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BelfastVI

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Posts posted by BelfastVI

  1. 1 hour ago, stingray192 said:

     this is the official definition of a penthouse..............A penthouse apartment or a penthouse (coined through French appentier) is an apartment or unit on the highest floor of an apartment building, condominium or hotel. Penthouses are typically differentiated from other apartments by luxury features

    That would be my definition of a penthouse, although I haven't built too many. A private lift of your own is nice but you will have no one to share the heavy maintenance costs with. 

  2. 20 minutes ago, JoeDavola said:

    This stuck out as a pefect example of how impressive council houses can be compared to the shoeboxes that they're building in the private sector:

    https://www.propertynews.com/property-for-sale/belfast/end+terrace-type/11+friendly+way/property/NPMNNPMNI4766?status[]=For+Sale&sector[]=Residential&offset=0&limit=10

    That house is 163 square meters according to the LPS - they just don't build houses that big nowadays. Of course you'd be a braver man than me to live in the markets area.

    I have to say 4 bed council houses are not the norm. I have knocked down lots of tiny council houses and their little back yards and replaced them at a ratio of about 6 houses for every 10 that existed.

    There are many fine examples of housing from the past but I think you will agree the above house is not typical of the council housing in the Markets.

  3. 5 hours ago, stingray192 said:

    How insulting, I think that everyone who actually lives in Northern Ireland will agree there is a good selection of decent houses over here, the average price of a property in Northern Ireland will never be accurate as there is no real way to gauge the prices paid, the survey which is carried out each month relies on every estate agent in Northern Ireland sending in details of every house sold, the price paid, the property type etc, i used to sell houses, when we where busy we didn’t bother to do it, we maybe sent our details in 3-4 times a year, also with new homes that are not turnkey a lot of the extra for kitchens, bathrooms, tiling gardens etc are not recorded on the sale price , you only have to look at the average sale price in Northern Ireland , other than ex council houses there is no houses that cheap 

    I dont agree with you. there are issues with some of the reports as the Nationwide and UUJ are based on small numbers whilst the RICS is simply based on surveyor opinion. However, the quarterly NIRPPI Report is based on the Land Registry returns by the Solicitor which reports the selling price of the house so it is as accurate as you can get. I agree, and this was a bigger issue in the past, it includes some sales which were wreaks which required a lot of repairs but that is not as big an issue now.

    The average is accurate and they go to great lengths to make allowances for anomalies.  The biggest factor in price is location and the areas you are looking to live in would appear to have above average prices.

  4. On 02/08/2018 at 00:24, upturn said:

    You really don't need to ask when you say "there is evidence that this is what the market wants"

    A 386.5 square foot House.  We already have the smallest houses in Europe and the way things are going we might just beat all of Asia as well

    I could be wrong but when remote working comes into play over the next 30 years will there even be a need for city living.

    My post talks about "Single occupied dwellings". I referred to evidence that the percentage of single occupied houses is predicted to increase significantly. I didn't once refer to size and that's a separate matter. sorry for the confusion.

  5. 33 minutes ago, oc75 said:

    Hi, hopefully some of you are still reading this post. It is July 2018 and I have just got prices in from contractors building in the Armagh/Dungannon area. I went to 6 and the prices have all come back at around £90-£100per sq ft and that is excluding garage, with only a £10k allowance for kitchen, fairly modest allowance for bathrooms and only completion of downstairs floors (not upstairs).

     

    Can  any of you advise if that seems excessive and if you can recommend any contractors who would be worth pricing in this area.

    With new building regs and increased costs that is what is to be expected.if you have went to 6 repeatable firms then you have tested the market.

  6. 20 hours ago, 2buyornot2buy said:

    It's a question of scale. 

    NI fiscal deficit is approx £5438 per head. The region with the second highest deficit is Wales at £4547. 

    So around 17% more. That's an impressive amount. 

    I don't dispute that. I did see other reports that showed certain local regions of England that were worse than NI but I can't locate the reports.

    It is interesting that Public Sector Revenue per head for NI is £8,580 pa which is higher that the regions; North of England, West Midlands and Wales and on a par with the regions of Yorkshire and the North West of England. It is the Public Expenditure per head, of £14,018 pa that puts us out of sync. 

    There are a number of reasons for that including our separate education etc, our high level of economic inactive people, bloated public sector and also our spread out population. some can be fixed over time some cant.

  7. 16 hours ago, highYield said:

    The GFA states that anyone born in NI is entitled to both UK & ROI (ie EU) citizenship. Many Brexit scenarios could end up with NI as a hong kong+ part of the UK - how can they possibly take ROI (EU) citizenship away from UK, NI born people, WRT to the GF agreement?

    Great for NI, hopefully not ending in another NI HPI boom.

    Citizenship has many forms and having a harp or crown on your passport does not guarantee you access to, for example health care in a country you are not a resident (or tax payer) unless there are agreements in place to allow same. The statements made earlier this year by the Irish Gov regarding EU citizenship for Irish Passport holders in NI were not his to make. That is something that can only be given by the EU itself and why would it do so, allowing free health care in any country in Europe if the UK, who we pay taxes to for, amongst other things healthcare, has not agreed to reimburse these costs. 

    There was an open door to allow NI to enjoy that status but for reasons some people feel very strongly about that door was slammed closed.

  8. 7 minutes ago, JoeDavola said:

    Good news folks; just what Belfast needs....some 36 square meter (less than 400 square foot) apartments:

    https://content.propertynews.com/eco-flats-complex-proposed-for-belfast-city-centre/

    I don't build them but there is evidence that this is what the market wants. Single occupied dwellings are projected to move from something like 22% of stock (some years ago) to 35% of stock in 10 or so years time. that is a major swing and if we built ever new house in the next 10 years as 1 bed dwellings we couldn't achieve this. the primary demand for this is living longer.

    we are likely to see more of this and the price should reflect the size.

  9. 20 hours ago, Accountant Belfast said:

    Hi

    I noticed that there seems to be a mini surge in asking prices in the last few months, despite the uncertainty of Brexit having he potential of sending Northern Ireland back to the stone ages in terms of economic prosperity. we also have reports from PWC saying 4% growth per year in house prices https://www.insidermedia.com/insider/ireland/northern-irish-house-prices-to-enjoy-strongest-growth-pwc with one breath, and with the other releasing news reports that lead the sane of us to question how there can be any reason why the housing market cannot be falling apart https://www.belfasttelegraph.co.uk/business/northern-ireland-economy-to-have-worst-economic-growth-across-uk-in-2019-36721730.html

    I constantly hear references to 2007 prices and that we are approaching the pre bust level as if its a good thing, are people insane??? this has lead to almost a lost decade of people in their 30's renting or given up on family life and indeed northern Ireland and moved off to pastures new to fart about Australia etc .

    I have a feeling that we have been here before, estate agents filled with self importance despite not being able to tie their own shoe laces but feel they are fully qualified to hand out illegal advice such as 'prices can only go up' and 'you cannot loose money ' which I have been told several times yet this breaks about every FCA rule there is.

    Have we forgotten that  ultimately the economy is still on life support with artificially low interest rates, there are no further tools the government can use to regulate inflation and the knock on effects from various sources may cause interest rates to rise and hard, its difficult to see where brexit can come back to bite but its guaranteed not to be as smooth sailing as we have had the last 11years?????

    anyways rant over, lol

    does anyone have an opinion on brexit and house prices??????????????????

     I am old enough to have lived through the reality of 2007 economic disasters and feel the same thunder in the air around the economy as I did then, the fundamentals of NI wages vs mortgages do not stack up... be afraid ... what goes up must come down

    I also believe PWC's 4% increase was over a number of years rather than pa which gives it a barely positive reading.

    I can't see any any aspect of Brexit that will put positive pressure on house prices.

    Whilst the 2007 prices were mad I believe they somewhat over corrected and a good part of the recovery we have seen in the last 5 years was coming back from that. I don't see must in the way of price increases in the new build sector and we are barely changing prices between phases. I would only forecast muted increases going forward.

    My view is we have too few houses in all sectors. There is now a scarcity of rental stock, despite the BTL boom 12 years ago and rents have been rising. This is the only upward pressure out there and totally self inflicted.

    We will in no way follow what is happening to prices in Dublin. it may have some impact close to the border as people decide to stay and commute but that might be offset with possible new difficulties in working in the EU and living outside it.

     

     

  10. On 11/07/2018 at 08:23, yadayada said:

    Why should anyone have to afford us? Does anyone really see a status as a 1980s style dole kid as satisfactory or desirable? If Whitehall cut off the money supply and left us to thrive on our own merits we'd soon find who really wants to live here. 

    Very true but there are many other zones/areas of the UK, particularly in the north, with 3% or less of the population that are exactly in the same position. The truth is the South East of England subsides many other cities and regions of the UK. When you read regional financial analysis reports NI, surprisingly is not always at the bottom.

    Similarly, I imagine that Dublin and Cork subside many of the other counties.   

  11. On 08/06/2018 at 12:15, Sour Mash said:

    Cutting off the nose to spite the face seems to be a specialty of theirs.  Better to be a poor region 100% dependent on Westminster than have a potentially thriving economy with an element of 'non-Britishness' about it, it would seem.  If this is on the table and they are seen to have been the ones that vetoed it, their vote will suffer I think and I could see more sensible Unionist parties making gains.

    But if the joint membership thing comes to fruition, I think I'll buy a house ASAP.  There will be a huge boost to the economy and I can't see prices going anywhere but up with the massive improvement - a bit like how the ending of the troubles provided a permanent structural boost to house prices.

     

     

     

    I have no idea what the impact of any the outcomes will have. There are simply too many knock-on impacts to consider. It is arguarable that house prices were deflated by the troubles and once that was removed they inflated. we all seen how that turned out.

    However one thing is for sure and something we all need to remember;

    NI holds about 3% of the population of the whole UK.

    When the UK government finally have to make a decision on direction -the best outcome for the other 97% will surely out weigh the best outcome for the 3%.

    What happens to house prices is the least of our concerns. We are in the middle of a multi-generational change to our economy and the people dealing with it, particularly here in Ni are not in the least qualified.  

    The song in my head is:

    Clowns to the left of me

    Jokers to the right

    Here I am
    Stuck in the middle with you

  12. 30 minutes ago, Ryzo said:

    My own house has made me 15k a year since I bought so I won't complain but it's all relative as other properties I'm now interested in as a second home have all increased in some cases significantly, in that timeframe.

    you only "make money" at the moment of sale and that is only if you don't need to buy another property which is likely to have risen/fallen in value at a similar rate. It is true that historically property has done very well compared to other assets however, as we here all know it can fall far far faster than it ever increases. you have to look at it over the lifetime compared to the alternative.

  13. On 23/05/2018 at 13:13, whome_yesyou said:

    Number of sales is the lowest since 2013.

    You could be right but you have to be careful when looking at the most recent quarter count. For example in the previous report Q4 2017 it listed the Number of Verified Sales as 5,501 for Q4 2017. You will see in this most recent report that figure has been revised up to 6,312. We will have to wait to the next report to get a more accurate reading on the trend in sales volume for Q1 2018.

    Whilst Solicitors are to make their returns and registrations within 30 days of the transaction completion date some are late.

    What we can say is that 2017, with almost 24,000 verified sales is the highest since 2007 (remember that year).

    We also can see that 2017 achieved over twice the number of sales as any of the years  2008 to 2011.  

  14. With New-build the price is just the price. It's not like England with a headline price and then a 'real price'. As for second hand houses just be prepared to have to bid on a few to get one. lets the agents see you have a price you wont go over.

  15. Portrush has always had a little micro property market distinct from the rest of NI. Several times I have looked at schemes up there, turned them down as I couldn't get my head around the EA proposed selling prices and continuously proved wrong.

     

  16. On 3/29/2018 at 8:39 AM, whome_yesyou said:

    Nationwide March 2018 

    It’s showing NI as the strongest performer... what is that all about?

    Mar_Q1_2018.pdf

    The Nationwide has such a low market share in NI that their report is rarely reflective of the whole market here. Also they change their offerings so one quarter they might be seeking to attract mortgage movers (generally further up the property ladder) and the next quarter go with products/promotions targeting the FTBuyer. This too can influence the data pool.

    In any event I think the headline is triggered more by a cooling in the UK market rather than a increase in prices in NI.

  17. 16 hours ago, nigooner said:

    Not defending estate agents, but they can only go on what the buyer discloses. They generally have zero knowledge of structural issues (unless they’re obvious!), legal issues or even info on management companies!

    It would be far better if they had to use a home Buyers report when listing a property that covers all this where the vendor has to disclose everything 

     

    When at auction it is totally buyer beware. 

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