h2oskineil

I need some advice please from you good people out there either in Oz or in the UK.

We have been in Oz now for nearly 3 years and have a rental property in the UK. We've had the same tenant during this time, however they are now buying their own property and will be leaving in 6-8 weeks.

Question.... Do we re-rent the property or sell?

How is the housing market in the UK (Cambridgeshire/Lincolnshire) have house prices crashed, are houses being sold easily, are houses being rented out easily????

I look forward to your suggestions, ideas, thoughts, advice.......

Thanks
Neil.

nevsy

Hi

Ive been out here 6 mths and has taken 5 mths to get my property in N.Ireland rented out.Its a fairly new property and was built 9 yrs ago,was painted from top to btm before I left but still didnt rent.I think because of the recession 9in the UK and the decreasing foriegn labour force it has left a hole in the market and there is over supply in some areas.

Best of luck with it.

Nev

The Dean

Hi there,

Prices are lower by some considerable amount than, say, 18-24 months ago, but to answer your question fully, we need to know more about your circumstances.

Do you own the house outright, or do you still have a mortgage? (This could govern how much you could/should charge - you can be more flexible/competitive if you do not have monthly outgoings to meet).

If you have a mortgage, what is your bank's/building society's attitude to letting your property? (You MUST tell them - if you don't, there will be trouble - also tell your buildings insurer, or your policy could be invalid in case of a claim).

Did you find it easy to find your current tenants before? Will that still be the case? (I assume you must know about the unemployment situation etc in your particular area?)

Questions, questions............

slipshot

I'd say, in that case, you have 6-8 weeks to sell or get a tenants an choose whatever comes first. An untenanted house is a lot easier to sell and there is no chain, so put it on the market now and you'll know how much interest there is in the next few weeks. Then, if there's little or no-one makes an offer, focus on the renting.

I doubt many people will want to rent in 8 weeks time, but a lot will want to in 2-4 weeks time prior to the place being empty, so that;s your main area.

People are selling but there are so many hundreds of variables, no-one can tell you if it will sell unless you try, but focus on renting being the most likely outcome unless you get lucky...

Kingseat

Well we lost £50,000 on the value of our house between re-mortgaging in 2008 and selling in 2009!

Satch_Boogie

We live near the Lincolnshire/Cambridgeshire border (near A1/A47) and the market isn't too great around here. Many of the new developments have had the same houses on the market since we sold our old house in Peterborough in late 2007. The same 4 houses have been for sale in our village for the last year.

If you could continue renting out, I would lean that way. Things are starting to pick up around here but haven't gotten there just yet.

h2oskineil

Thanks or all the advice/thoughts.

It sounds like you're in the same area satch_boogie.. the property is in Market Deeping.

I'm calling the property manager tonight and discuss these ideas.

Thanks again.

Satch_Boogie

We are between Stamford and Oundle. I grew up near Deeping St James. I hope the market recovers soon.