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daveyboy

Selling In Stoke Newington And Moving To Oxford

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Hi guys

I am possibly moving back from 5 years abroad, selling a nice but bit run down 3 bed terrace in Stoke Newington but in a very desirable street, and moving to Oxford, either town centre of surrounding village.

House in N16 was worth 550,000 at the previous peak in about 2008, fell to 500,000 and I suspect is up to about 650,000 now as it needs work.

It is very much a home I want for my family but of course it's also my main asset so I want to maximise value if I can within the parameter of it being a home.

What are your feelings on how this move might affect my home as a financial asset? Is it pretty much nailed on that London will outperform any other area? Or might there be another shift out of London which will see prices elsewhere grow? In other words by moving out of London am I pretty much guaranteed to lose out a bit?

Cheers

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Hi guys

I am possibly moving back from 5 years abroad, selling a nice but bit run down 3 bed terrace in Stoke Newington but in a very desirable street, and moving to Oxford, either town centre of surrounding village.

House in N16 was worth 550,000 at the previous peak in about 2008, fell to 500,000 and I suspect is up to about 650,000 now as it needs work.

It is very much a home I want for my family but of course it's also my main asset so I want to maximise value if I can within the parameter of it being a home.

What are your feelings on how this move might affect my home as a financial asset? Is it pretty much nailed on that London will outperform any other area? Or might there be another shift out of London which will see prices elsewhere grow? In other words by moving out of London am I pretty much guaranteed to lose out a bit?

Cheers

Do you have any mortgage left on the property?

Regarding London, it will either rise faster than other areas, or fall faster than other areas. I cannot see why London would rise, but slower than other areas IMHO. So if you think prices will continue to rise, then yes, you will be missing out.

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Do you have any mortgage left on the property?

Regarding London, it will either rise faster than other areas, or fall faster than other areas. I cannot see why London would rise, but slower than other areas IMHO. So if you think prices will continue to rise, then yes, you will be missing out.

If your move to Oxford is permanent then sell up and move. The London merry-go-round will stop at some point no-one knows when but if it were me I'd sell up and buy a house where I intend to live. That way you won't lose out regardless what happens to the market as you'd have taken your accidental London profit and invested it in your long-term home.

In any case making life-changing decisions on the basis of what a bunch of people (mostly VIs in their own way) say on a forum is plain bonkers. Either a house is a family home, or an investment and decisions need to be made based on which you think it is. It can't really be both except by accident (those who have benefited from HPI may congratulate themselves for their brilliance but the reality is, it's all down to luck).

Indeed I would go so far as to say that putting lives on hold trying to second-guess the market has led to almost as much misery among those who have tried it as any other approach. Either take a decision based on how you want to live and hang the short-term market noise, or throw the dice and be prepared for a 50-50 chance you will 'lose' in some shape or form.

Edited by montesquieu

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I think you might be surprised by how much the prices have risen in Stoke Newington over the last few years. I have just sold my house up the road in south Tottenham for nearly double what I bought it for in 2006. Most of the potential buyers who submitted offers and the eventual buyers were people priced out of Stokie. The last year in particular has been insane with prices up 30% or so in south Tottenham (or SoTo, as it is being known as recently!).

I think outer London and the suburbs will probably catch up a bit over the next year or so but probably still plenty of prices increases to come in inner London.

Hi guys

I am possibly moving back from 5 years abroad, selling a nice but bit run down 3 bed terrace in Stoke Newington but in a very desirable street, and moving to Oxford, either town centre of surrounding village.

House in N16 was worth 550,000 at the previous peak in about 2008, fell to 500,000 and I suspect is up to about 650,000 now as it needs work.

It is very much a home I want for my family but of course it's also my main asset so I want to maximise value if I can within the parameter of it being a home.

What are your feelings on how this move might affect my home as a financial asset? Is it pretty much nailed on that London will outperform any other area? Or might there be another shift out of London which will see prices elsewhere grow? In other words by moving out of London am I pretty much guaranteed to lose out a bit?

Cheers

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@montesquieu feareth not, not going to base any life decisions on the forum, just interested in sharing experience and opinion. @sherlock, no mortgage to speak of (20k).

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@montesquieu feareth not, not going to base any life decisions on the forum, just interested in sharing experience and opinion. @sherlock, no mortgage to speak of (20k).

Sorry, Sherwick not Sherlock! Can't find the edit button. Didn't London prices fall less than other areas in the last crash though?

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Well we sold 2 places in London in 2005 and 2007, moved to Edinburgh and on paper are now about 500k worse off than if we had stayed.

Problem is that i cant see how we could have done any different.

I used the profit from the move to set up a business that now supports our family.

Also my mate who stayed might now live in a flat which he bought for 400k and is now worth 700k but he is still trapped! Who cares how much the house you live in is worth??!! Why does it matter! Just enables people to get more debt!

We now don't have a mortgage and can save money.

Though of course what i am going to do is buy a flat in London!!!!

Its a curse as even after all the above i wish we hadn't sold in London!! For some reason unearned income seems so much better to everyone than being productive!!

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