2buyornot2buy Posted November 18, 2020 Share Posted November 18, 2020 But why don’t people see that those effects could be bad and keep buying at ever inflated prices? I suppose I did the same before the last crash and bought near the top.... Most people are happy to watch I'm a celebrity and carry on. They don't question the world around them. Money is a means to rent the new audi on 4 year pcp and go to Mallorca for a week in July. They see price rises as personal financial success. Until the music stops that's all they know. It's all they want to know. Quote Link to comment Share on other sites More sharing options...
satsuma Posted November 18, 2020 Share Posted November 18, 2020 Most people are happy to watch I'm a celebrity and carry on. They don't question the world around them. Money is a means to rent the new audi on 4 year pcp and go to Mallorca for a week in July. They see price rises as personal financial success. Until the music stops that's all they know. It's all they want to know. Plenty of painters, plumbers, sparks and dog groomers are sitting with a £50000 bouncy cheque loan in their hot little fist. Where do you think this money is going? You guessed it, into "investment property" aka crumbling red brick houses in sketchy areas. Quote Link to comment Share on other sites More sharing options...
2buyornot2buy Posted November 18, 2020 Share Posted November 18, 2020 Plenty of painters, plumbers, sparks and dog groomers are sitting with a £50000 bouncy cheque loan in their hot little fist. Where do you think this money is going? You guessed it, into "investment property" aka crumbling red brick houses in sketchy areas. Won't be many dog groomers, painters and plumbers on 200k turnover. Unless the tradesmen are employing a few of course. I've two companies, a trading and a services company. Took the 50k for both. Not because I need it, but because 2.5% is just crazy. You'd be mental not to. Quote Link to comment Share on other sites More sharing options...
satsuma Posted November 18, 2020 Share Posted November 18, 2020 Won't be many dog groomers, painters and plumbers on 200k turnover. Unless the tradesmen are employing a few of course. I've two companies, a trading and a services company. Took the 50k for both. Not because I need it, but because 2.5% is just crazy. You'd be mental not to. Nobody checked the turnover and they all took the 50k, the country is full of punters looking for any hole to bury the money in Quote Link to comment Share on other sites More sharing options...
satsuma Posted November 18, 2020 Share Posted November 18, 2020 To add to the point above, there are a lot of people who think this is free money and actually will need to start making payments next year, woops if you dont actually have any decent profit. Its going to be a drag on some businesses for years. Quote Link to comment Share on other sites More sharing options...
2buyornot2buy Posted November 18, 2020 Share Posted November 18, 2020 Nobody checked the turnover and they all took the 50k, the country is full of punters looking for any hole to bury the money in Nobody checked but they asked. Repeatedly. No limited liability for sole traders nor for fraud. I expect there will be a HMRC job creation scheme in a few years going after the bounceback and furlough and fraudsters. Quote Link to comment Share on other sites More sharing options...
satsuma Posted November 18, 2020 Share Posted November 18, 2020 Nobody checked but they asked. Repeatedly. No limited liability for sole traders nor for fraud. I expect there will be a HMRC job creation scheme in a few years going after the bounceback and furlough and fraudsters. Well I think you must be right as you are turning over 400k a year (well done) Quote Link to comment Share on other sites More sharing options...
2buyornot2buy Posted November 18, 2020 Share Posted November 18, 2020 Well I think you must be right as you are turning over 400k a year (well done) Wouldn't even touch the wage bill Quote Link to comment Share on other sites More sharing options...
Alistair Campbell Posted November 29, 2020 Share Posted November 29, 2020 https://www.belfasttelegraph.co.uk/sunday-life/news/northern-irelands-hollywood-hills-millionaire-pumps-entire-fortune-into-row-of-dream-homes-near-bangor-39798922.html Quote Link to comment Share on other sites More sharing options...
stingray192 Posted December 1, 2020 Share Posted December 1, 2020 https://www.belfasttelegraph.co.uk/sunday-life/news/northern-irelands-hollywood-hills-millionaire-pumps-entire-fortune-into-row-of-dream-homes-near-bangor-39798922.html These are beautiful, but they have very small plots in Bangor west, in a very over looked location, they are priced 1.5 - 2.5 million a piece, honestly can’t see how they are worth half of that Quote Link to comment Share on other sites More sharing options...
2buyornot2buy Posted February 1, 2023 Share Posted February 1, 2023 Not much activity on the NI forum but hey ho. Was listening to Radio Ulster in the car yesterday morning. Not a Nolan fan but there was an interview with Sam McBride the BelTel editor on out obsession with increased house prices. We'll worth a listen. He even managed to have a good swipe at estate agents and other VI. Had a go at Templeton Robinson saying they said they can't see houses falling in 2007 and the bottom was here in 2009. Both spectacularly wrong on. Quote Link to comment Share on other sites More sharing options...
satsuma Posted February 1, 2023 Share Posted February 1, 2023 52 minutes ago, 2buyornot2buy said: Not much activity on the NI forum but hey ho. Was listening to Radio Ulster in the car yesterday morning. Not a Nolan fan but there was an interview with Sam McBride the BelTel editor on out obsession with increased house prices. We'll worth a listen. He even managed to have a good swipe at estate agents and other VI. Had a go at Templeton Robinson saying they said they can't see houses falling in 2007 and the bottom was here in 2009. Both spectacularly wrong on. I was looking again and am finding a number of properties on the shortlist are dropping in price already, like 5% drops. Several going sale agreed then coming back on the market. Quote Link to comment Share on other sites More sharing options...
Satscene Posted February 1, 2023 Share Posted February 1, 2023 https://www.bbc.co.uk/news/business-64471258 House prices fall for fifth month in a row Quote Link to comment Share on other sites More sharing options...
2buyornot2buy Posted February 1, 2023 Share Posted February 1, 2023 1 hour ago, satsuma said: I was looking again and am finding a number of properties on the shortlist are dropping in price already, like 5% drops. Several going sale agreed then coming back on the market. I've no skin in the game now but I've been having a look around BT9. The market there is dead. Same thing, sale agreed back on. Its going to a be a drawn out process by the looks of things. I've also had a look at some of the new builds in my extended families area in the North West. Would love to have some of what the developers are smoking. Quote Link to comment Share on other sites More sharing options...
satsuma Posted February 1, 2023 Share Posted February 1, 2023 3 minutes ago, 2buyornot2buy said: I've no skin in the game now but I've been having a look around BT9. The market there is dead. Same thing, sale agreed back on. Its going to a be a drawn out process by the looks of things. I've also had a look at some of the new builds in my extended families area in the North West. Would love to have some of what the developers are smoking. BT9 seemed to have got to be very expensive. North West is worse. Quote Link to comment Share on other sites More sharing options...
BelfastVI Posted February 3, 2023 Share Posted February 3, 2023 On 01/02/2023 at 10:24, 2buyornot2buy said: Not much activity on the NI forum but hey ho. Was listening to Radio Ulster in the car yesterday morning. Not a Nolan fan but there was an interview with Sam McBride the BelTel editor on out obsession with increased house prices. We'll worth a listen. He even managed to have a good swipe at estate agents and other VI. Had a go at Templeton Robinson saying they said they can't see houses falling in 2007 and the bottom was here in 2009. Both spectacularly wrong on. It is no secret the market was cooling from about Aug and then Truss put the tin hat on it. Very little activity between that and the end of the year as buyers took a step back to assess what was happening with mortgage rates and the ongoing cost of living crisis. However, since the return from the break the interest and foot fall has been away up and for us the bookings are now coming through. Build costs still going up whilst selling prices are static at best. People who increased prices June/July (which we did) have to take that back off again. I don't know if the increase in bookings will continue for us but the light has certainly been switched back on. Quote Link to comment Share on other sites More sharing options...
2buyornot2buy Posted February 3, 2023 Share Posted February 3, 2023 43 minutes ago, BelfastVI said: It is no secret the market was cooling from about Aug and then Truss put the tin hat on it. Very little activity between that and the end of the year as buyers took a step back to assess what was happening with mortgage rates and the ongoing cost of living crisis. However, since the return from the break the interest and foot fall has been away up and for us the bookings are now coming through. Build costs still going up whilst selling prices are static at best. People who increased prices June/July (which we did) have to take that back off again. I don't know if the increase in bookings will continue for us but the light has certainly been switched back on. Really interesting view from the coalface BVI. Looks like transactions have been dropping August through to December going by the SDLT submissions. Obviously booking won't show up on the HMRC figures yet but it'll will be interesting to see if the declining trend continues and what effect price drops have on sentiment going forward. I can say from a conveyancing POV, I'm hearing numbers are down and there's a marked increase in sales falling through. Quote Link to comment Share on other sites More sharing options...
2buyornot2buy Posted February 3, 2023 Share Posted February 3, 2023 47 minutes ago, BelfastVI said: It is no secret the market was cooling from about Aug and then Truss put the tin hat on it. Very little activity between that and the end of the year as buyers took a step back to assess what was happening with mortgage rates and the ongoing cost of living crisis. However, since the return from the break the interest and foot fall has been away up and for us the bookings are now coming through. Build costs still going up whilst selling prices are static at best. People who increased prices June/July (which we did) have to take that back off again. I don't know if the increase in bookings will continue for us but the light has certainly been switched back on. Also where are you seeing the cost pressures now? I'm going through a big renovation and I've found timber is way way down. Labour is up. Not your area but lime based mortars are way way up too. Quote Link to comment Share on other sites More sharing options...
satsuma Posted February 3, 2023 Share Posted February 3, 2023 Did some viewings recently, seems that there is a few price drops around. Some stuff selling then falling through. Quote Link to comment Share on other sites More sharing options...
BelfastVI Posted February 7, 2023 Share Posted February 7, 2023 On 03/02/2023 at 14:21, 2buyornot2buy said: Also where are you seeing the cost pressures now? I'm going through a big renovation and I've found timber is way way down. Labour is up. Not your area but lime based mortars are way way up too. Timber was one of the first products to sky rocket at the start and timber has come down again. you may not see it in B7Q but wholesale prices are well down. Products that went up massively in the last 6-12 months are anything that goes into an oven. Bricks, concrete floor & wall tiles etc have all had 30% to 40% increases (last 18 mths). whilst I am told wholesale gas prices are away down due to their usage of forward buying many of the manufactures claim to be still paying high prices and we are still getting letters advising of further increases. As noted above construction has slowed massively and hopefully this drop in demand for products will help to bring them down. Quote Link to comment Share on other sites More sharing options...
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