DrFfybes wrote:
More to the point, it will (probably) be worth a lot less by the time lockdown ends and we are allowed to proceed than it was 3 months ago when a price was agreed.
That might well be right.
Longer term this is more interesting. An argument can be made that despite the effects of the lockdown on income, and wealth generally, property might be an asset class that benefits. Over the last several years there have been various measures that have relatively "hurt" the property market. Such as increases in stamp duty, taxation changes on buy-to-lets etc. It can be argued these are now (nearly) over and that not much more negative will occur.
On the other hand equities have been exposed as a more volatile asset than perhaps, at least private, investors had thought. Memories are short!
As such the argument goes that property will outperform from here relative to equities, and other risk assets. Any kind of inflationary tailwind from the "medicine" being given to the economy will assist this. Interesting times.