House Prices Up - Do i cancel my sale?

mitchaa

I think you have left it far too late to STR, you should have just stayed put.

I estimate a fall of around another 5-10% but by the time you factor in all your costs, legal, moving, rental etc, i would doubt that it would hardly be worth STR'ing now.

But if you are intent on selling, do so now before further drops.

In my view anyway.

(I am sure this is a windup too, the Nationwide data is just another rogue month of just less than 1%)

StevieJ

Cat695 wrote: »

And as I pointed out if they want to cancel their sale because of 1 set of figures for 1 month then be it on their head.

but would be very stupid to do so.

Just getting my own back from that other thread

JonnyBravo

mitchaa wrote: »

I think you have left it far too late to STR, you should have just stayed put.

I estimate a fall of around another 5-10% but by the time you factor in all your costs, legal, moving, rental etc, i would doubt that it would hardly be worth STR'ing now.

But if you are intent on selling, do so now before further drops.

In my view anyway.

(I am sure this is a windup too, the Nationwide data is just another rogue month of just less than 1%)

But (s)he wants to move area anyhow.

Sell.

Dithering_Dad

mitchaa wrote: »

I think you have left it far too late to STR, you should have just stayed put.

I estimate a fall of around another 5-10% but by the time you factor in all your costs, legal, moving, rental etc, i would doubt that it would hardly be worth STR'ing now.

But if you are intent on selling, do so now before further drops.

In my view anyway.

(I am sure this is a windup too, the Nationwide data is just another rogue month of just less than 1%)

Pretty much what I was about to say. Madness to STR at this late stage.

Ah, thanks JB - I also missed that bit at the bottom of the OP.

nobblyned

plzsm wrote: »

I am about to complete the sale of my house next week
its taken a year to be get this point
we went on the market at £245K (possibly too much)
reduced to £230, then £220 finally agreed a sale at £210K (we bought it 5 years ago at £215K)
the plan is to go into rented while the prices drop further
but now we have an increase !
have we sold at the bottom of the market? maybe
but we plan to rent for 6 months (need to sign the contract tomorrow)
but I am worried prices will have risen in 6 months and the timing of all this could cost us big time !

any thoughts?
we could pull out of the sale but that seems a bit drastic

to add we live in the east midlands
and we really want to move from where we live, long commute and not the desireable location we had hoped for

Why on earth would you bet with your family's home?

Dan:_4

Cat695 wrote: »

So its not greed wanting more money for something that isn't worth that amount of money?

And not as half as many about people being gazumped and the seller letting it happen because they want more more more.

Yes I agree, it is greedy and I hate it. My advice to the OP was not to lose the sale.

FWIW personally I would never go back on an agreed deal.

The point I was raising was the irony of this. It seems, by some that the Nationwide figures can be used to negotiate if its showing negative, but not if it's positive.

IveSeenTheLight

Cat695 wrote: »

it took 8ish years before house prices rose properly in the last reccession.....even after many rises and falls.

Maybe the UK on average showed to have taken 7 years to start rising, however some areas fully recovered within one year

http://forums.moneysavingexpert.com/showpost.html?p=18398993&postcount=72

RetroBob

Cat695 wrote: »

The greed already starts to show itself!!!

:rotfl:

Too funny! Is it really worth risking a couple of grand for another year of waiting given they'll likely go up a bit and continue to drop. You'd think people would find out what happened last time even if they dont remember it; jees I was 13 then but I still read up and know what a dead cat bounce is.

harryhound

The unit of measurement, the GBP, has been falling faster than the nominal value of the home.
Had you sold 18 months ago and put the money into a sovereign currency bond you might be 45% richer by now.
So perhaps we are nearing the bottom in real terms, but I would not bet on it, especially if you are using real money.

ILW

YES cancel the deal, your house will be worth twice or even three times as much in six months and you will spend the rest of your life regretting how much money you lost, whilst living in rented accomodation not being able to afford to buy another property.
Or maybe not.