There is some really helpful advice here. I've decided not to sell until exchange rates improve. I need the name of an insurance company who insures rental properties. I also need a good tax accountant in uk who knows about aussie tax too.

These are the guys we use

http://www.ukinsurancenet.com/

So your banking on

1. UK house prices rising faster than money in the bank would
2. The exchange rate improving

What if one or both doesn't happen?

We used Insurance Services to broker our policy with Equity Red Star, its a Landlords Insurance covering Buildings Only (Inc Fixtures and Fittings) for Fire, Damage (Natural and Accidental) with 24 Hr Helpline.
Got a decent deal at only 195 pounds for the whole lot.

I hope you're in for the long haul, I have a house in the UK which I have decided to keep, but I am prepared to keep it for up to 17 years. Those thinking that things will be 'back to normal' within 5-10 years might be disappointed. The last thing I read, UK house prices were to decline in the coming years.

As I say, I hope you're patient.

Or then again they could be right ... who knows.

There's a whole host of reasons why someone would keep a house in the UK other than asset appreciation - which to be fair isn't happening anywhere much these days .

Agreed. We are keeping our property for those reasons.

Exactly, I am keeping mine, at a rental versus mortgage loss, because we are still Temp Residents here and we will not sell it until we go Permanent. Financially not the best decision, but really our best option. If we have to go back to UK we go back to the place we always wanted to be rather than starting all over again.

If you've got significant capital gains (unlikely given the rental loss) it's best to sell prior to getting PR. Just in case that applies to you.

Absolutely. I have a combination of reasons and circumstances which to my mind make holding onto the UK property a very strategically wise decision. For some it could be more compelling. For others not at all. We just have to do what works for us

lol..No danger of that!!!

Thanks for some great advice and support re landlord insurance. Re: letting out Uk home, yes mixed views. I truly believe that unless you have to sell, in these uncertain times, always best to hang on to family home. Tax wise - well a good accountant is what I need now - RECOS - perhaps PM's too:

I think if you have a UK rental property and it remains your only property i.e. you don't own in Oz you have 6 years from vacating it before you are liable for capital gains regardless of whether you are PR by that time.

I thought you'd been here ages Paddyo are you still TR?

yes.......for the moment.....decision point at end of the year but I have plenty of time as I got a 4 year extension to my 457!!!!