Question for those that have managed to sell

lisa-loves-cats

I was very happy to complete and exchange early this week, we have temporarily moved into rented and was curious to know, those of you that have managed to sell also or are selling, how many of you have moved or are planning to move into rented, to sit out the market, if so, how long are you planning to wait?

pawpurrs

Hi Lisa,
I have been wondering how you have got on. Fantastic news that you have completed woohooo!:j

I am SSTC for the third time now, so hoping that it will all go through. We plan to go in to rented, we cant buy at the moment anyway as DH still hasnt found another job, and I only want one village, and theres not really anything there that I want in any case.

How long will that be for? No idea at the moment at least untill our circumstances change. The villlage that I want the properties that are coming on to the market are higher than peak in most cases:eek: but nothing is selling really, so unless this village bucks the trend completley,and the village agent starts valuing properley we may have some wait! Hopefully within a year we will be in a postion to buy again, and hopefully prices will have corrected more?

Winky,_The_House_Elf

Firstly Congratulation!

I did this and sold my property April 2008 (Lucky I know). I moved into a rented house, in an area tha I didn't know that well, so I wanted to get my bearings a bit. Anyway to cut a long story short I have ended up buying the house I rented, at a very good price, and we completed on Thursday!

It was definately the right thing to do, as I have ended up paying £33k less than the previous tenant who moved from here into an identical house opposite! The landlord was getting cold feet about the property market, but as there are a few propertys about I was in a stronger negotiating position as I had no chain and a decent deposit.

As for would I have waited much longer to buy and ride out the market, I am not too sure as the rates are quite low at the moment, and I am saving around £300 per month compared to the rent payments, so that needs to be traded off against future price drops and how much further you think price will go.

It all comes down to your attitude to risk, and weighing up whats important to you.

Andie x

Gwhiz

I sold June 2008 and have been renting since. I am now actively looking to buy a plot of land...but only at the right price.

I still think prices will fall further (10-15%) but I think once I get to the "renting for 18 month" mark (December 2009) I'll be getting very itchy feet to get back to owning my own house - or at least owning the land to build on.

All in all, if I manage to find a plot in the next 6 months it will mean I will end up renting for a total of 3 years probably once I've built.

roseland69

We have just sold and are going to rent for a bit. Mostly because we haven't found the house we like yet (there is a particular villiage we LOVE but its small so houses don't come up often...)! Plan on renting for 6 months, maybe more. Depends. Moving to a new area as well so seemed a good way to get the "feel" for it. Dipping our toes in before going the whole hog, as it were! We will also use the opportunity to rent near a "good school" to get my son in and then move to wherever in the town. Being in the catchment for a good school knocks up prices. We'd rather avoid that particular trap.

If this was a "boom time" I would NOT be doing this, school or no. But we have the luxury of being able to rent and not see house prices rise up exponentially. On the contrary, let's face it. They are going down (well, they are in the area we're looking in). Which, when combined with rent being about £600 a month cheaper than our current mortgage... well... seems a plan. We'll start thinking of buying again next Spring. Depending on the market clearly.

The biggest headache is being careful with our equity money. We don't want to risk it so it won't be going into any high-risk shares or anything. Just a his and hers full whack in premium bonds and the rest in banks in £50K bundles. We'll have at least 45% - 50% LTV when we do come to buy so we're not worried about getting a mortgage particularly. We'll be FTB's again though. Which is odd.

lisa-loves-cats

hi pp, can't believe you are sold SSTC for a third time!!!!! Hope this one goes through for you.

i think its a great idea to rent, we've done exactly the same, though when we first sold all i wanted to do was find my next house, but.......... we moved into a rented property (much like winky) in the area we are thinking of buying and it really has been an eye opener, turns out what we thought we really wanted, isn't what we want at all, and we could have quite easily bought something and a few months later been thinking 'oh no'.

I was curious to know how many people who have actually sold have gone into rented, as this is obviously gonna have an inpact on the market, those of us that have sold, aren't back out there looking or buying, just waiting, so there's even less buyers out there. I think the prices are gonna start to drop again soon.