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OP - it is entirely up to you - your "sale" has not completed nor is it very far in process.
In light of the comments why not just cancel the sale with genuine reason that you have you need more time to plan YOUR FUTURE! You are not obligated to sell , .
Take some more time to plan and put the house on the market when you are ready, the prices and trends will then closer match your financial risks , right now is a very bad time to be uncertain - reset and take control!
I don’t mind spending 12k in rent if we can find a property we actually like.
A budget of twelve grand for 6-12 months? I'd be looking at buying a static caravan.
A budget of twelve grand for 6-12 months? I’d be looking at buying a static caravan.
You've not looked at static caravan prices recently then.
Or the site fees of at least 3k for a year....
Jamz – at the moment it’s both. Borrowing is cheap, probably will be for a while, and demand is high with low stock so prices increase.
What you will see is the current situation tapering to flat, but as was said elsewhere on this forum, we won’t see a crash like the 80’s or 2008 under this government.
Also, we need 2million homes built in this country and the builders are doing about 100k a year. Demand will remain strong.
Yes but the interesting question is how much of the demand is a product of low rates? How many are buying second homes because of cheap mortgages? How many are relocating and renting out their old houses (my 29 year old family member and his partner are - they are not even interested in the captial gain, they just like having the bit of cash which is the difference between the rent and the mortgage payment!!) How many more are buying as investment properties? If Lloyds bank are now doing it for the first time you can bet that plenty of cash rich folk are, right from the middle classes all the way up. Why would you not when it's so cheap to do and demand is so strong?
Honestly, i wouldn't worry about it, house prices may, or may not increase over the next 12 months, the data points more to a slow rise than any dramatic movement, so effectively you're not going to feel any real pain i would guess.
The benefits of course are when you do hunt, you are no longer in a chain, so more wiggle room to get a house for a better offer, you will have 12 months to investigate areas, so more time to work out what you want, what prices are and more time to check over properties, the rush aspect of moving isn't there, you can change plans in the next year or so as well, so more flex if anything else in life is affected, plus you should save some money via renting to get finances in a better position come the mortgage application.
The negatives for me, well yes, house prices could increase, but after a tax increase yesterday, and the nation coming out of a nightmare 2 years i would hedge against huge increases. The other negative could be getting a decent mortgage, i can see interest rates going up, it almost has to happen after the last couple of years, so more expensive mortgages and more difficulty in getting them.
House prices will go up by me as we now have the joy of Chinese investors buying up properties to rent out, good for the trades bad for everyone else. Good luck.