dbd33

Who? I don't think there are a lot of posters here who have never been short of funds and there are certainly a good number of posters who are in a financially precarious position now. I'd go as far as to say that, for a board aimed at educated financially aspirational people, the posters in Canada must be rather a disappointment to the management. Perhaps 10% could be considered well off, I'd guess that's not much different from the proportion among the general population of the UK.

Geordie Lass

If you are talking about me here you are way off the mark.

Our circumstances are nothing like you describe. We are not stupid. We know we will get all our equity back (which is substantial) from that house when the market picks up. If its 10 years so be it. We are patient. Lots of people that bought around 2007 will be in this boat.

We were lucky enough that our move to Canada did not depend on a sale of a house.

Sometimes it's a case of not wanting to absorb losses and holding out.

I've said enough - not getting into this anymore. I don't usually get into arguements on here but when people flippantly say something to me when they don't know me - gets my goat.

jwtimmon

I didn't phrase that well. Of the people on here who are not poor (not saying thats a large percentage of the total BE membership) those people will struggle with the concept of not being able to sell a house and take a hit.

The original comment were
and
Both of those comments did not appear to make an allowance for a constrained financial situation.

jwtimmon

?????

I wasn't having a go at you, in fact I thought you had a valid point, but hey ho whatever.

dbd33

Fair enough.

sms1984

We are also in the same position, our house has been on the market since October 2012 and we have reduced it greatly, to the point where we have accepted that we will be taking a loss when it eventually sells. It's pretty depressing and flippant comments from others who know nothing about your personal circumstances really don't help!

Fingers crossed the UK market picks up soon and all of us who are trying to sell will start getting interest

christmasoompa

Blimey, it's incredible how different things are in different areas of the UK. Property around where I live is going up at an alarming level, and everything is selling incredibly quickly.

Best of luck to you, and to anybody else selling. I hope the property fairydust works its way to you soon!

Almost Canadian

Personal circumstances have nothing to do with it. If anything isn't selling, whether it is a vehicle, house or piece of furniture, it is because potential buyers believe it is incorrectly priced. A piece of property is only "worth" what someone is willing to pay for it.

I accept there may be reasons why a vendor would not want to sell below a certain price, but that does not affect the value of the property.

sms1984

Personal circumstances have everything to do with it, we had a house built so the value of that house is exactly how much it cost us to build. We have already had to reduce the house below what is cost to build..........that to me is not just moaning because nobody will buy it for the price we want (which by the way was exactly how much it cost us to build), but being genuinely miserable because thousands of hard earned £'s have been lost and that's PERSONAL to us.

This is meant to be a useful forum but I am finding it more and more just a breeding ground for people to anonymously start fight's for no apparent reason!

dbd33

The value to you, not necessarily the market value; that's plainly less. It's because of the yo-yo nature of the market for houses in remote parts of the UK that I think it imprudent for the OP to count on an investment in one.

juels275

Thanks for the responses. My rental property is in London and in a great school area. I've never had a problem renting it out and the rent more than covers the mortgage.

But due to the responses, we're now talking about selling it and possibly buying 2 properties here. There just seems to be so many condos being built in Toronto that we're hesitant to buy a rental place here.

dwight-van-man

Interesting that none of the comments regards the pricing being incorrect take into account the ability to raise finance of potential buyers? The mortgage market until recently has been extremely tough for people across the spectrum of potential homeowners to get a mortgage approval, or an approval at a level which allows them to buy. Also consider that the price a property is marketed for is heavily influenced by a surveyor or estate agent opinion, not just a pie in the sky figure the seller dreams up, so a 200k valued house might be marketed at 50% open market value but unless potential buyers can come up with a good deposit and get a mortgage approval, it ain't gonna shift. Its all well and good talking about the danger of house price bubbles, the market correcting itself etc etc but this overlooks the fact that there are thousands of people stuck in the same situation as has been outlined - for some its more of a problem that for those that can sit it out, but it amazes me that people who got caught in the first recession garner sympathy for experiences of negative equity, repossession etc, when those that bought around 2007 or were affected by the downturn seem to just attract sanctimonious 'opinion' from those that think they know better. These are people, not economists.