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London Real Estate Market Ahead of a Recession/ CoronaVirus

K

Koorsk90

New Member
Hello,

We recently put an offer on a flat but worried the timing is not great. With the Corona virus and incoming recession (market crashing),wondering if we shouldn’t wait?

Thanks!
 
W

waterloo

New Member
Hi,

We are in the same boat, we also put an offer in at the start of march and it was accepted. We are edging things along very slowly and the only investment we have made so far are the legal searches with the conveyancer. When i asked the property agent and other agents if buyers are asking for price reductions they said no. I'm dubious about taking advice of agents though because they always put a positive spin on the most precarious scenarios to try and create falls confidence. I think we will ask for a price reduction anyway within a couple of weeks. Have you pulled out of your sale?.
 
P

PostBrexitInvestor

Member
Whether or not you pull out of the sale or simply look to negotiate a reduction is a personal opinion. Unless you have gone past the point of no return it would seem foolish not to at least ask for a shaving of the property price previously negotiated. Let’s say for example you weren’t able to complete for two or three months, where might we be then?
 
I

imiS

New Member
Similar situation - offer accepted, MIP received however waiting for the physical valuation which has been stalled due to CV19.

We will re-engage after the lockdown relaxes and will be pushing to renegotiate the price - min 10%.
 
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