Argh...do we sell or let our house?

[SpawnChorus]

Here are the key facts:

We bought a house in Aldershot (Hants) in 2006 and moved to Edinburgh in 2008.

We've been letting it out as we had a five yr fixed rate mortgage and didn't want to pay the early redemption fee. We still have one year to go at the fixed rate.

the current tenants are moving out at the end of May. It's part-furnished which might make it tricky to find another tenant.

I can't get a straight answer from the agents in the area re: the state of the market. The letting agents are saying hold on for another year as prices are likely to go up (partly due to improvements due in Aldershot in prep for the Olympics), and the estate agents are say we should sell now as the market is good, and it may stagnate when interests go back up (in a year or so according to them ).

Both the letting agents and estate agents are falling over themselves to keep/get our custom, and they both sound ridiculously optimistic about finding tenants/buyers. I just don't believe them!

i'm thinking we should just try to sell it, as it's a bit of a millstone around our necks at the moment. We usually just about break even, but the thought of any major repairs or void periods fill me with horror!

What do you think?

Oh, forgot to add that the estate agent has valued it at the same price that we bought it for in 2006, and I'd be happy if we achieved this. He also says that he doesn't think we need to tart it up / redecorate in order to sell it. I'm pretty dubious about this! It's had two lots of tenants in it and I'm sure it's looking a bit grubby by now.

bump

Oh go on...I'm going to resort to tossing a coin in a minute.

Have you been on rightmove to see if other houses similar to yours in the same area are selling? If they are on the market for ages and not selling I think you have your answer.

Since your tenants are moving out anyway, why not try putting it on the market and see how you get on? Like you said, if it is a millstone then selling it sounds like the best option to me if you can get a buyer!

notasize10 - is there a way of knowing how long properties have been on rightmove, or do you just have to keep checking?

Not on rightmove but if you go on globrix.com they tell you how long it has been on the market.

FWIW I would sell as long as you don't actually lose money - but I see peoprty as a home and somewhere to live and find predicting house price trends quite exhuasting! We got rid of a flat recently and made about £250 but I was very relieved to get rid - no more hassles plus we weren't saddled with a short lease in need of renewal.

You can always put it up for sale and rent at the same time & see what happens first/easiest?

Sell!

The housing market is falling again and so are rents. The Bank of England is already eyeing up raising rates after the election and there is bound to be severe cuts in public spending too. Tough times are ahead.

If you really feel undecided, sell in Hants and buy in Edinburgh if you do not already own a house there. The Edinburgh market is somewhet supported by the presence of the Scottish Parliament.