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To sell or not to sell

We downsized 3 years ago with retirement in mind, borrowing against our existing property to fund the purchase. The intention was to buy the second house, advertise the first house and by the time the 2nd property was ready to inhabit the first house would be sold. Trouble is the banks and housing market crashed soon after the purchase! We have the first property rented out but desperarely need to sell it to clear the mortgage as retirement looms. Question is - should we or shouldn't we sell? According to Zoopla, the market price has dropped about 5% in the last 3 years. How realistic is this in this area? The house was put on the market 3 yrs ago - underpriced at £245k (under the tax threashold) to attract buyers. The realistic price with escalations since we bought should be £270-290k, so a 5% drop could still keep it around £250k mark.

Asked on Jun 6 2012, General in Sheffield | Report content

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