Market slowdown coming? Wwyd?

Combenew

Our circumstances are we sold our house sstc for 18% over asking about 5 weeks ago. The highest offer was 10k over the others and we accepted. The buyer is ready to sign and no mortgage needed.

We've just withdrawn our offer on a house that needed too much work for us to cope with,  so we are looking again. Nothing is coming up in the area we want to live which is 100 miles away from where we live currently. Our buyer will wait for a while longer but not forever.

We're thinking of selling and going into rented but then we may risk being left behind if prices keep climbing. Should we take it off the market and remarket when more houses become available but risk losing out on houses?

Help please - I could do with some perspective.

youth_leader

I'd take the risk of renting in your new area.  It will give you a chance to explore the area and you can make yourself known to all of the estate agents, who might give you a heads up when anything is coming up. 

TheCuriousSausage

I am no expert or psychic but I am about to put my property on the market to move 50-70 miles away. It depends on your reasons for moving but if you haven't done so already I would speak to estate agents in the area you want to move to and explain your position rather than relying on rightmove etc. Properties do get sold without appearing on the internet. You are in a very strong position and I would exploit it for as long as you can, in other words I would keep looking until your buyer pulls out. I would not move into rented accommodation.

penners324

Any new build developments where you want to go?

Combenew

TheCuriousSausage said:

I am no expert or psychic but I am about to put my property on the market to move 50-70 miles away. It depends on your reasons for moving but if you haven't done so already I would speak to estate agents in the area you want to move to and explain your position rather than relying on rightmove etc. Properties do get sold without appearing on the internet. You are in a very strong position and I would exploit it for as long as you can, in other words I would keep looking until your buyer pulls out. I would not move into rented accommodation.

We've already registered with the agents. Can you explain your reason for not going into rented? This is the crux of my query really

newsgroupmonkey_

Despite the interest rate hike and inflation staying high, it doesn't look like a huge slowdown is immediately imminent.

The ridiculous rises slowed to 0.3% increase last month, but that's still an increase. The market still feels that the average house price will be £20k more in the next 12 months, so the question you have to ask is "Can I afford to swallow that £20k rise in addition to the lost mortgage payements?"

Will it drop? Hard to say. That's a fairly long game. I can't see it happening in the next 12 months although I'd like to hope that it does. Quite honestly, the only people that have anything to gain from house price rises are those who are getting out (either dying or changing lifestyles).

Right now, one thing is for sure. There's virtually nothing on the market. The number of houses that stay on RM for more than a week or two is depressingly small. Most that do are either owner greed or there's something not quite right about them.

We sold ours in 6 days, despite being strongly priced. The one we bought had been on the market for 3 days. We also had your dilemma. We're moving 150 miles away to an area that neither of us know.

nick1234

With rates rising today and inflation predicted to go 10%+ there is no way prices will keep rising, being chain free puts you in a very strong position in a Competitive market and if you pull out the sale you could have similar issues in the future eg your house selling and the new purchase falling through.  

Getting into a cheap rental seems a no brainer

Sarah1Mitty2

nick1234 said:

With rates rising today and inflation predicted to go 10%+ there is no way prices will keep rising, being chain free puts you in a very strong position in a Competitive market and if you pull out the sale you could have similar issues in the future eg your house selling and the new purchase falling through.  

Getting into a cheap rental seems a no brainer

Don`t you think they are exaggerating a bit though, trying to paint in more gloomy than it is, for what reason I`m not really sure?

babyblade41

Sarah1Mitty2 said:

nick1234 said:

With rates rising today and inflation predicted to go 10%+ there is no way prices will keep rising, being chain free puts you in a very strong position in a Competitive market and if you pull out the sale you could have similar issues in the future eg your house selling and the new purchase falling through.  

Getting into a cheap rental seems a no brainer

Don`t you think they are exaggerating a bit though, trying to paint in more gloomy than it is, for what reason I`m not really sure?

BIB ditto this 

newsgroupmonkey_

nick1234 said:

Getting into a cheap rental seems a no brainer

So if the market does slow and let's say the average property ONLY goes up £10k (and the money spent on rent £12k), is this is a great idea?

Renting and opting out for me would only be an option in a dipping market.

london21

No one really knows what will he future entails. 

Renting in the area you are interested in gives you real life practice before buying. 

Your buyer will likely wait a bit but might pull out. 

You selling will mean chain free. 

All depends on your preference