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House Price Crash Forum

UBR

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About UBR

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    HPC Newbie
  1. This may be way off the mark, so forgive my naivety but is there a worry of BTL landlords entering the market first, while all the FTB's are still saving for a deposit? I think it's fair to say lots (or most) FTB's have been caught out in the last year or so, with the freezing of credit and the disappearance of 100% mortgages, so they (me included) are now spending the next few years doing the right thing and saving. In the absence of FTB's, and as the market continues to fall do you think we'll see the only people able to afford FTB type houses - the Landlord BTL'ers - buying up all the cheaper properties and NI ending up back were we started? I'm putting my crystal ball away now.
  2. http://www.belfasttelegraph.co.uk/business...s-14248672.html and http://www.guardian.co.uk/money/2009/mar/3...bank-of-england
  3. First of all I'm really sorry to hear about your redundancy, good luck and I hope you get a new job soon. Me and my wife decided to make the jump and but our first house around autumn 2006. We were living in Belfast at the time. We only knew the basics about buying a home, like most people do. I had heard that house prices were getting a bit out of hand (we had just moved to NI) and was told by work colleagues/family to buy, buy, buy! We would soon miss the boat. We went along to a mortgage advisor, with the intention of buying a basic two up two down. Ha, ha ha. An Interest Only mortgage was going to cost at least £750 - 800 per month. Our wages would not even cover for the smallest house in a crappy area of Belfast. It hit me, something was wrong. I took my wife by the hand stood up and walked out. I realised I needed to educate myself and understand what the hell I was getting myself into. I new little but even my simple calculations I did when I got back home (rented of course) told me this NI housing boom could not continue. I earn an average wage, and wanted to buy a small house, but that was out of my reach, so something would have to give? So I researched, learnt about mortgages, the economy and gasp! Looked back in time to see that there are property crashes in the past. But all that means nothing when you read headlines everyday claiming everyones getting rich - just buy a house, go on you fool its easy. Friends telling you they've made a fortune. If I heard the words" I bought at the right time" again I was going to go mad. So you doubt your self. Then I came across this website and my learning curve shot up. I felt empowered by having some knowledge - I felt in control of my own future again. And it's happening. House prices are crashing. I'm still furious at being priced out a few years ago, but so so glad we never bought our home then. And HOME is the key word isn't it? You are not buying an investment, you are not being clever by buying a house. Our culture of house buying has got so out of hand that people have lost sight of the fact that you are buying somewhere for you and your family to live - we are not all canny investors. So I'm waiting. Saving for a big deposit is going to hurt - it won't be easy but we're willing to do it. And while I have sympathy for people who are in negative equity etc, as I was almost in that situation too, through lack of understanding, I am hoping and praying that these ridiculous prices come crashing down so I have the chance to afford a reasonable home for a reasonable price. Thats not too much to ask for is it?
  4. The pattern I thought I'd seen appearing (ie steady increase in drops) seems now to be incorrect. It's dipped considerably recently has it not? Any ideas as to why the reductions are reducing, if catch my drift? Anyway, 520 for me.
  5. It's going to break through the 900 mark this week! 908
  6. My first go, maybe I'll have beginners luck? 820
  7. Not quite in the same league, it may have been 20 EA's with a torch each! 22 flats may have have sold but that means there are still 30 left. And yes Joe, I can confirm the beautiful surroundings include a derelict cinema and a Simon homless shelter. And also a derelict petrol station to give it that real urban feel. You can just make out the huge power station also. Lucky people.
  8. I live in Larne (yes, poor me) and was driving through town last night to be met by a huge laser light flashing high above the Larne skyline. I assumed Jean-Michel Jare was playing an impromptu gig, but as I got closer I realised it was on top of the laharna building. The whole thing was lit up like Blackpool! I'm guessing they may not have sold all those 'bargain' flats yet? Is this the latest technique for selling property? What next? (my first post, eyo!)
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