Is it a good time to sell your house

AlexaMano

Is it a good time to sell your house and rent before purchasing another one in this period of uncertainty and price rising. 

smipsy

We're easily at (more or less) the peak of house prices, so yes, it would be a good time to sell. However, rents are exploding, so what are you actually achieving?

AlexaMano

Hopping that house prices drop and could by without a mortgage in 2-3 years time. 

Windofchange

AlexaMano said:

Hopping that house prices drop and could by without a mortgage in 2-3 years time. 

There are far better things to speculate with than the roof over your head. How much of a drop do you need to be mortgage free? You sell up and you need ??% fall to then buy back in. I highly doubt that prices are going off a cliff. The GFC of 2008 which collapsed the global banking system saw prices fall about 27% top to bottom over about three years. And as pointed out above, you’re then at the mercy of landlords and rent reviews and needing permission to hang a picture on the wall. No thanks, I’ll just keep paying my mortgage. Trying to time the market is a fools game - wasn’t C19 in 2020 supposed to have caused the mother of all crashes?

JMA74

Don't know how much your rent would be but if you are in the south then let's say £1000 a month.  In 3 years you have spent nearly 40k on rent for a gamble that properties fall by more

PK_London

JMA74 said:

Don't know how much your rent would be but if you are in the south then let's say £1000 a month.  In 3 years you have spent nearly 40k on rent for a gamble that properties fall by more

The ensuite room in my 2 bed flat in East London would rent out for £1300 a month alone at the moment 

jj_43

It is a relatively better time at the moment if you can get a buyer who keens to pay peak prices 

AlexaMano

Windofchange said:

AlexaMano said:

Hopping that house prices drop and could by without a mortgage in 2-3 years time. 

There are far better things to speculate with than the roof over your head. How much of a drop do you need to be mortgage free? You sell up and you need ??% fall to then buy back in. I highly doubt that prices are going off a cliff. The GFC of 2008 which collapsed the global banking system saw prices fall about 27% top to bottom over about three years. And as pointed out above, you’re then at the mercy of landlords and rent reviews and needing permission to hang a picture on the wall. No thanks, I’ll just keep paying my mortgage. Trying to time the market is a fools game - wasn’t C19 in 2020 supposed to have caused the mother of all crashes?

We have £80 left from our mortgage, property purchased at £120 6 years ago and now valued at £250.

[Deleted User]

It's a terrible idea. Selling - this would have to be the top of the market, you will have to wait some years to reach the bottom in order to buy again. You will have to pay rent in the meantime. The bottom of the market will have to be a significant price reduction to the current prices. You will have to recognise when the bottom of the market is. Good luck with all that.  Nobody actually picks and chooses moments. If anyone buys at the bottom of the market and sells at the top, thats moreso luck. The one thing that price crashists are consistently wrong about is what the market will crash. They are the worst predictors of all.

MFWannabe

Personally I think it’s only a good time to sell if you plan to downsize 
otherwise there’s no way I’d sell to rent somewhere hoping house prices will crash to then buy again cheaper; rents are going to rise as well; that money could be going towards paying off mortgage 
also step off the property ladder and you risk not being able to get on it again 

badmemory

You want to avoid renting if you can.  My friends rent went up by 8.33% last month & another 7.7% this month.  So altogether in 2 months 16.67%.  If he didn't pay (out of fixed term) then they said they would have to sell up.  Keep that roof over your head.