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bu06nne

I've sold - now what....

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Well I completed on the sale of my flat on Friday. I now have £xxx,xxx sitting in the bank &  already feel like the housing market is getting ahead of me... Will I ever get back on the ladder again, lots of doubts etc. 

I have now decided that I will wait until Nov - if prices haven't started to drop in London, I will be buying again. Sensible idea?

Cheers

Nick

 

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I've been in that position for a while now. You're losing money in real terms when it's sat in the bank but so you are now anyway (in some areas) if you had not sold. Even in areas where prices don't look as though they are falling you would only be hanging on grimly until they do fall. So I am relaxed about it.

Suggest you follow the "deflationary collapse" thread in the main forum to see what's the broad agreement on "what's coming next" and ideas for places to put your money until then.

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I completed in January this year and have been renting since. I did intend to buy again quite quickly, smaller, with less leverage and a safer area but have given up.  Do not worry, I have been watching a few areas and viewed a lot of flats, there are huge discounts on offer if you are cheeky but not enough for me as I am confident where it is going (assuming no more government intervention!). Eg. a flat in Mile End on the market for £470k reduced to £455k, now taken off the market as it didn't sell. A flat in Hampton Court reduced from £495k to £475k and would accept £435k, not impressed with my £295k offer but I though I was being generous. I am now getting a lot of emails from various developments and agents so they are feeling the pinch. Plenty of other posts on here to evidence that too.

I have decided to rent for another 12 months, if the government do manage to pull off more house price inflation then I'm out of here and will make a plan with my extended family to move elsewhere and leave them to it. TBH I'm tired of paying into this system when you see how it is spent and on who! If only others could see it for what it is.

Patience. I don't think November will be enough time but it is your choice. As Funn3r says, read the Deflationary Collapse thread, all of it. Well worth an evening of your time, some fantastic information on there. I wish I could contribute to it.

 

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  • 297 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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