Selling up to cash out and rent, HELP!

[Pickles37]

My DP and I currently have a mortgage in a house we dislike and an area we detest, so now the market is at an all time high we've decided to sell up, cash out and put profit aside into a high interest savings account for another mortgage in the future or a possible self build. As it stands we're really struggling to find somewhere to rent because of the high demand and are not completely sure of the process...anyone done this move within the last couple of years that could shed a little light?! Becoming quite desperate to relocate and upgrade our living situation as soon as humanly possible, both DD & DS are growing fast and we're keen to give them better surroundings!!!

The only trouble with this plan is that if the housing market keeps going up, you’ll get left behind.
It is wasted rent but as a short term plan it’s ok.

It may seem crazy to most, but we're taking a leap of faith and if we get left behind, so be it. We're both very aware it is not the 'norm' to jump off the property ladder but are increasingly depressed where we are. We've made the decision and honestly, it's the first thing I've been excited about in years, like a weight has been lifted!

We have considered this ourselves, but ultimately decided not to. Largely because we have young children and the current rental market is terrifying where we live. I can’t imagine the stress of being evicted and having nowhere to go, but unfortunately that’s the reality for an awful lot of people.

I also have friends who had a similar plan 3 years ago, when they also believed the market to be at an ‘all time high’. They now need to find a home ASAP as they have another baby on the way and can’t afford an extra bedroom at rental prices, but are quickly realising that the money they put away 3 years ago isn’t anywhere near as much of a deposit as it was then.

Goodluck. I hope someone is along with better advice for you soon.