Northern Ireland

[Jacko79]

I just came across this definition of a Speculative Bubble -

A temporary market condition created through excessive buying that causes unfounded run-up in prices.

Speculative bubbles are generally a result of the "bandwagon effect". Investors, seeing an upward trend in prices, quickly enter long positions in an attempt to participate in a stock's profitability. Typically, these bubbles are followed by even faster sell-offs once the prices begin to decline.

So closely matches what is happening in the NI property market that we could be a perfect case study for the students of tomorrow!

[tara747]

Did any of you see the article in the Daily Mirror yesterday by a women (cant remember her name) who is a mortgage broker saying that she sees Nationwide's prediction of a 5% drop for NI in 08 as a "conservative estimate", and predicts around a 20% fall, especially outside Belfast?

Have you got a link? Sounds interesting! This is powerful stuff, if people are reading it in the tabs then sentiment has turned!

To everyone else (especially Serpico) thanks for the anecdotals. Funny how the banks have turned on the developers so quickly!!

[Sogy]

she sees Nationwide's prediction of a 5% drop for NI in 08 as a "conservative estimate", and predicts around a 20% fall, especially outside Belfast?

Of course, 5% is conservative, I'd say even 20% is conservative. I'll bet on 50%, like last year. And why does she say "drop", when it's going to be an increase? Should be a typo

In fact we already see a great growth - in the number of properties on PropertyNews: it is 21760 right now! That's a good sign - we have such a choice!

Edited December 20, 2007 by Sogy

[WasSeller (ex-WouldBe)]

Happy Christmas y'all, and Happy New Year.

[superbrugha]

Hot off the press

The Balmoral Clinic has closed it's doors.

We are talking heavy losses for the Medical consultants.

A lot of pain on the Malone Road tonight

[YoungFTB]

Never ever buy a property leasehold that includes flats luxury aprtments you will neber own the land

they sit on and the only real value is in the land not the building.

I think a lot of houses in Northern Ireland are only leasehold, what happens when the lease of a property runs out? Is it renewed?

Btw Merry Christmas everyone!

[superbrugha]

I think a lot of houses in Northern Ireland are only leasehold, what happens when the lease of a property runs out? Is it renewed?

Btw Merry Christmas everyone!

LOL

No It reverts to the leaseholder

Think Duke of Westminister

[FrustratedFTB]

Merry Christmas and Happy New Year everyone!

I am going to be trying hard not to visit this website over the next two weeks!

Might be hard being one of the few non property owning members of the clan and all the advice that I might get over the holiday period. Though even some of the most Bullish mates of mine have said recently oh wait till later on in the year you get somewhere cheaper!

New Year resolution: learn some patience!

[YoungFTB]

LOL

No It reverts to the leaseholder

Think Duke of Westminister

Oh dear.

Did something similar happen to all the houses in the Conns Water area of East Belfast, I think I remember hearing that the leases ran out and a developer bought the land and redeveloped the entire area with new houses. Is that basically what happened in that area?

[Serpico]

Oh dear.

Did something similar happen to all the houses in the Conns Water area of East Belfast, I think I remember hearing that the leases ran out and a developer bought the land and redeveloped the entire area with new houses. Is that basically what happened in that area?

Well don't say you have not been warned, flats apartments are a no no, many year ago a friend and myself bought a derelict Victorian factory a huge place on a prime site in Liverpool with the intention of building a new car showroom and workshops but the franchise we were after did not matrialise, so we just left it idle for six years and moved on to other things.

We had bid on it from a guy in the Isle of Man who wanted to build sheltered housingon the site. in our over exuberance at the time of purchase or a solicitors **** up it got over looked it was leasehold, then we found we did not own it, the place had reverted to the Duchy of Lancaster ( the Queen) and we owned nothing.

You have been warned.

Only ever seen one house for sale in North Antrim myself that was leasehold, that was a bungalow at Toberkeigh near Bushmills.

[tara747]

Hot off the press

The Balmoral Clinic has closed it's doors.

We are talking heavy losses for the Medical consultants.

A lot of pain on the Malone Road tonight

Wow.

hi, take a look at the link below, interest article about glut of city centre apartments in large cities, so much so that some major scheme's are being mothballed due to totally changed credit landscape resulting in the bottom falling out of the BTL market. I'll be interested to see if the same occurs in Belfast, given that there are still a number of major schemes in the pipeline here. I dont doubt that a number of those who have recently 'booked' apartments but who have not yet signed contracts are thinking twice and backing out...

http://www.thisismoney.co.uk/mortgages/buy..._id=56&ct=5

regards to all

Already happening in the Republic - see the property pin, boards.ie and AAM. All full of tales of specuvestors and OOs trying to get out of contracts.

[mmca22gr]

Well don't say you have not been warned, flats apartments are a no no, many year ago a friend and myself bought a derelict Victorian factory a huge place on a prime site in Liverpool with the intention of building a new car showroom and workshops but the franchise we were after did not matrialise, so we just left it idle for six years and moved on to other things.

We had bid on it from a guy in the Isle of Man who wanted to build sheltered housingon the site. in our over exuberance at the time of purchase or a solicitors **** up it got over looked it was leasehold, then we found we did not own it, the place had reverted to the Duchy of Lancaster ( the Queen) and we owned nothing.

You have been warned.

Only ever seen one house for sale in North Antrim myself that was leasehold, that was a bungalow at Toberkeigh near Bushmills.

AFAIK you can buy your leasehold for a fixed fee of something like 10 times the annual charge.

Also found this interesting

http://www.propertynews.com/brochure.php?p=PNC309827 - "The Private Tenancies (Northern Ireland) Order 2006"

[Lizzy]

I read yesterday quotes from Grapevine, Sold to rent and Superbrugh discussing Derek Harrison and Joyce Estate Agents.

You are completely wrong in the allegations that you say you can "confirm" - and the Police have been notified and presented with copies of your postings.

Perhaps you should spend less time telling lies and spreading malicious rumours, and more time wondering when the police will come calling for you...

:angry:

[DotBomb]

I read yesterday quotes from Grapevine, Sold to rent and Superbrugh discussing Derek Harrison and Joyce Estate Agents.

You are completely wrong in the allegations that you say you can "confirm" - and the Police have been notified and presented with copies of your postings.

Perhaps you should spend less time telling lies and spreading malicious rumours, and more time wondering when the police will come calling for you...

:angry:

Im hoping they are spending their time going after drug dealers, murders and serious criminals than people at worst making up stories on a forum that you have to hunt out on the internet, and trawl. Im hoping you havent distracted them from these more serious issues.

[Belfast Boy]

I read yesterday quotes from Grapevine, Sold to rent and Superbrugh discussing Derek Harrison and Joyce Estate Agents.

You are completely wrong in the allegations that you say you can "confirm" - and the Police have been notified and presented with copies of your postings.

Perhaps you should spend less time telling lies and spreading malicious rumours, and more time wondering when the police will come calling for you...

:angry:

That made me laugh. I hope the police book you for wasting police time.

Helen Carson will be coming after me next

[Sogy]

21800 surpassed on PropertyNews.

Looks like the market is picking up again!

[mmca22gr]

I read yesterday quotes from Grapevine, Sold to rent and Superbrugh discussing Derek Harrison and Joyce Estate Agents.

You are completely wrong in the allegations that you say you can "confirm" - and the Police have been notified and presented with copies of your postings.

Perhaps you should spend less time telling lies and spreading malicious rumours, and more time wondering when the police will come calling for you...

:angry:

what an interesting first post. I hear that you are, allegedly, an arsehole. Please come back again and give us some of your vaulable insight.

[ravedave]

Hot off the press

The Balmoral Clinic has closed it's doors.

We are talking heavy losses for the Medical consultants.

A lot of pain on the Malone Road tonight

Do you have a source you can provide for this?

[paulm]

As a result of a request from King & Gowdy Solicitors acting on behalf of Derek Harrison, Jayne Doherty and Joyce Estate Agents Limited, the owners of HousePriceCrash.co.uk wish to confirm that we have removed posts 6042,6043,6044,6051,6053 from this thread, which allegedly contain defamatory information about the above.

In their letter to us, King & Gowdy have stated clearly that the allegations made against Derek Harrison, namely that: he is in financial difficulty, he offered violence to a Northern Bank manager and he has been ordered to sell his properties, are all untrue. They have also told us that Joyce Estate Agents is not in any financial difficulty.

As per our forum rules, Housepricecrash.co.uk does not have the resources to get involved with individual disputes and so we may take action to censor posts which are potentially libellous:

http://www.housepricecrash.co.uk/forum/ind...?act=boardrules

If you wish to make a claim or statement about someone that may be damaging to that party please consider the impact of this carefully before making a post, and make sure you can back up any claims with evidence. In the absence of this, housepricecrash.co.uk can make no guarantee that we will keep such contentious posts live on the site.

Regards,

Paul & Brendan

Fubra Limited

[mmca22gr]

As a result of a request from King & Gowdy Solicitors acting on behalf of Derek Harrison, Jayne Doherty and Joyce Estate Agents Limited, the owners of HousePriceCrash.co.uk wish to confirm that we have removed posts 6042,6043,6044,6051,6053 from this thread, which allegedly contain defamatory information about the above.

In their letter to us, King & Gowdy have stated clearly that the allegations made against Derek Harrison, namely that: he is in financial difficulty, he offered violence to a Northern Bank manager and he has been ordered to sell his properties, are all untrue. They have also told us that Joyce Estate Agents is not in any financial difficulty.

As per our forum rules, Housepricecrash.co.uk does not have the resources to get involved with individual disputes and so we may take action to censor posts which are potentially libellous:

http://www.housepricecrash.co.uk/forum/ind...?act=boardrules

If you wish to make a claim or statement about someone that may be damaging to that party please consider the impact of this carefully before making a post, and make sure you can back up any claims with evidence. In the absence of this, housepricecrash.co.uk can make no guarantee that we will keep such contentious posts live on the site.

Regards,

Paul & Brendan

Fubra Limited

Well that post has certainly killed this thread!

It reminds me of the play within the play in Hamlet - "the lady doth protest too much, methinks"

[Guest sold2rent]

I read yesterday quotes from Grapevine, Sold to rent and Superbrugh discussing Derek Harrison and Joyce Estate Agents.

You are completely wrong in the allegations that you say you can "confirm" - and the Police have been notified and presented with copies of your postings.

Perhaps you should spend less time telling lies and spreading malicious rumours, and more time wondering when the police will come calling for you...

:angry:

Lizzy, can you please tell me what I said in my post that was incorrect.

[superbrugha]

LOL

I wouldn't lose too much sleep over this one Sold2rent

As regards my post it reminds me a bit of the time two masked gunmen were spotted at Dungannon Councils offices.

The local politicians were climbing over each other, to escape the killers, no, but to get in front of the cameras to claim that they had been the target of an assassination attempt.

There's a man called Smyth or Symmington from the Dungannon area who is sleeping with his employer's wife.

I'll be very interested to see who steps forward to get this post removed

[sdoey]

we should be glad that some people who used to be busy now have time to trawl the internet all day looking for something to offend them.

lol! Exactly!!

Well said doccyboy

Its amazing to see when you walk past EA's in my local town, they all seem to be surfing the net! Changed times!

Probably trawling jobcentreonline.com !! lol

[Vespasian]

Just catching up, interesting reading and Happy Christmas, folks!

Can anyone confirm the Balmoral Clinic alleged news?

Looks like we are all going to have to start using the words allegedly and rumour has it more.

Just asking an opinion. We often look at rateable value as a sign of property overpricing e.g this "average priced house"on for 250k

http://www.propertynews.com/brochure.php?r...mp;p=CPCCPC0738

rateable value 125k

http://vlistdcv.lpsni.gov.uk/propertydetai...7174&rn=347

I gather rateable value is based on early 2005 prices and I even remember some owners at the time shouting about how they shouldn't pay more rates because their property had shot up in value etc.

Based on 4x average salary, this house should be worth about 85k

So, will we be finally happy when houses hit rateable value, or will some want to wait further? I suppose it all boils down to affordability and individual circumstances

For me, myself and Mrs. Vespasian hope to buy in late in 2009, and hope prices have fallen 40%? Anyone else got any thoughts, or deadlines?

Edited December 21, 2007 by Vespasian

[YoungFTB]

Well don't say you have not been warned, flats apartments are a no no, many year ago a friend and myself bought a derelict Victorian factory a huge place on a prime site in Liverpool with the intention of building a new car showroom and workshops but the franchise we were after did not matrialise, so we just left it idle for six years and moved on to other things.

We had bid on it from a guy in the Isle of Man who wanted to build sheltered housingon the site. in our over exuberance at the time of purchase or a solicitors **** up it got over looked it was leasehold, then we found we did not own it, the place had reverted to the Duchy of Lancaster ( the Queen) and we owned nothing.

You have been warned.

Only ever seen one house for sale in North Antrim myself that was leasehold, that was a bungalow at Toberkeigh near Bushmills.

I really do appreciate your advice, I do not intend to buy an apartment but I am interested in all the details of leasehold.

One more question

If a house is leasehold, is it possible to pay a fee to purchase the freehold for the land that the house is on?

AFAIK you can buy your leasehold for a fixed fee of something like 10 times the annual charge.

Interesting, got anymore info on this? And I take it that does not and could not apply to apartments

we should be glad that some people who used to be busy now have time to trawl the internet all day looking for something to offend them.

It looks like NI EAs monitor this thread more than we think.

So, will we be finally happy when houses hit rateable value, or will some want to wait further? I suppose it all boils down to affordability and individual circumstances

For me, myself and Mrs. Vespasian hope to buy in late in 2009, and hope prices have fallen 40%? Anyone else got any thoughts, or deadlines?

Personally I'll review my financial situation at the end of 2008.

I'll review how much the prices have dropped, will they drop by 20% in 08 like many predict.

If I'm happy with my financial situation I may place a few bids at 20% below asking price at the start of 09 (If prices fall 20% in 08)

It just depends on a number of factors, everything seems so uncertain at the moment and things can change very fast.

Also it just depends how long it takes to get to the "desperation" stage, at that stage any bid may seem reasonable so we will see

One thing I know for certain, as a First time buyer I am finally seeing some light at the end of the tunnel and I am very thankful for that.