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Should we continue with house purchase?
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We found ourselves in a similar situation last week. Sold our house 4 months ago for asking price. Pulled out of the house we were buying last thursday. got cold feet in the current situation.
We've put our equity (£60,000) in a savings account making £300 per month interest, and are now looking to rent until the market bottoms out. (We currently live with my parents which cant last much longer!)
We initially didn't want to rent as we always thought it was dead money but in the current market I think its our best option.
Rent is £650 per month less the interest we're pulling in means we are only paying £350 out per month. Over a year this adds up to £4200 per year in rent.
I think its safe to assume house prices will fall more than that in the next 12 months. On top of this, we will add at least £10,000 to our savings as we wont be spending anything on the house while renting.
No lose situation really.
If I was you I would take the money and run. Rent, and buy when the time is right.
I am renting at the moment & living rent free due to my interest paying all my rent(it is even paying my council tax).:D
Moneysaver0
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