I am new here but just needed some opinions.
I am currently selling my flat in Sutton surrey and have had an offer
yesterday of the full asking price of 170k. First time buyer.
I had a previous offer of 165k and had around 10 viewings in 10 days.
I had 4 valuations and only one estate agent thought my flat would
achieve this amount. The others were adamant Id only achieve 165k at the
very most, I however asked them to put it up at 170k.
My dilemma is that now its come to light that due to my partner being
self employed, we may struggle to get the mortgage we need to buy a
house and even if we do manage to get it, we still haven't found a house
My partner thinks we should sell the flat anyway as we have been offered
a very good amount for it and will have 33k equity. He's suggesting that
we rent somewhere until we can either get more deposit together if the
mortgage is declined or until we find a suitable house to buy.
I'm in two minds about this as currently my mortgage on my flat is only
around 450 a month and I can rent it out for 900 giving us a profit
every month to pay off of the mortgage.
On the other hand, I understand where he is coming from as he thinks
that if we don't sell the flat now at this high offer then potentially
the prices could end up going down and we would be worse off in the long
Sorry to bang on and hope this makes sense. just so confused about what
to do. Are the predictions for house prices to fall in the uk over the
next few years?
- posted 6 years ago