I think in this current climate, taking such a loss with the price of your house against renting it out for a few years, the latter seems favourable if you can afford to do so.
My house has been up for sale for 2 years. Within that time I've dropped it by 50 grand, and still no takers. I don't want to give it away, so this is why I've decided to go down the renting option again.
Just a bit of advice I learnt though. Tenants who occupy your house and know its up for sale may possibly put potential buyers off.
Mine was let and for sale and the tenants made it really difficult to arrange viewing etc as they didn't want to leave themselves. Your agent is legally allowed to give 48 hours notice to your tenants to enter the property but in reality things don't often go to plan.
Plus those people who want to rent your house and see its up for sale as well maybe put off and therefore you may not find a tenant for awhile.
With the rental market being so competitive as well (as so many people have the same idea) you need all the advantages on your side.
I'm at that point where as long as I have Full Management of my property and I've covered all basis so any problems will be dealt with........l can just forget about the house until the market gets better, whether its 2 or 10 years down the road, I'm passed caring and just want to get on with my life this side of the pond!
Best of luck Alan and family, I hope it all goes to plan,