uk house value reduced?
hi I’m thinking of selling up my house been paying the mortgage off for many years now and need a change of place..well just recently ive heard and been advised not to sell up at the moment as houses have been losing value or something..well basically my house is valued at roughly £200,000 but that was 4 years ago i had it valued..
what would it be worth to sell now?
another option i was thinking was maybe rent it out until the values go back up
anyone know much info about this thanks in advance
thanks guys well before when i bought it ..it was for sale for £17k lol and that was way back in 1986 but obviously ive been paying more with interest ect. think i might just sell it as it is tbh i need the money as im out of work even if i get £150k that will do me ok
The estate agent would give you a free valuation and all the info regarding expected rental values .. the value on your house is a "guide price" its your prerogative if you wanna top that (to ward off time wasters) … sure the values have fallen, but if someone really wants what you have … then there’s no problem.
house prices have obviously dropped,but if you are buying another it wont affect you,if not you should rent
I’m one of the many who are hoping the house prices keep falling.
however, in your sho’s you’re about screwed (thats if you paid more than it’s worth now)
house prices are diffrent in diffrent area’s. if theres another house in your street or very near by, it could give you an idea on what to look for.
in some places where i live, they’ve dropped around 60k and there still going
problem is, for them that have bought there house before the price crash and there for paid full wack, is that it’ll take years and years and years for it to get back to what it was.
it will go back up one day, but i’d say you’d be waiting more than 10 years for it to happen.
other problem is, is that not many things are selling. some are. but alot arn’t
if you bought your house before they went sky high in prices they you’ve not lost anything, infact you’ve still probably made a profit on it.
unless you can afford to have it just sitting there, i’d say sell up if you can.
if you wanted to buy another one in good time when you have money around, then if you can sell it at a reaonable price now, do it and keep the cash until the price dropped further before you can find another one.
The price is going down rapidly and I can see another 15% off the current price before it levels off (if it does). Nobody knows when it will come up again (if you think about the property crash in 90’s and in the States some years ago, you know it will take at least 5 years) but the 2012 games would probably make it faster to come back again.
Just also remember that there will be less demand from EU immigrants (who are a big source of demand in the past in renting and buying) now the pound is so weak that they would rather earn money at home.
The property market works on a "buy on expect" principle meaning that if people think it will go down tomorrow, nobody will buy it today irrespective of how much I need a place now or whether I can afford it. The demand to have your own property is always high (who doesn’t want to own a place?) but knowing that you will be worse off will put people off.
Hi,
Price values are definitely plummeting which in turn is making people reluctant to buy therefore even if you put your house up for sale, it doesn’t necessarily mean that it will sell. There are also reports now of people gazumping sellers…buyers show interest and agree to buy property, you then spend a few thousands on surveyors reports etc and then at the last minute the buyer insists that the he/she will only buy it if you reduce the cost by thousands of pounds. So obviously if the deal falls through you lose money…or if it goes ahead you lose money. Have you considered maybe refurbishing your house? I’ve heard a few people have rejuvenated their house to make it feel ‘new’ again until the house market starts picking up.
Renting is obviously another option but again that can come with a lot of pitfalls too so if that is what you decide to do then i’d definitely research it first. Hope this helps n good luck whatever you decide xx
Well my house has tripled in price since I bought in 2001 so yours should have done the same, the housing market is too unpredictable at the minute to sell, you might end up not being able to sell your present one and having 2 mortgages, I would hold tight and stay where you are, renting out your home can seem like a good idea but do you really want the hassle of ensuring that the house is occupied 365 days of the year, the rent is paid on time and the people look after your house as well as you do. I wouldn’t want to do it, I did think about it but I decided it would be too much stress on my head
if ur happy with 150k and it was valued at 200 k 4 yrs ago then u may well get enough to cover yr requirements, however, its more a case of finding someone willing and able to buy it at the moment. my daughter tried to sell her house as moving back to brighton however they had it on the market 3 months and despite reducing the price no one was interested (it was a first time buyers property). she has now rented it out to cover her mortgage and rented a property here. renting seems to be good at the moment rents have gone up round here. best thing to do is take advice off a good estate agent.