how quickly should we drop the price of our not selling flat?

[MamaChris]

We first put our flat on the market end of last year, lots of viewings, only one (low) offer, and took it off after 2 weeks (when northern rock happened). We've had it back on for the last 3 weeks, at 6% less, only 1 viewing. We need to move by end of year, as my maternity leave ends and I start a new job in Cambridge in January, and I can't commute 1.5hrs each way and never see ds

We are happy to drop the price further, as long as we can afford to buy in Cambridge. But propertysnake says prices there have only come down by

our house has been on since the middle of May, had about 12 viewings

one offer at just under the asking price, but they turned out to be time wasting mutha fucking bastards idiots

we have another 2 viewings this week, then we are going to knock some money off next week and get the agent to remarket again

do you have a lot of equity? in your case would it not be better to get rid of your flat and rent in Cambridge?

renting is our last resort option. don't like the idea of setting ourselves up to move again in a year or whatever. and our mortgage is quite small, so whether it's worth it depends on whether the house we buy will fall in price by more than the rent we'd pay (say, max £2k/month for 1 year = £25k). my income wouldn't cover that so we'd be paying it out of whatever we get for selling current flat, thus reducing future purchasing power. I know everyone says the market's in freefall, but it still feels like a gamble!

we are selling our flat it was valued at 265 with a vue to getting 250 in febuary, but due to market now we are putting it on at 215 with a view of getting 200.
We have had an offer of 210 with us giving 10k gifted deposit so in effect we get 200. The women was originally gonna rent it from us but there were too many complications
Just hope it all goes through so in real terms we have knocked a good 20% off the original price

Do you have to live IN Cambridge? I live outside and travel in, property is a lot cheaper on the outskirts.

mamachris remember you could put your equity in a high interest account and put that interest towards your rent.

We've done this and it means that we're £1k a month up even after rent has gone out.

Of course you still have to sell your flat

fishnet, hadn't thought about the interest - doh! that could make a big difference. will have to get my calculator out. thanks

maryBS I don't drive, so would like to be cycling distance to work (South Cambridge) otherwise it's public transport. And as ds will only be 11 months my aim is to minimise travelling time to maximise time with him. we'll have a look how quickly the price drops as you move to the outskirts, but my impression is that there isn't much difference if you're looking at the southern villages as this seems to be commuter belt. and yes, we do still need to sell this millstone flat!