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House Price Crash Forum


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About marcus123

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  1. Thanks for your input. Interesting, indeed! I've seen Foxtons advertise the property you mention - definitely way over-priced at £550k having seen the particulars with the new agent.
  2. I was wondering if anyone can shed any light on the Hackney market at the moment? An apartment in my building recently went for £480k, and it has 1 less bedroom than mine (3bed) and is lower ground floor with less natural light. Another apartment has recently sold, but I'm not sure of the amount. I bought in 2002 and I think I paid slightly over the odds at the time (maybe 10-20k too much, I think), paying £290k and have mortgage payments of about £1400 a month. Thanks to 2 tenants who share the apartment with me bringing in £1200 rent before tax and a 3-way split on the bills, I've been chipping away at the mortgage since 2002 and owe £204k as it stands today. I'm tempted to put it on the market to see if I can sell it and go into cash & rent somewhere (1bed). I was working on the basis of £250k cash in the bank after sale (assuming I'd get about £450k upwards) giving me £10k+ interest (minus tax) towards renting somewhere per year. I really don't need to sell it, am financially secure and a long way off negative equity. I just have the feeling I'd be better off by slumming it for a year or 2 in a rental property and then waiting for some more falls in the prices and buying something in a better more gentrified area, such as Islington, N1. No pain, no gain! My income will nearly double next year as things are going well and I'm pretty immune to the credit crunch in my line of work, thankfully. Any obvious oversights or thoughts on this? I woke up this morning with a sudden urge to sell, and I'm not sure I'm being 100% rational.
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