Can't Sell, Can't Rent Out. Help.

[Property Dreamer]

Very interesting thread from one of our favorite karma mines. Looks like our 'potential' expats now realize they can't sell and now hope for deliverence by renting out their £1/4+m palaces Trouble is they are afraid to rent out from half way round the planet (sensible) and now the exchange rate is pants as well. Wo is us that have timed our escape on the flip side of the bubble.

http://britishexpats.com/forum/showthread.php?t=327570

Great post from 'odaat'. He must be a HPC'er. Good on yer, mate

I am amazed the same subject keeps coming up, I thought the penny would have dropped by now that selling houses in UK and hoping to start out in Oz flush with cash was over 20 years ago.

Has anyone on here not heard that house prices in Australia are as overpriced as they are in UK, that major house price falls across the east coast of Oz have already begun. 

Then there is the Australian dollar - it is far too strong to be sending large quantities of Sterling over right now.

The cost of living in Australia is as expensive as in UK.

That mortgage rates in Oz are almost 8% 

I will not go into the subject of work practices - just do not expect open arms and bags of money and promotion given to you for washing up on Ozzie shores from windswept UK.

On my part - I have done the full circle, sold up in UK, Bought in Oz, sold up in Oz and now back in UK 

FWIW - I would stop listening to the smarmy estate agents and the bull on TV about house prices "never falling", and that the "lift" in house prices are just round the next corner.

We are on a house price falling cycle, it is going to get nasty as more and more people are stung with job losses in UK. Credit debt, divorce and family breakup, business bankruptcy and the death of the newbie BTL landlord.

Cheap state housing projects and housing association "deals" will remove what is left of the FTB group from the housing market - stagnation followed by house prices plummeting are the obvious next step.

I would say sell at the price buyers are willing to pay in hard cash / mortgage in line with today's buyers in your area, swallow the loss if you have to and start out again in Oz with renting.

Put the money in the bank and wait out house price falls in Oz and buy up when the price is right.

As for those who are utterly mad enough to withdraw equity on a house as then watch the house prices fall will really get to understand the meaning of the word negative equity D-E-B-T.

I can just hear it now .... "teacher" what do you call those people who go into debt re-mortgaging and then going to a new country and getting into more D-E-B-T at this stage in the property cycle when house prices have stagnated and ready to fall ?.

BTW - recovering debt via Australia is easier than you think 

I sold off 2 houses in UK in '98, and bought houses and flats in Oz over the last 7 years "WHEN PRICES WERE A THIRD OF WHAT THEY ARE NOW, I sold the lot last year and returned to UK.

Take it from me, it is the guy with cash in the bank who is king in UK as well as in Oz when it comes to house buying - and will be for the next few years.

I am starting to cherry pick buying quality property again in UK for letting purposes, I am offering 20 - 30% below the offer price and I am getting results.

I have never regretted the move and the selling/buying property. Thank god I did it while property prices were in a sharp rising market in Oz and the capital used for the purchases was sterling at a time when the Ozzie dollar was crap.

Those times are well and truly over.

The dread of falling house prices and related debt misery will seem like an endemic plague to homeowners with large mortgage DEBT and little capital and plummeting house prices - save yourself the hassle of negative equity and try thinking outside the box.

It takes balls migrating, it takes cold hard reasoning to ensure financial freedom.

[OLDFTB]

Very interesting thread from one of our favorite karma mines. Looks like our 'potential' expats now realize they can't sell and now hope for deliverence by renting out their £1/4+m palaces   Trouble is they are afraid to rent out from half way round the planet (sensible) and now the exchange rate is pants as well. Wo is us that have timed our escape on the flip side of the bubble.

http://britishexpats.com/forum/showthread.php?t=327570

Great post from 'odaat'. He must be a HPC'er. Good on yer, mate 

<{POST_SNAPBACK}>

Karma on it's way to those por,poor dears!

[Guest Bart of Darkness]

Rightio, i am so cheesed off with dumbass estate agents and viewers im considering letting house and waiting for the market to get all sensible again.

So who's fault is it then?

Estate agents and viewers suddenly turning against sellers and taunting them for no other reason than their own selfish amusement?

Or (more likely)

The market has finlly turned (a bit like rancid milk).

Stagnation or crash, it won't be "all sensible" by this person's definition for a long time.

(If you ask me, the market is just starting to head towards sensible territory. Long may this trend continue.)