Should I stay or should I go

[poorrelative]

Put house on market almost 6 months ago as was very interested in buying a particular property which unfortunately fell through. Decided to keep house on market anyway since the house we were interested in previously fell through because the vendor wouldn't even entertain an offer unless we were sale agreed.

Since then we have had about 10 viewings. Recently we were made an offer very close to the asking price from a FTB. This offer would be equal to ~90% of the May 2006 value (peak).

However, although we would prefer a bigger house we simply haven't seen anything suitable yet within our budget. We are half tempted to go ahead with the sale and rent for a while in the hope that something will come along. In this way we would have about 150 K of equity after solicitors and EAs fees and be in a very good bargaining position onve we do see a suitable property.

Meanwhile we could stick the 150 K in a deposit account or buy a load of sterling or dollars (with maybe 50k of it..risky I know but we could afford not to have access to that 50k for the next purchase).

My understanding of CGT is that we would be liable unless we did purchase again within a year.

Just wondering what peoples thoughts would be on this situation as we have to make a descision soon.

 

[Thomas22]

I think the selling and renting is a great idea.

..not too sure about the €50k into GBP or USD. Do you have any understand of that type of risk or investment?
Why not put the money into your pension? Or give it to a professional manager for you

 

[Butter]

If the house you sell is your principle private residence, then you will not be liable to cgt. Doesn't matter when you buy again.

 

[poorrelative]

thanks for the replies guys..thats very food to know about the CGT as I wouldn't like to feel presurrized into buying.

I already putting evrything that I would be paying 41% on into pension so imo no point in putting in any more.

Re the risks of buying GDP...I am from the North and visit family regularly...even if GDP weaken even further then I could simply spend sterling when I am up home (I generally always buy my cars there anyway and will need to but another soon I reckon)