property market

[toby99]

Would any of you consider moving house at the moment ?

We have an offer on our house (after three years) but I have heard that we are approaching a real property crash which will last 4 years. The value of my house has already come down dramatically and the value of the property I buy would crash leaving me with possible negative equity until it recovers - what would you do?

Thanks for any advice.

[Lakitu]

Is the offer on your house still higher than what you paid for it? If it is then it's worth considering as you will pay a bit less for your next property but leaving you quids in when the market picks up again.

I personally wouldn't move house at the moment, but that's more to do with I'm happy where I am than the current state of the market.

If you can guarantee a profit on current property, despite it's lost value already, if you can guarantee that you will be happy to stay in your next property for at least the length of the crash, if you can guarantee that you will have an income for the duration to make your mortgage payments then why not?

[gravitate]

sell and rent. Then buy 2 houses when real crash happens

[andrea81]

Same here, we have our house up for sale, but we have a lot of equity to play with so will still hope to sell as the houses we are looking at are cheeper anyway!

[Ethel]

The houses round here are selling within 2 months - was yours over valued to start with?

[redcrx]

i would if the house was big enough to accomodate us for a good few years.
negative equity hits hardest with those people who may not be able to afford the mortgage (get fixed) or will be looking at moving on quickly.