Renting since 1998, better off than buying

westernpromise

So what are the actual numbers on that?

glentoran99

westernpromise wrote: »

So what are the actual numbers on that?

Bought for £139,000 in 2006


rental prices would have been on average about £200 less than I was paying for mortgage (possibly more than £200)


Sold for £74000 with £119000 balance on mortgage




I would never argue buying or renting is better, just in my own particular situation with hindsight I would have been much better off renting

[Deleted User]

I bought in 2006 and sold in 2011.. it went up by 11%. If I'd bought my house 6 months later, I'd have made a 1% increase.

BUT.. If I still had that house, I could sell it for 80% more. Even the people who bought at the 'peak of the peak' would still have made money. It's a good job that the house I bought in 2011 would now sell for 60% more than I paid for it.

But that's the 'Outer London HPI bubble' for you. It's stupid, and can't continue forever

nubbins

Thats got to be Northern Ireland?

glentoran99

nubbins wrote: »

Thats got to be Northern Ireland?

Yep it is indeed

MobileSaver

glentoran99 wrote: »

Bought for £139,000 in 2006
Sold for £74000 with £119000 balance on mortgage

This could only be in Northern Ireland presumably?

But even then there must have been more to it than just normal HPI considerations as on average NI house prices are only around 11% down on 2006 prices...

nubbins

glentoran99 wrote: »

Yep it is indeed

Sorry to hear that, hope you can recover eventually

glentoran99

nubbins wrote: »

Sorry to hear that, hope you can recover eventually

Worked out a deal with the bank for a move and should be out of negative equity by 2017

glentoran99

MobileSaver wrote: »

This could only be in Northern Ireland presumably?

But even then there must have been more to it than just normal HPI considerations as on average NI house prices are only around 11% down on 2006 prices...

Nothing more to it, it just the way house prices have gone, and as I said I didn't even buy at the peak, some went for 30-40k more in the same area and same type of house

Conrad

I lost £37k on a property once - tis just the way of things when it comes to timing