Wednesday, Apr 04, 2007
Belfast the new London?
Belfast Telegraph: House prices shatter all records
Today, Belfast is the number one 'hottest regional city' in the UK with prices up 61% - average house price £262,965 - beating off places like Norwich, and the university cities of Oxford and Cambridge as well as Carlisle.
Posted by headmelter @ 10:47 PM (166 views) Add Comment
10 Comments
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1. sold 2 rent 1 said...
For all the new members,
I would like to re-post the Deutsch Bank house price research done in October 2006
http://www.dbresearch.com/PROD/DBR_INTERNET_EN-PROD/PROD0000000000203236.pdf
In summary, Ireland and Spain were most at risk.
The UK was marked as average risk
This research is turning out to be spot on with Ireland now falling and Spain very close behind.
The UK market is running away again because clearly prices weren't high enough for a crash in October 2006.
The start of 2008 will see the UK market turn.
2. Shedders said...
The UK market had topped and if youv'e got ant sense you will sell and purchase Gold and Silver related assets as that's the only way you will save yourself from what is coming down the line namely a depression.
3. enuii said...
Imho the UK market will turn at the back end of June, many less desirable new builds are starting to see incentivised offers such as move in for £1, pay for only 3/4 and well keep the equity on the other bit, £10K cash back, free LCD TV - Stereo - DVD - Playstation??? just sign on the dotted line and this 1 bedroom apartment is all yours. April through to June is the peak the rest of the journey is downhill, slowly at first but as the momentum grows there will be no stopping it and places that have seen the biggest recent rises will be the worst hit.
4. headmelter said...
My missus and I are now talking about STR.
We had originally agreed if the market held until next year she would seriously consider it, her opinion is changing very rapidly.
5. Shipbuilder said...
The NI property market is ALL speculators and greedy fools. It will be the biggest crash of anywhere in the UK. We earn 20% less than the UK average. People literally laugh at me when I mention HPC.
Belfast the new Tokyo.
6. sold 2 rent 1 said...
headmelter,
Timing it is difficult.
We sold our Dublin property finally in Jan 2007.
Prices rose 5.5% in 3 months (May 2006)
The market peaked in June-July 2006
We put the property on the market in September.
Expectations of what we would get were reduced from 420K to 390K in October
Dropped price to 370K by November after several offers fell through
Completed in Jan price 370K
7. European-bear said...
The faster the rise the harder they fall. In the last boom the hotest place was East Anglia with 40% or more HPI in 1988, but East Anglia suffered the worst in the following bust. So the same will happein in Northern Ireland. Like east Anglia there is lots of space its just planning constraints, easy credit and speculation drinving the boom. And they make even less than the UK as a whole.. 60% of Northern Ireland's economy is the public sector
8. Tara747 said...
3. enuii said...
... places that have seen the biggest recent rises will be the worst hit.
I hope so!
5. Shipbuilder said...
The NI property market is ALL speculators and greedy fools. It will be the biggest crash of anywhere in the UK. We earn 20% less than the UK average. People literally laugh at me when I mention HPC.
Belfast the new Tokyo.
Same here, it'll be carnage! Best keep those views to yourself - I would get the same reaction.
9. bidin'matime said...
Headmelter - I can thoroughly recommend STR. Although we jumped the gun possibly, selling in 2005, the time was right for us to move anyway and the effect has been interesting. Instead of spending weekends on the house, we now have much more active lives. We rent a smarter house than the one we sold, but the rent is less than the net interest on the sale proceeds (around 3% of the market value of the house we rent). We have broken free from the feeling that you must own your house to have any self-respect - we talk about renting in different places - we feel much freer as a result. Of course, we tend to take a keen interest in economics and the plan is to buy back into the market when prices have fallen, but at this rate it could be some years. It would be nice to find somewhere nice that we could rent long-term, but we have now moved twice in as many years and it just becomes part of life - set up a spreadsheet with all the names and addresses of all the people you need to notify of your move and use mail merge to create the letters - at the touch of a button, it's all done. Also, we found that moving from one rented place to another was in fact easier, because we had a small overlap period, without the need to complete on both same time. Yes, there are many advantages in STR.
10. inbreda said...
Headmelter - I sold in nov 2002, so I was WAY OUT!!
Even then I have no regrets. STR was the best thing I have done. I went travelling for 3 years afterwards, which is perhaps why I have no regrets. Might have been a bit different if I was a pure STR.
Effectively I have 'lost' a huge amount of money, but my only regret lies in the fact that I tried to buy a second property (on several occassions) from 1997 through to about 2001 but they all fell through.
I twould be nice to do some DIY occassionally but other than that renting (with STR cash in the bank and no debts) is far better than 'owning'. It does make you wonder why so many people make such a fuss about owning their own home.