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should i sell my house and buy new one or should i wait.

fletcher1985 · 2022-04-18 11:20:30

hi thanks for reading. i currently have a house and would like to move back to my house town to be closer to family, i know house prices are high at the moment which is good for selling but not so good to buy. so my question is do you think house prices will start to drop again or should i just go for it.

Comments

newsgroupmonkey_ Posts: 1,270 Forumite

20 April 2022 at 8:50AM edited 20 April 2022 at 8:50AM

mayling03 said:

My scenario is this, my house is worth £290k, new house is worth £320k. If i sell for £290k, I'll have made an equity increase (profit) of £85k. So if my new house falls to £235k, I've not lost out. Hope that makes sense.

You've only got an equity increase if you choose to leave and rent or move in with someone.
Otherwise, it's irrelevant (as gets mentioned on here a lot).

Crashy got burnt with this. He sold his house in the mid 2000s and moved into a bedsit thinking there would be a crash and plenty of cheap property.

In reality, he can no longer afford to get back into the market and is stuck in his bedsite for evermore.

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