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Should you sell

Sold At Last!

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Here is my story,

Bought a flat for £202 000 in December 2002 with my then girlfriend now wonderful wife. Decided last year that the market was a bit shaky, combined with the fact that we are South African and will look to move back to SA in a few years time we decided to sell.

Put the flat on the market for £219 000 in July last year, we had a lot of people come and look but because we weren't forced sellers by any means we didn't really want to accept offers in the beginning. To cut a long story short we are exchanging contracts tomorrow for a selling price of £207 000 14 months after putting the property on the market. All in all we have lost money on the property although we lived there incredibly happily for three years.

We will complete in two weeks time and move into rented accomodation, a lovely two bed cottage. It is cheaper to rent it than buy it but you know what, it will never feel like home until it is yours.

I understand and agree with all the economic points about the market and that renting is cheaper at the moment ..... blah blah blah, I still feel that owning your home is fantastic and I just hope normality strikes soon so that we can all experience it again...the only problem is I am still not convinced this crash will materialize, everything seems to just be bumping along the bottom. If patience runs out with the thousands waiting to buy and money remains cheap, this little fire could be re-ignited again!

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Here is my story,

We will complete in two weeks time and move into rented accomodation, a lovely two bed cottage. It is cheaper to rent it than buy it but you know what, it will never feel like home until it is yours.

Etc

When are you people going to understand - your flat NEVER belonged to you!

Miss your repayments and your BANK would have relieved you of it and chased you for life for any shortfall expenses.

You were still paying a MORTGAGE!

Scary innit :o

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Bought a flat for £202 000

To cut a long story short we are exchanging contracts tomorrow for a selling price of £207 000

All in all we have lost money on the property

Assuming you exhange and I do hope you do, er... how did you lose money? :unsure:

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Here is my story,

Bought a flat for £202 000 in December 2002 with my then girlfriend now wonderful wife. Decided last year that the market was a bit shaky, combined with the fact that we are South African and will look to move back to SA in a few years time we decided to sell.

Put the flat on the market for £219 000 in July last year, we had a lot of people come and look but because we weren't forced sellers by any means we didn't really want to accept offers in the beginning. To cut a long story short we are exchanging contracts tomorrow for a selling price of £207 000 14 months after putting the property on the market. All in all we have lost money on the property although we lived there incredibly happily for three years.

We will complete in two weeks time and move into rented accomodation, a lovely two bed cottage. It is cheaper to rent it than buy it but you know what, it will never feel like home until it is yours.

I understand and agree with all the economic points about the market and that renting is cheaper at the moment ..... blah blah blah, I still feel that owning your home is fantastic and I just hope normality strikes soon so that we can all experience it again...the only problem is I am still not convinced this crash will materialize, everything seems to just be bumping along the bottom. If patience runs out with the thousands waiting to buy and money remains cheap, this little fire could be re-ignited again!

Thank you for your post, we are in nearly exactly the same position, bought for 240K in early 2003. Spent a happy two years there and sold recently for £249,950 (house was on for £260K)

Lost a bit of money after fees, but as it is right up against the stamp duty limit we took 249K.

We sold to move areas, rather than just to rent. I agree with you, there is something very different between renting and owning. Also I hope normality strikes soon but am becoming less convinced.

I have become hypervigilant and a piece of house price news can be a bit like a mood altering drug. I have turned into a house price bore. I see my partners eyes start to glaze over when I mention house prices, I find amusing ways to send what I feel is very important information on the web. I find it hard to understand how people keep buying, but they do.

Anyway, we will keep looking and hopefully find something at the end of the year and bargain hard for it.

Good luck to you and your wife.

Edited by waitandsee

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Erranta

No need to try and be clever as well as patronising........by the way how did you know I had a mortgage on the place, I might have bought it cash, not everybody needs to take out mortgages you know!

Of course I realise that the bank holds the deeds IF there is a mortgage outstanding on the property, all I was saying that in a perfect world I would always choose to own and not rent property, even with a manageable mortgage attached. Even if the bank still holds the deeds at least you don't have to ask permission to hang a picture, have a pet, extend your tenancy, leave the prop vacant for more than a month and the list goes on and on and on and on.

It may just be me but I find it hard to be house proud in a property that isn't actually EVER going to be mine.... thats just me though you might have a different view, what I do know is that I can't wait to be a property owner again, renting is a bloody irratation!

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Waitandsee

Thanks for your reply, comforting to know there are more couples out there that think in the same way as we do, adds a touch of credibility to our decision I suppose....although as I said before only time will tell if we have done the right thing!

All the best!!

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It may just be me but I find it hard to be house proud in a property that isn't actually EVER going to be mine....

who needs to be house proud when renting ?? thats the last thing on my mind, too busy enjoying myself. Quick tidy up once every six months and job's a good 'un

Aren't you going to miss all that decorating and weekends down the DIY shops? :D

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Thank you for your post, we are in nearly exactly the same position, bought for 240K in early 2003. Spent a happy two years there and sold recently for £249,950 (house was on for £260K)

Yup, right in the voodoo zone, seems to extend up to £280k.

Stamp duty was once only 1% above 250K, then 1.5%... and so on

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  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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