Renting between house purchases

fcodes

My partner and I are thinking about moving back up north. The housing market where we live currently is much more lively than where we intend to move, and we don’t know exactly where we want to go. 

We were considering selling up here and renting in our desired area until we find the right house. 

Apart from not being able to port our mortgage are there any other downsides to having a gap?

Annisele

There's a risk that prices run away from you - if you sell now, and prices everywhere go up 20% in the next six months, you'll not be happy. (Though of course you might think prices are more likely to fall, and that could be a benefit to you.)

In some areas, but by no means everywhere, it can actually be easier to buy a house than to find a decent rental. In your shoes I think I'd want to have a chat with some agents in your new area and see how easy they think it'll be for you to find a rental / somewhere to buy.

Moving twice is a downside in itself!

dimbo61

On the UP side you have time to live in a new area and get a feel for the location.
Once the stamp duty holiday ends at the end of June the market may slow down.
You can rent a small or large property and search the local market, view lots of suitable homes, Take your time without the stress of packing everything you own into lorries before 12 noon and hope everyone exchanges/ complete in the chain.
You can also yourself time to clean, paint and fit new carpets, curtains and other work while staying in your rental for a few extra days or weeks.
Unless your moving to certain areas which have become overheated in the North ! House prices should be cheaper