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About nigooner
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My gut says a larger drop in prices, would love to see a worked example of the impacts of the cost of living/interest rate/inflation on the new mortgage stress tests and what an average salary would have got you 3 years ago compared to now.
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What’s the maths behind a 10% fall?
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“house prices to drop by up to 30%” https://www.thetimes.co.uk/article/house-prices-will-fall-by-up-to-30-in-next-year-lenders-warn-9tjkkdvng?shareToken=09a8a35e8dd28ebed6031c9e5e532b10
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https://www.ft.com/content/b755ce04-bbb6-48d5-afbd-fef35833e3bd Morgan Stanley with some grim reading for the UK housing market
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Good EA’s earn their fee managing the sales process through to completion, anyone can advertise properties and conduct viewings. Selling your house is a very personal thing and with that comes heightened emotions and sensitivity. EAs act as a good buffer/filter from vendors giving off to them rather than the buyer directly, which would easily derail the sale. Eg, an issue with the building survey, last minute change in price, etc. Rather than both parties going at each other all guns blazing and falling out, agents can filter the responses accordingly and ease the deal to completion. Im not an EA, but have used a few different ones in the past.
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Same here, got it all wrong. Although when I was at my most pessimistic there was no furlough, SEISS, bounceback loans or CBILS- the economy would have totally collapsed without those. Instead, the government have done all they can to keep it going and then added fuel to the fire with SDLT holidays. Although I still get the sense that most people out there are oblivious and the world is one great magical place where the economy will never retract. Bonkers, considering furlough hasn’t even ended yet. I’m still convinced the NI market is in total bubble territory though, I wouldn’t be buying a new house myself at this moment in time. Although god knows what level of boom will come here if the DUP don’t succeed in their attempts at scuppering NI’s unique position of being in two trading markets at the same time!
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Residential Property Price Index exclusive thread
nigooner replied to 2buyornot2buy's topic in Northern Ireland
Q2 2021 at this rate 🙄 -
If it’s a new full planning application you’re submitting you’ll have 5 years from the date of approval.
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Quite the u-turn in advice from Saturday, from walking away to now entering into contract.
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Yes, you’ll probably have to explain your plans to the agent/vendor to let them understand that you’re not planning on submitting an unrealistic application. If the planning app is realistic and you can support it with reports and feedback from architects etc, then they might be happy to give you time to go for it. You can exchange contracts on that basis, so they have the sale secured, and you have the site secured knowing that nobody else can nip in ahead of you while you’re going through planning.
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Can you get a deal done subject to planning? At least you can have a punt without the vendor selling it to someone else.
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I always thought gold was just bought on an index and you just get a certificate or whatever, didn’t realise you actually had to store the thing yourself!
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This was your own generalisation. Give me 6 acres in cultra for £100k any day thanks.
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you’ll not build a passive house for £70-80psf. I don’t think you’ll build a standard house at £80psf anymore, the cost of certain building materials has sky rocketed in the last year or two. Also add in a healthy budget for professional fees, developer costs (utilities, etc), landscaping, costs of finance- all the things that aren’t covered by the build cost (or a fixed price jct contract). You’ll save SDLT buying the site on a self build mortgage and then remortgaging when built. If you’re getting the current owner to build it and then buy it off him, you’ll be paying full SDLT. in terms of passive haus- you’ll save a lot more going for ‘almost passive haus’, full passive house certification is beyond the point of diminishing returns in terms of build cost. Simple things like only triple glazing one side of the house (depending on which side gets the sun) can save cash and not impact the energy efficiency too much. Check into grants for your m&e, I know in England you can get grants to cover some renewable things like heat pumps etc. To make general claims that £100k for a site is too much for NI is of no use to anyone. A site for a 3500sq ft house in Cultra is worth more than £100k. But even if the generalisation was correct, most sites don’t come with an additional 5 acres, so that explains the difference in the generalisation. Speak to a good QS before you start with a view to appointing them as employers agent- they’ll handle all the finer details (that most self builders overlook), handle the tendering, can project manage etc. The money you pay them should be a fraction of what they save you in build cost. Another route is getting them to do the project on a construction management package, where each stage is tendered individually (rather than appointing one contractor for the whole project). Essentially the sole contractor is pricing in a lot of risk money for the project, and he’ll go out and sub contract all the individual stages anyway- so the CM route saves you that risk premium with the QS handling it all for you.