cant alter any part of the outside as the garden is not yours, its communal ground.

    Update: second agent has just dropped price to £350k too.
    Last edited by Estoril-5; 21st May 2020 at 10:51. Reason: update

  9. #59
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    Quote Originally Posted by Estoril-5 View Post
    Property on the market pre-corona for £400k with two agents selling (was overpriced). Checked today and one of them has reduced to £350k. Id still be surprised if someone pays that, I think £320k would be good considering its location, pretty sure its a leasehold because the house is on the land of a block of flats (ground masters lodge or something), also it doesn't have its own parking space outside, you have to park in the communal outdoor carpark and walk it to you front door, plus you cant alter any part of the outside as the garden is not yours, its communal ground.
    Go in somewhere in the high 2's you never know.

  10. #60
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    Quote Originally Posted by Passenger View Post
    Go in somewhere in the high 2's you never know.
    its not for me but its interesting to see how prices are changing in the current times, the ones that are dropping seem to be modernised homes with no chains i.e. fixer uppers.

  11. #61
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    Quote Originally Posted by Estoril-5 View Post
    its not for me but its interesting to see how prices are changing in the current times, the ones that are dropping seem to be modernised homes with no chains i.e. fixer uppers.
    Fair enough, yes it is interesting.

  12. #62

    Corona property prices

    After the late 1980s when the housing bubble burst, it took 6+ years for the market to find its nadir.

    If the house market is going to fall, it will not happen overnight. It will be death by a thousand cuts. If the housing market stays stable it will likely require a stronger economy. Everyone can have their own view on this.

    Nobody can tell what’s going to happen one week after the housing market re-opens.

    But I’m personally bearish given the economy is going to rat sh1t.

  13. #63
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    I was interested and surprised to see a property I was interested in back in Jan/Feb (and was tagged on rightmove as ‘sold’ quite quickly) reappeared back on the market today with an 8% reduction. That, to us, brings it into a more comfortable range financially (even if our place has fallen by a similar percentage).

    Could be an interesting few months with some opportunities for the brave

  14. #64
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    Quote Originally Posted by Peck View Post
    I was interested and surprised to see a property I was interested in back in Jan/Feb (and was tagged on rightmove as ‘sold’ quite quickly) reappeared back on the market today with an 8% reduction. That, to us, brings it into a more comfortable range financially (even if our place has fallen by a similar percentage).

    Could be an interesting few months with some opportunities for the brave
    A renovation project house I saw listed late 2019 at £90k was re listed today for £100k!

  15. #65
    There’s a couple of properties come back on the market at higher prices than pre-lockdown in our village and another that is being priced very punchy... that said they‘ve not sold yet so time will tell.

    We’ve exchanged today with a completion in mid June, no changes in offers thankfully but it’s been a painful process.

    The market was getting really buoyant just before lockdown as people waiting for Brexit finally took the plunge... I wonder whether that sentiment will prop things up for a little while until the economic situation starts to bite? With so many moving parts, no one knows.

  16. #66
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    Quote Originally Posted by Estoril-5 View Post
    its not for me but its interesting to see how prices are changing in the current times, the ones that are dropping seem to be modernised homes with no chains i.e. fixer uppers.
    Do you mean unmodernised homes? I would assume a "modernised" home wouldn't be a fixer upper!

    If so that is interesting as I posted on a recent property thread about how homes to modernise seemed to be offered for almost what they would be worth if renovated so perhaps that aspect of the property market is correcting even if other prices are static.

  17. #67
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    Quote Originally Posted by mmgg1988 View Post
    Do you mean unmodernised homes? I would assume a "modernised" home wouldn't be a fixer upper!

    If so that is interesting as I posted on a recent property thread about how homes to modernise seemed to be offered for almost what they would be worth if renovated so perhaps that aspect of the property market is correcting even if other prices are static.
    I meant they were purchased to be modernised and now offered for sale at a premium as they are ready to move into.


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    Quote Originally Posted by Estoril-5 View Post
    I meant they were purchased to be modernised and now offered for sale at a premium as they are ready to move into.


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    Isn’t that what you’d expect?

  19. #69
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    Quote Originally Posted by Montello View Post
    Isn’t that what you’d expect?
    Yes, but not expecting their prices being dropped by £20k in one example, and £50k in another.

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  20. #70
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    Ours goes on the market today...10k above lockdown price...bungalow(always a good seller in a nice area)

    Estate agent we have used before said supply and demand is forcing prices up on certain properties.

    As always let's see if it sells.

  21. #71
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    Best of luck, at the right price it will sell.

  22. #72
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    Quote Originally Posted by mjc1216 View Post
    Ours goes on the market today...10k above lockdown price...bungalow(always a good seller in a nice area)

    Estate agent we have used before said supply and demand is forcing prices up on certain properties.

    As always let's see if it sells.

    Good luck with it all, it will be good to have a real world insight selling in these unprecedented times.

  23. #73
    All depends on the right buyer - some will believe the chatter that prices will drop, and some will believe the chatter that there are less houses available so expect to pay stronger prices.

    From 1st June we will reopening hairdressers etc. So things are opening up again slowly, and lots more industries are going back to work, which after some government support should protect a little from what could have been an otherwise disastrous financial situation for many.

    I’m interested to see how this plays out elsewhere.
    Last edited by Omegamanic; 22nd May 2020 at 17:03.
    It's just a matter of time...

  24. #74
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    Quote Originally Posted by mjc1216 View Post
    Estate agent we have used before said supply and demand is forcing prices up on certain properties.
    An independent estate agent I know reckons he had the best month he's had in thirty years just before the kung flu carry-on. That kind of demand hasn't gone anywhere.

  25. #75
    An estate agent talking prices up, surely not?

  26. #76
    Grand Master wileeeeeey's Avatar
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    This combined with when the furlough payments cease to be entirely government funded should give you a pretty clear idea of when it will all go "pop".

    https://www.theguardian.com/money/20...onths-covid-19

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    Quote Originally Posted by mjc1216 View Post
    Ours goes on the market today...10k above lockdown price...bungalow(always a good seller in a nice area)

    Estate agent we have used before said supply and demand is forcing prices up on certain properties.

    As always let's see if it sells.
    Good luck, hoping to exchange today. Had to drop £10k to get it moving having almost exchanged just prior to lockdown.

  28. #78
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    Quote Originally Posted by Montello View Post
    Good luck, hoping to exchange today. Had to drop £10k to get it moving having almost exchanged just prior to lockdown.
    Was the drop initiated by yourself or was it proposed by the buyer?

  29. #79
    Quote Originally Posted by wileeeeeey View Post
    This combined with when the furlough payments cease to be entirely government funded should give you a pretty clear idea of when it will all go "pop".

    https://www.theguardian.com/money/20...onths-covid-19
    The gov will try anything to stop a crash

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    Quote Originally Posted by Estoril-5 View Post
    Was the drop initiated by yourself or was it proposed by the buyer?
    The deal was on ice for 2 months, on Monday I went back and said agents are trading the market is restarted either buy it or we are going to start remarketing ...the buyer squirmed made a revised offer ... too low so we then negotiated.

    I’m disappointed to drop the £10k but this sale is to fund my father in laws care so we couldn’t risk the capital. Time will tell if this has been good business ... assuming it gets over the line.

  31. #81
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    Ones I know of personally since lockdown. Agreed at 995 now 945, 485 now 465, 250 still 250, 159 still 159.

    We’ve got loads going through at work and most of them the prices have stayed the same at the moment.

  32. #82
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    Quote Originally Posted by miguelh34 View Post
    The gov will try anything to stop a crash
    I'll try anything to go home with Angelina Jolie, doesn't mean it'll happen.

  33. #83
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    Very very interesting thoughts everyone, - thank you so much. "interesting" times ahead... I am going to sit, wait & watch for a while..

  34. #84
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    Personally i haven't even thought about this stuff, reality is that unless you are managing a portfolio or looking at property for profit, then it's a house, and as long as you have the funds to keep up the mortgage it should be fine.

    Yes there will be a drop, but that'll be due to job losses coming up, the inevitable recession and potential increases in inflation and interest rates, the government are looking to stop a domino effect occurring, i doubt even they think they can keep the market going up, they did that with help to buy and so on, but that wasn't going to last forever either.

    Wait a few years and we'll see another bubble forming, if this whole Covid issue proved one thing, it's that the western world's finances is a lot of smoke and mirrors.

  35. #85
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    Quote Originally Posted by Argee1977 View Post
    Personally i haven't even thought about this stuff, reality is that unless you are managing a portfolio or looking at property for profit, then it's a house, and as long as you have the funds to keep up the mortgage it should be fine.
    Well you could be going through a divorce, and be looking at giving half the value of the house to your no-longer dearly beloved. In which case you would want the price to fall a long way and as soon as possible. As you say though, house prices only really matter if you have to get out of or into the market.

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    Quote Originally Posted by hogthrob View Post
    Well you could be going through a divorce, and be looking at giving half the value of the house to your no-longer dearly beloved. In which case you would want the price to fall a long way and as soon as possible. As you say though, house prices only really matter if you have to get out of or into the market.
    Not really when you need to get as much of your share out to buy a property on your own which is hard enough already mate

  37. #87
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    Quote Originally Posted by Kevin Glover View Post
    Not really when you need to get as much of your share out to buy a property on your own which is hard enough already mate
    I think hogthrob means if she is the one moving out and you have to give her half the market rate for the property.

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  38. #88
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    Just remember that the UK is a tiny little island with 66 million people in it. Green land is bloody difficult to build on and basically there are not, presently, enough houses to accommodate us all.

    In the long term, which is what you have to think about, prices are only going to go one way and that is upwards.

    Also it tends to be self serving, when prices inch up, more people jump in which pushes prices up all the more and if price stabilise or even drop, the investors come in which, as always, starts to push prices up.

  39. #89
    Quote Originally Posted by Mick P View Post
    Just remember that the UK is a tiny little island with 66 million people in it. Green land is bloody difficult to build on and basically there are not, presently, enough houses to accommodate us all.

    In the long term, which is what you have to think about, prices are only going to go one way and that is upwards.

    Also it tends to be self serving, when prices inch up, more people jump in which pushes prices up all the more and if price stabilise or even drop, the investors come in which, as always, starts to push prices up.
    With an ageing population and likely less immigration(AI replacing some jobs) long term, so there is likely less demand in the future. Also less hot money inflows from overseas investors long term . I really do see a levelling out between east and west over the longer term and that will reflect in asset prices.

  40. #90
    Likely a lot of ex retail units and commercial properties will get converted to residential properties over the medium term.So much for “under supply”.

  41. #91
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    I have always wondered why successive governments are keen to either encourage or not discourage property prices to rise.

    I would assume that a significant number of property "users," those looking to buy, those renting and those looking to upsize their property would rather property prices were static or reducing as costs for these groups would be lower.

    As one of the above posters said, another large proportion of people are not at all affected by the value of their property as they are living in it and have no intention of selling it or at least downsizing.

    Of course, those investing in the expectation of a capital gain or those selling following a death or to downside would be less pleased but I would have thought they represent a much smaller proportion of the population.

    "Storing" wealth in property doesn't seem particularly beneficial to the wider economy as people end up having a lot of their assets in their home rather than equities/bonds etc (where it could be employing people/generating growth) and also spending a large proportion of their income on paying for their home rather than on goods/services instead.

    I assume the answer to my original question is that if people's house value goes up it makes them feel more wealthy and it is easier to release capital via increasing or remortgaging and so more likely to support anyone facilitating that!

  42. #92
    Quote Originally Posted by mmgg1988 View Post
    I have always wondered why successive governments are keen to either encourage or not discourage property prices to rise.

    I would assume that a significant number of property "users," those looking to buy, those renting and those looking to upsize their property would rather property prices were static or reducing as costs for these groups would be lower.

    As one of the above posters said, another large proportion of people are not at all affected by the value of their property as they are living in it and have no intention of selling it or at least downsizing.

    Of course, those investing in the expectation of a capital gain or those selling following a death or to downside would be less pleased but I would have thought they represent a much smaller proportion of the population.

    "Storing" wealth in property doesn't seem particularly beneficial to the wider economy as people end up having a lot of their assets in their home rather than equities/bonds etc (where it could be employing people/generating growth) and also spending a large proportion of their income on paying for their home rather than on goods/services instead.

    I assume the answer to my original question is that if people's house value goes up it makes them feel more wealthy and it is easier to release capital via increasing or remortgaging and so more likely to support anyone facilitating that!
    Good points I know a guy got pretty Much zero pension 10k ish at 45 . He has 5 btl in a a big student town. Few large ish mortgages and he does not have a fixed job( He quit working for a corporate after 20 years and now works on fixing up properties etc). He always says my properties are my pension etc. He also has 2 young kids and all the costs they incur.
    Now Covid has hit He is in big trouble but still don’t recognise it.

  43. #93
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    Quote Originally Posted by miguelh34 View Post
    Good points I know a guy got pretty Much zero pension 10k ish at 45 . He has 5 btl in a a big student town. Few large ish mortgages and he does not have a fixed job( He quit working for a corporate after 20 years and now works on fixing up properties etc). He always says my properties are my pension etc. He also has 2 young kids and all the costs they incur.
    Now Covid has hit He is in big trouble but still don’t recognise it.
    How has Covid left him in big trouble? Are his tenants not paying the rent?

  44. #94
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    Waaaay too early to draw any conclusions. Deals that are happening now reflect those that need to do something and feel secure in their jobs.That is the exception, not the rule, if the current activity is perpetuated up to December then maybe there are grounds for feeling there is stability...

  45. #95
    Quote Originally Posted by demonloop View Post
    How has Covid left him in big trouble? Are his tenants not paying the rent?
    Foreign students due in August/September are they coming back for him to rent to? I think some of his UK tenants kicking up a bit.

  46. #96
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    Quote Originally Posted by mjc1216 View Post
    Ours goes on the market today...10k above lockdown price...bungalow(always a good seller in a nice area)

    Estate agent we have used before said supply and demand is forcing prices up on certain properties.

    As always let's see if it sells.
    OK...house went on market at 300k on Monday and pre Covid price was 285/290.

    First viewing Friday from a couple who sold before lockdown and are in rented.

    Yes there might be a low offer and it might be the only viewing we get in the next 6 months BUT will people stop being so negative about house prices...they are not going to crash.

    Will keep this thread updated.

  47. #97
    Quote Originally Posted by mjc1216 View Post
    OK...house went on market at 300k on Monday and pre Covid price was 285/290.

    First viewing Friday from a couple who sold before lockdown and are in rented.

    Yes there might be a low offer and it might be the only viewing we get in the next 6 months BUT will people stop being so negative about house prices...they are not going to crash.

    Will keep this thread updated.
    Lets see say in 18 months ? Want a little punt in the fund raiser?

    https://www.bbc.co.uk/news/business-52888991

    I am going to go 20% down in 18 months using Nationwide's index.
    Last edited by miguelh34; 3rd June 2020 at 19:57.

  48. #98
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    Quote Originally Posted by miguelh34 View Post
    Lets see say in 18 months ? Want a little punt in the fund raiser?

    https://www.bbc.co.uk/news/business-52888991

    I am going to go 20% down in 18 months using Nationwide's index.
    I’d take that bet. Say £100 to the FR from the loser?

  49. #99
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    Quote Originally Posted by mjc1216 View Post
    OK...house went on market at 300k on Monday and pre Covid price was 285/290.

    First viewing Friday from a couple who sold before lockdown and are in rented.

    Yes there might be a low offer and it might be the only viewing we get in the next 6 months BUT will people stop being so negative about house prices...they are not going to crash.

    Will keep this thread updated.
    I get your sentiment and I do think a huge crash is unlikely but they are falling, there is no doubt. We currently have a UK wide ban on repossessions and payment holidays all over the place. You don't do that when things are "just about ok" let alone "fine". You can call your agent and tell him to edit the price on Rightmove to £10m, it won't change the actual value.

    I hope it goes well for you and you get a fair price, there are always areas which do better than others, but I would brace for offers.

    I sold in Oct and wanted desperately to buy this year but I'm 100% not buying this year. Hoping for some certainty next year and to get a place by Sept but given the last 5 months anything is possible.

  50. #100
    Quote Originally Posted by demonloop View Post
    I’d take that bet. Say £100 to the FR from the loser?
    Deal I will up date the thread with the figures etc

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