Selling up?

B

bigste

Guest
Hello everyone looking for a bit of advice.

I currently own 2 properties in Dublin, both of which are rented out at present. Ive recently moved to England which is why i rented out my PPR. Im thinking of buying in London while im living here and then renting it out when i move back home next year.
My problem is i am thinking of selling the house in Dublin which i stand to make in excess of 170k profit(bought for 230k and now worth 400k). This property has been my PPR until 4 months ago. Should i sell it and invest the money elsewhere or if i held onto it with a view of hopefully making a greater profit in the future?
All advice welcome.
Bigste
 
Sorry. New to posting. Do i move it r is it moved already.
 
Of course the simple and accurate answer is no-one knows. Whatever you do is a risk/gamble.

All I can say is that it has been widely reported recently that prices in Dublin have stalled and in some areas are falling.

Whereas I believe prices in London are increasing. Also, you should check this, but I would presume yields in London would be higher than Dublin since Dublin yields are a joke...which would indicate to me that there is greater scope for increases in London. But like anyone who answers, I don't actually know the correct answer...
 
If you intend buying in London you would probably need to sell your Dublin property (unless you are wealthy?) as a 1-bed apartment in the East End would cost Euro 400K today and you wouldn't get a soulless small 3 bed ex-council terrace for less than Euro 480K http://www.rightmove.co.uk/search.rsp?lo_u=70417&lo_n=London+Fields%2C+East+London&se_c=1&poi_e=0&poi_n=0&nh_st=1&stc_s=false&ma_p=250000&tr_t=buy&pa_n=2&eventsubmit_dosearch=1&initial_search_time=1169300200615 http://www.houseweb.co.uk/house/market/graph.html

You are probably aware that the base interest-rate has just been increased to 5.25% with another rise expected shortly after last week's news of rising inflation. Property ownership in the UK also entails Council tax and water-rates and you need to add on transaction costs for selling in Dublin and purchasing in London. The property market in the UK is very different to that in Ireland and as far as I know from acquaintances who are professional landlords their gains flattened a couple of years ago whilst the work involved (legislation in favour of tenants, health-and-safety requirements in rented properties etc.) increased so capital gains are meagre. On the other hand if you are renting a house or apartment for 1 - 2 years the rent is your total outlay.
 
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