Wednesday, Feb 28, 2007
Belfast 4 bedroom houses heading towards the million mark
BBC: 'Hysterical' buyers driving market
Developers have been knocking on doors of large houses in fashionable parts of Belfast, trying to perasuade homeowners to sell the house, so the developer can convert it to flats. Prices have reached frenzied levels, and first time buyers are becoming incredibly squeezed. Some parents are buying for their children now, before they move out, as they worry that leaving it any longer will make it impossible for their children to obtain a property.
Posted by jellycaster @ 10:06 AM (37 views) Add Comment
10 Comments
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3. dohousescrashinthewoods said...
Doomed, surely.
This could put Ireland back in the stone age when it bursts?
4. Shipbuilder said...
The Titanic has left the docks and still people are swimming after it, desperate to get on board.......
5. inbreda said...
Indeed.
The fact that parents are buying for children too young to buy themselves is merely bringing demand forward, which will exacerbate the lack of demand in the future.
If future FTBs are 'buying' in the present, and their would-be-future purchase would have happened at a time when the baby boomers are dieing or downsizing it will be a very very big mess.
Families would be better off emigrating if they want their kids to have a chance of owning.
6. Shipbuilder said...
Northern Ireland has never had a housing crash, housing has until now been reasonably affordable - people simply have no experience of this here - I believe our very inward-looking attitude has meant that people are missing the big picture in the UK and world economies.
We are like a third world country that has been flooded with free cash - the most successful BMW dealership in the world is in Belfast - and designer boutiques popping up all over the place. Yet the majority are employed in public service and wages certainly haven't shot up in the last decade - people are going mad with their money and all sense has gone out the window. When professional developers offer twice the going rate for property in an already over-inflated market, only to turn that property into flats (the poorest performing property type in all other regions), in a market already saturated with flats, you know there's going to be trouble.
7. bidin'matime said...
inbreda said.. "Families would be better off emigrating if they want their kids to have a chance of owning."
Or maybe just doing nothing and waiting. What a mess.
8. Chilli said...
"But housing analysts say the rental market is almost saturated and there are many vacant properties"
That should keep rental yields low.
9. mrmickey said...
When the crash comes people will shun property and only buy for somewhere to live rather than as an investment, when I bought my first house in 93 I remember the estate agent telling me not expect prices to go up just treat it as somewhere to live.
10. enuii said...
Investing in residential property is like stealing money from the next generation, we are robbing the majority of our children of a sound financial future.