I reckon this is going to be a much deeper recession than 2007 given the economic shut down globally and the massive job losses expected to happen when the furlough scheme ends.
I would hold back for 6-12months before trying to get back on the market again as prices could fall by up to 15%-20%. The biggest property discounts on the last recession happen 1-4 years after the 2007 crash, then prices started picking up again around 2013 onwards...
I know a lot of people say there is a shortage on the market and prices won't go down that much but there was shortage even back in 2007 and the prices did end up going down by quite a bit.
Also one thing to remember is that prices do tend to pick up first in the most desirable areas so i would avoid investing in the north until the south east has picked up some momentum. Again this is something i observed during the last recession.
The difference between covid 19 and the 2007 recession
in General property discussion
Posted
I reckon this is going to be a much deeper recession than 2007 given the economic shut down globally and the massive job losses expected to happen when the furlough scheme ends.
I would hold back for 6-12months before trying to get back on the market again as prices could fall by up to 15%-20%. The biggest property discounts on the last recession happen 1-4 years after the 2007 crash, then prices started picking up again around 2013 onwards...
I know a lot of people say there is a shortage on the market and prices won't go down that much but there was shortage even back in 2007 and the prices did end up going down by quite a bit.
Also one thing to remember is that prices do tend to pick up first in the most desirable areas so i would avoid investing in the north until the south east has picked up some momentum. Again this is something i observed during the last recession.
FYI just to give you an idea - an article from the telegraph today: https://www.telegraph.co.uk/property/uk/buyer-demanding-20pc-house-price-cut-property-market-reopens/
Hold tight, be patient and trust your instinct