HELP Should I still go ahead with selling my house in Scotland!!

jenniferfluff29

Hi everyone

I am currently in the final stages of concluding missives on my house in Scotland. I have had to take a 20% drop to get it sold.

Following Gordon Brown's announcement today that lending will return to 2007 rates - My questions are:-

Is there a possibility that house prices will stay the same or come down further?
or
Will the banks start 100% lending again, and I will have no hope of getting back on the market in my preferred area.

Really confused with a thumping sore head. Anyones realistic thoughts appreciated.

mewbie_2

GB announced an election - then cancelled it.
GB scrapped 10p tax - then had to fudge his way out of it.
GB stole our pensions through stealth taxation.
GB takes sweeties from small children.

He may currently, and briefly, look like the saviour of the free world - with the brilliant idea of mortgaging our futures propping this failed system up - I wouldn't trust him if he told me tomorrow will be Tuesday.

Oh you wanted practical advice on your house sale? Sorry I have no idea. Depends on your personal situation, why are you selling, where are you going, what line of work you do, how secure are you, what is the local market like, etc. Without knowing any of that I would still prefer cash in the bank (well several banks) to a mortgage.

dopester

What area of Scotland? Aberdeen?

jenniferfluff29

Mewbie

Myself and OH work for government in secure jobs. Need to relocate to Perth (new job) where houses prices are about £60k higher for a 3bed house in a nice area than my current house. Perth prices are slowly dropping but all sellers are reluctant to drop prices even with our moderatly cheeky offers. Fife market has collapsed, hence the big drop to sell our house. I thought we could get the same percentage drop when we went to buy a house.

slipthru

I would take anything Gordon brown says with a pinch of salt, everything he has said so far has turned to s**t.

mewbie_2

jenniferfluff29 wrote: »

Mewbie

Myself and OH work for government in secure jobs. Need to relocate to Perth (new job) where houses prices are about £60k higher for a 3bed house in a nice area than my current house. Perth prices are slowly dropping but all sellers are reluctant to drop prices even with our moderatly cheeky offers. Dunfermline market has collapsed, hence the big drop to sell our house. I thought we could get the same percentage drop when we went to buy a house.

I don't think anyone seriously expects a Spring bounce. Why not sell your house and rent for a while?

jenniferfluff29

I do have a rental place all set up for next monday. Just getting cold feet. I would be gutted if my house started to go up again and Perth houses didn't come down at all.

We are stretching well beyond our budget and I don't think the houses are worth the price in Perth but they keep getting snapped up.:eek:

mewbie_2

jenniferfluff29 wrote: »

I do have a rental place all set up for next monday. Just getting cold feet. I would be gutted if my house started to go up again and Perth houses didn't come down at all.

We are stretching well beyond our budget and I don't think the houses are worth the price in Perth but they keep getting snapped up.:eek:

I sympathise with your feelings. It is a big decision, and scary amounts of money if they rise or fall. All anybody can do is look at the available information, the predictions from all sorts of commentators (not just estate agents and building societies!), and try to understand what is happening out there.

I can't advise you, apart from one thing. That is to get informed, and stay informed. My feeling is they have a long way to fall yet, and there is certainly no need to rush into any purchase. In a few months, a year or two, a cash buyer will be king.

jenniferfluff29

Thanks Mewbie

My gut feeling is that house prices will continue to fall in Perth. They have only began to stagnate from around July. Just hoping when my 6mths let is up that house prices haven't began to creep up again. Thanks for your thoughts - greatly appeciate anyone's views that have been watching the market longer than myself. I never intended to move and love my current house - think this is why we are feeling so bad about selling it.

Cheers;)