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Sold my house (eventually) - leaving the market

I'm going to make two points with this post, perhaps I should make them separately, but never mind.

First, some of you may recall me contributing to (somebody else's) thread on the possibilities of a quick exchange a few weeks ago. Well, I exchanged on my sale yesterday, 9 weeks after the offer. So much for asking everybody to work towards a quick exchange. Of course the buyer then wanted a fast completion to make up the delay, but as I need the time to pack up and put my stuff into store, he isn't getting that.

I was ready to exchange 5 weeks ago, and even the answers from the Managing Agents were available the following week. The thing that held this up was the Mortgage Offer. I've no idea if this was down to the personal circumstances of the buyer (the EA says not, do I believe him?) but was because "the Nationwide offer was so good it was hard to get", Um!

Oh well, all done now.

Second reason for posting is that I am one of those people who has stated (here) in the past, that they think the housing market is overheated and that prices cannot continue to go up (and ought to fall). This is me leaving the market, does my opinion have more credibility now?

I can't see that short term I'm going to be any worse off. I have the proceeds of the sale in the bank, and/or am saving mortgage interest and the interest from the value of the property will (just) pay the rent on a similar property.

I am losing the capital gain (which I believe will be nothing at best) but I am saving on all the costs of keeping up a house. I think I'm quids in (as they say).

My personal circumstances are in my favour. The work that I do is moving to other areas and I don't have a client at the moment. I don't need a house in the area, I need to be able to move quickly when a job does come up and I'm tired of living in digs when I do get a job away from 'home'.

All in all a good deal, I think. I know that some of you will disagree.

Cue long discussion on the subject (or not).

tim

Reply to
tim (back at home)
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In which part of the country?

I don't see UK house prices continuing to rise...

...except in London where the rise since 31st December 1999 has been

25% below the national average, which remains the world destination of choice, and which I see filling up with construction workers, organisers and speculators until an enormorus crash from Summer 2012 onwards.
Reply to
Troy Steadman

Just outside the M25.

You don't see, as in: "you don' think they will" or "you haven't noticed that they still are".

Actually the price that I got for my property is more than I would have done last year, but (probably) the same as the previous year. The market in my area has stablised at the prices from around Summer 2004, but I still think that is too much. I really can't see how the market can support FTBer properties in ordinary towns outside the M25 costing almost 200K

tim

Reply to
tim (back at home)

I've certainly noticed that they still are. If you in the Surrey villages, as opposed to Luton, I reckon they will. I think this is driving it:

"Properties in Chelsea have risen 12 percent this year, said Knight Frank."

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Wealthy immigration-cum-speculation, driving the wealthy out of London into the suburbs and leafy lanes.

Here in SW London prices continue to soar. It will be interesting to see how the new planning regime works out in Kingston. Since February, if you build more than 10 new units, you have to price a stonking 50% of them as "affordable". *And* you have to "pepper-pot" the riff-raff with equal prominence throughout your development.

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I don't anticipate any large-scale house building except by Housing Associations.

Reply to
Troy Steadman

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