PoolePaul

What is everyones views on the uk housing market ?

my position ,is that we are planning a move in about 10 months time.
we have just found out that our house is worth i bit more than we first thought. our problem is, do we sell now and move straight away ,or wait till next year and hope the price has'nt dropped. it may even go up a little more.
also will the spanish market be weaker still next year?

SoJohn

Well. I would put it on the market now, above estimate, see what happens. Your house price won't drop in the next 6 months, that's for sure.

Spanish market will be weaker depending on area. There will be bargains around but location location location comes into it a lot.

squelch

If you were in a hurry to move you would need to put it on the market now, the property market is fairly slow at present. We have been up for sale for 8mths and are still waiting to complete on a sale. However price wise the market is good at the moment.

zel

Well with the Bank of England expecting to raise interest rates again next month and set to again before the year is out to at least 6% then you're indeed right to be concerned.

Source: http://news.bbc.co.uk/1/hi/business/6244024.stm

In my opinion if you live in a major city where the market currently is still quite vibrant then I would stick it out and keep a very close eye on the market.

However if you're in an area where the market is already slowing/slowed then I would have my home on the market ASAP as you may find it would take six months to get the property sold anyway!

PoolePaul

We are fairly lucky to live in an area where the market is still moving (poole in dorset) our house is in a reasonably sought after road so i think (or should i say hope) it would sell fairly quickly.

SoJohn

Try it above the valuation. Can't hurt for a few months.

zel

Well as you've got the plan for 10 months I would stick to that, just keep an eye out in the local newspapers and how long for sales boards are up for to gauge what's going on locally.

I decided to do the move earlier this year but having spent weeks looking around decided to rent somewhere instead and wait it out as the prices do seem to be coming down more and more. After all I don't want to be lumbered with paying a much higher mortgage than if I waited 6-12 months!

Hillybilly

My advice would be to try to hang on to your UK property if at all possible and rent it out...just in case (although of course having tenants is not always a bed of roses!).

I kept mine for 3 years, with the rental income more than paying the mortgage until I was 100% certain I wouldn't be going back. Even then, when I decided last summer to sell it (with vacant possession and no chain involved), it still took 6 months to sell because the first buyer pulled out.

I've come across lots of people who burnt their bridges and now want/need to return to the UK (usually within the first 3 years of moving to Spain) and who are now finding it very difficult to get back on to the UK property ladder.

If you're certain about selling up, then I would put in on the market now at a "high" price - if you sell, bonus (you can always rent for a while yourselves in the UK and that would also give you the incentive to sort out all your stuff, which always takes longer than anticipated)! If it doesn't sell, you can lower the price bit by bit as your planned departure date approaches.

PoolePaul

thanks all for your replies. looks like it might be time to put the house on the market then.. very scary!!!!!!!!!

Big Pete

I totally agree word for word with zel here ..

wheatsheaf42

There is a new website which shows where prices are falling in each area- and might well be useful to get a feel for things. Most people who reduce price will get in the list so if you don't want to seem desperate and a target for "silly" offers would be best advised to put a sensible asking price at which you can sell.

http://www.propertysnake.co.uk/

Cleri

cool site,was good loooking at my old area from 3 years ago

derbyflan

Property Snake is a website I'd not heard of before - really handy and I've added it to favourites cheers!

But isn't Poole one of the most expensive areas in the UK? As far as I can tell - prices there have been on the increase for years. I've done quite well out of property (dare I say that?). Enough to ensure that me and Mrs F will be alright money-wise for the move abroad in just under 2 years from now. However, if I had a house in Poole (I wish) I'd hang on to it unless it was the deciding factor.

Either way you look at it - you're in a great position

All the best.

glad 2 b back

If I were you I'd keep your UK property as UK prices are always increasing and Spanish are seemingly dropping. In the long term your UK investment is a safer bet. Rent and see how you like it there.

Jorgi

I must be old fashioned. I thought houses were for living in? How long does one hang on to ones "investment?"