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House Price Crash Forum


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About reg79

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  1. Know someone currently in the process of getting quotes from contractors at the moment for a new build bungalow. Getting quotes slightly over the £50sq ft mark for a builders finish. If you were project managing the thing your self you could maybe bring that down slightly. Decreased labour costs are being negated to a certain extent by rising raw material costs it seems.
  2. OPP is valid for 3 years from the date of approval. Within that 3 years you have to make another application for what is termed "reserved matters" - basically submit full plans of your proposed dwelling and site. This is valid for a further 2 years or 5 years from the date the original OPP was granted. Think FPP is valid for 5 years from the date of approval. As long as construction has been started on the site within the time frame of approval then the approval is valid. What I have saw in a few cases recently in my local area is that the foundations have been laid (taking advantage of keen labour prices) and the site is then being left. People who got sites passed on family land or builders who can afford to do so for example are taking advantage of this to keep sites "live". I would have designs on buying a site myself but not at the currently inflated prices. I am not so sure if they will drop that much or not. Distressed sellers will have to bite the bullet at some stage but a lot of vendors will be able to sit things out and keep their sites live until the general economy picks up (which it eventually will it may not be in the next 5 years but it will turn eventually) and the implications of PPS21 eventually kick in.
  3. Thats what I was thinking as well. How many FTB's, STR's etc want to purchase a new build, build their own home, buy a renovation project? I would think a fair few? It got me thinking on the fact that the rising cost of materials could have a big effect on how far prices drop. In all types of business the cost to a vendor to replace stock influences the price he has to sell the stock at. Houses that have to be sold for whatever reason (such as repossesion, struggling to keep up with mortgage payments) will be and those fortunate enough to have the money in place or access to the finance to make the purchase possible will get a bargain but what will happen in a case where a vendor does not have to sell? All I know is I wouldnt like to be building a house at the moment as the build costs are spralling up and up. Yes exactly right on the concrete thing PP. Every single building material component has gone way, way up in price. The cost of building a house has grown substantially in months and much, much more than would ever be offset by trades men working for less. I am glad my house is built and finished.
  4. Spot on about the solicitors, from what I can gather an awful lot of them are so incompetent its beyond a joke. Out of pure luck I stumbled upon the one I utilised to purchase, sell and subsequently purchase again and he turned out to be first class. Every thing was done to the timeframe I asked for, he was very efficient and not nearly as expensive as some solicitors. On the rateable value thing I agree that its difficult to know of how much value it is, PP is entirely correct in poniting out its just an arbitary measure. As to if its a good guide to the price houses will fall I am just not sure. I think inflation will have an impact on the extent of price reductions. The cost of labour may be going down in certain cases but I know from talking to people in the building game quality tradesmen are still commanding good wages. Also the cost of material is going through the roof. I needed to purchase a quantity of material (concrete) to do a bit of work outside my home lately and it cost almost 4 times the equivalent of what it cost in late 2005/early 2006.
  5. With respect to the debate on the increasing costs of building as alluded to by BelfastVI some posters may find this interesting http://www.thisismoney.co.uk/mortgages/art...mp;in_page_id=8
  6. From what I can gather it will be due out shortly and include some of the following points: - Relaxation to allow a farmers family to build on family land - Farm buildings wll be able to be converted to dwellings - Changes to replacement dweeling policy - Relaxation to allow people to build near parents, carers etc on medical grounds
  7. Have to agree Paul you certainly put a lot of work into your auction page and should be commended for it. Just out of interest what type of property are you after and in what general area? Also will your decision on when to buy be based on when you find whats right for you personally and financially regardless of if you think values may drop further or will you play the waiting game regardless if its the house you want but hold back until you feel the market has bottomed out? Sorry for all the questions but would just like some insight into your own views from the perspective that you are someone who has done an awful lot of background research on this topic.
  8. I would pretty confident that is where he is talking about anyway. Did you ever see the houses in question? Poor to say the least. By the way I see the houses you were watching in the Spires are down to £185k
  9. This development wouldnt be in a small village beside lough neagh by any chance?
  10. I think you can buy at an auction with a mortgage but you have to be able to complete on the sale within a set time period - usually 30 days.
  11. Interest comments with posters saying they would purchase in the range £175-200k. Thats quite a bit higher than what some posters on here are predicting houses will fall to and also appears to contradict some of the affordability issues that have been discussed on here lately.
  12. Sorry to be the bearer of bad news but the days of good sized semi detached and detached houses being built in NI are over. Due to rising land prices and changes in planning policy new developments and redevelopments are going to consist almost entirely of town houses and apartments. I know someone who works in the planning department who has told me the general consensus within it is that the density of housing within NI is believed to be too low and the population are going to have to adopt to townhouse and apartment style living. Also take into account PPS 14 has put an almost blanket ban on building in the countryside (and will continue to do so according to my source) you get the impression that low density housing is a thing of the past in NI.
  13. Statinstoinker - what do you make of underfloor heating? Do you think it is efficient? I personally dont have it but know a few who do and wish they had not put it in as it requires much more oil to run. Has this been your experience?
  14. Lived in the holylands during my student days, couldnt wait to get out of it at the weekends and when term ended. How anyone would want to live there is beyond me.
  15. Are you not paying £700 per month to rent one of these shoe box flats?
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