Do you think that the housing market will ever pick up? (UK)?

Question

my house is up for sale,there has been no interest, even though we have reduced the price 3 times. my husband has spoke to a company that will give 75% of value, I really hate the area where we live and am desperate to move away so my kids have a better life. Would you take this offer and make hardly any profit or wait until the market picks up but what if it never does, thanks for any advice, we are desperate!!!!!!!

Answer 1

Like all markets, the real estate market will also experience boom and bust and boom and bust and boom.....(you get the picture). But not all regions will experience the same boom and bust rates.

The question is how long? It could take a year just for the market to stabilize, and several years later for it to rise again.

Answer 2

On the positive side you say you would hardly make any profit which means you are at least in a comfortable position and have options as opposed to homeowners who could be facing 'negative equity' and be trapped by it.

The housing market will certainly pick up but it could be years. I think your decision should be based on the price of houses in the area you want to move to as remember the flip side is they will be greatly cheaper than they would have been otherwise and you may be able to get a great deal. It's all relative really. I would do some reasearch - you may be able to gain more on a new property at a knock down price than you will lose on your own.

The main issue I would think about is getting a new mortgage - rates are rising and most companies will now only lend 75% of the property's value.