House prices to fall 10%

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Can someone who is better with this type of stuff explain whether this is bad news for buyers or sellers? I can never work it out stuck in the mindset of surely the two balance each other out.
 


Mackem00 said:
People have watched too many episodes of Location Location and Homes under the Hammer and think they can offer daft bids in and not piss anybody off in the process. If I thought someone was trying to take the piss out of me in a house sale I'd fuck them off and refuse to deal with them. Ridiculous gambling over a couple of grand for your potential dream home like as you say.
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I thought myself a bit of a barter man when buying my current kip after watching too many of these shows. I went in with a low bid to try get a bargain, was rejected, thought I’d increase the offer a little until the wife turned to me and said “I’ll rip your f***ing balls off if we miss out on this house because you’re being a tit”, offered asking price and bosh, accepted.
 
sambantam82 said:
Can someone who is better with this type of stuff explain whether this is bad news for buyers or sellers? I can never work it out stuck in the mindset of surely the two balance each other out.
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It mainly affects first time buyers and people who are about to renew their mortgage. First time buyers for obvious reasons and remortgages because of the affect on your LTV. Could mean you are in negative equity if your house value drops below your initial mortgage loan. Or conversely if they rise you have more money in your house than what you've loaned. People who are just sitting in a house they like and have no interest in moving are generally unaffected tho.
 
sambantam82 said:
Can someone who is better with this type of stuff explain whether this is bad news for buyers or sellers? I can never work it out stuck in the mindset of surely the two balance each other out.
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Generally buyers. But there will be less properties up for sale if prices drop significantly usually. It can help some people buy their ownward purchase if its was a similar percentage drop across the board.

Its a tough one atm, talk of a sharp economic recovery is hard to judge because we ultimately have no idea how the virus situation will end.
 
monkeytassle said:
My buyer was a right dick. House was on at 800, he came in two days after viewing and said OK 790. Fine. In the interests of getting it done no problem. Solicitors instructed etc. 48h later he comes back and says no actually don't want it. Three weeks pass and he calls back and says 760. Fuck off mate. Within an hour he's now wanting to pay 785. Well done mate for passing everyone around for 5k. Told him if he does this again I won't consider his offers anymore.
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Should have told him to piss off. Unless he was overpaying at first.
Edinburgh Black Cat said:
Stick the kids in bunk beds. Same for you and your missus (make sure you're on the bottom - wanking on the top will shake the structure too much).

2 bedrooms. Sorted!
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Or just get a three bed semi until he can afford something more desirable.
 
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jsdftm04 said:
Generally buyers. But there will be less properties up for sale if prices drop significantly usually. It can help some people buy their ownward purchase if its was a similar percentage drop across the board.

Its a tough one atm, talk of a sharp economic recovery is hard to judge because we ultimately have no idea how the virus situation will end.
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Anyone who claims to know how this will play out is lying. It's anyone's guess right now.
monkeytassle said:
I just want to get it done tbh. Child 1 starts school in September so things are fairly urgent.
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Ah well, it's just a deal like any other, as long as it still works for you then it's all good.

How much is the new house then?
 
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AndrewP said:
Anyone who claims to know how this will play out is lying. It's anyone's guess right now.

Ah well, it's just a deal like any other, as long as it still works for you then it's all good.

How much is the new house then?
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Couldn't agree more. Everything from unemployment figures to length of the virus impact is all blind guesses really.
 
monkeytassle said:
Long term things like expensive flights will keep people closer to home. Would buy cottages in Cornwall, Suffolk, Norfolk and the like.
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Why would flights be more expensive? If demand for flights is down then they'll be cheaper? Fuel is cheaper too.

Long term nobody knows but I suspect overseas travel will become popular again and you don't buy an investment property based on the short term gains.
jsdftm04 said:
Couldn't agree more. Everything from unemployment figures to length of the virus impact is all blind guesses really.
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Yep, there's no real financial model to deal with this sort of scenario. Nobody even knows how long this will go on for at the moment.
 
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AndrewP said:
Anyone who claims to know how this will play out is lying. It's anyone's guess right now.

Ah well, it's just a deal like any other, as long as it still works for you then it's all good.

How much is the new house then?
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Just over 1.2
AndrewP said:
Why would flights be more expensive? If demand for flights is down then they'll be cheaper? Fuel is cheaper too.

Long term nobody knows but I suspect overseas travel will become popular again and you don't buy an investment property based on the short term gains.


Yep, there's no real financial model to deal with this sort of scenario. Nobody even knows how long this will go on for at the moment.
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Airlines have a break-even. Even with cheap as fuck fuel ticket prices will need to be huge. Airline industry is done. Warren Buffet is exiting and he's a lot better at this than me.
 
monkeytassle said:
Just over 1.2
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Bloody hell. I know your feelings on financial risk! Good luck mate, I'm sure you'll be fine, you've got the smarts.
monkeytassle said:
Airlines have a break-even. Even with cheap as fuck fuel ticket prices will need to be huge. Airline industry is done. Warren Buffet is exiting and he's a lot better at this than me.
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You think the airline industry is done long term? Established players may be, but if there's demand then there will be someone willing to take up the supply. I think we're probably looking at a new model if anything.

In the next 2 to 3 years you may well see an increase in "staycations". I just don't see this being a long term normal and therefore it's a dubious retirement vehicle, unless it was sustainable before all of this.
 
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AndrewP said:
Bloody hell. I know your feelings on financial risk! Good luck mate, I'm sure you'll be fine, you've got the smarts.

You think the airline industry is done long term? Established players may be, but if there's demand then there will be someone willing to take up the supply. I think we're probably looking at a new model if anything.

In the next 2 to 3 years you may well see an increase in "staycations". I just don't see this being a long term normal and therefore it's a dubious retirement vehicle, unless it was sustainable before all of this.
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Got a tiny mortgage on it so no stress.

I think business travel is now done. Euro tunnel and cross Channel ferries will be golden
 
Me and the missus need to get working on moving in once this has died down. Is it a good idea to rent a flat or something like that for a little then go in to buy in the future?
 
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