nigooner
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Posts posted by nigooner
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4 hours ago, Bluto Bites said:
No maths, just pessimistic gut feeling
My gut says a larger drop in prices, would love to see a worked example of the impacts of the cost of living/interest rate/inflation on the new mortgage stress tests and what an average salary would have got you 3 years ago compared to now.
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31 minutes ago, Bluto Bites said:
Can we assume in NI that the percentage fall won't be that much? Honestly can't see a bigger fall than 10%
What’s the maths behind a 10% fall?
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https://www.ft.com/content/b755ce04-bbb6-48d5-afbd-fef35833e3bd
Morgan Stanley with some grim reading for the UK housing market
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Good EA’s earn their fee managing the sales process through to completion, anyone can advertise properties and conduct viewings.
Selling your house is a very personal thing and with that comes heightened emotions and sensitivity. EAs act as a good buffer/filter from vendors giving off to them rather than the buyer directly, which would easily derail the sale. Eg, an issue with the building survey, last minute change in price, etc. Rather than both parties going at each other all guns blazing and falling out, agents can filter the responses accordingly and ease the deal to completion.
Im not an EA, but have used a few different ones in the past.
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6 hours ago, JoeDavola said:
I'm still quite shocked at how spectacularly wrong I was when I assumed that the lockdown of the economy would put a brake on HPI or might even cause a drop in house prices.
Anedotally, most of my peers bought 5-8 years ago and none of them have moved from their first house and have no plans on moving they think the market is insane and don't want to take on an extra 100K debt as they approach 40 for a little bit of extra room.
This trend may well continue given the smaller number of transactions actually happening, but if it does you've got a housing market that fewer and fewer of the population can actually buy into. And as I mentioned above the idea of a housing 'ladder' is now gone.
Same here, got it all wrong. Although when I was at my most pessimistic there was no furlough, SEISS, bounceback loans or CBILS- the economy would have totally collapsed without those. Instead, the government have done all they can to keep it going and then added fuel to the fire with SDLT holidays.
Although I still get the sense that most people out there are oblivious and the world is one great magical place where the economy will never retract. Bonkers, considering furlough hasn’t even ended yet.
I’m still convinced the NI market is in total bubble territory though, I wouldn’t be buying a new house myself at this moment in time. Although god knows what level of boom will come here if the DUP don’t succeed in their attempts at scuppering NI’s unique position of being in two trading markets at the same time!
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24 minutes ago, Data Dave said:
Average current prices of £149,178 still down from Q3 2007 highs of £224,670. Ever see those highs again?
Q2 2021 at this rate 🙄
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23 hours ago, getdoon_weebobby said:
Looking at a site OPP granted Dec-17
FPP application submitted 26.08.20
FPP granted 05.01.21 (developers generic 4 bed house)
Negotiating a price with owner of land subject to getting approval for his generic build to be further back in the infill site which we will submit at our expense(£866)
if this all worked out we would then submit our own building plans say by year end with our own architect in the further back position in the site.
am I correct in thinking that all these submissions / approvals / building foundations would need to be done by Dec-22 (five years from original OPP granted?)
thanks !
If it’s a new full planning application you’re submitting you’ll have 5 years from the date of approval.
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On 24/04/2021 at 20:02, satsuma said:
You’d be better walking away than spending time and effort on the wrong house. I built a few years ago and if I ever do it again I’d take my time and get every detail right.
3 hours ago, satsuma said:You would need to get on and apply for the changes, they will take months to do an approval. The only way you can find out is to make the application. If it was me I would shake on a price and get a contract to buy subject to planning and searches coming back in your favour.
Quite the u-turn in advice from Saturday, from walking away to now entering into contract.
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5 hours ago, getdoon_weebobby said:
So the house has planning approved for a very generic house. So I put in an offer of £x subject to planning being approved to re-site the house further back in the plot ? Sounds sensible.
I will still thereafter have to submit plans again for our own design assuming that it will also be approved on the further back footprint.
Yes, you’ll probably have to explain your plans to the agent/vendor to let them understand that you’re not planning on submitting an unrealistic application. If the planning app is realistic and you can support it with reports and feedback from architects etc, then they might be happy to give you time to go for it. You can exchange contracts on that basis, so they have the sale secured, and you have the site secured knowing that nobody else can nip in ahead of you while you’re going through planning.
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Can you get a deal done subject to planning? At least you can have a punt without the vendor selling it to someone else.
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1 hour ago, headmelter said:
No... I pay a reasonable amount for safe & trustworthy storage...
I always thought gold was just bought on an index and you just get a certificate or whatever, didn’t realise you actually had to store the thing yourself!
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12 hours ago, satsuma said:
100k is too expensive for a NI site, more like 60k to 80k.
This was your own generalisation. Give me 6 acres in cultra for £100k any day thanks.
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you’ll not build a passive house for £70-80psf. I don’t think you’ll build a standard house at £80psf anymore, the cost of certain building materials has sky rocketed in the last year or two. Also add in a healthy budget for professional fees, developer costs (utilities, etc), landscaping, costs of finance- all the things that aren’t covered by the build cost (or a fixed price jct contract).
You’ll save SDLT buying the site on a self build mortgage and then remortgaging when built. If you’re getting the current owner to build it and then buy it off him, you’ll be paying full SDLT.
in terms of passive haus- you’ll save a lot more going for ‘almost passive haus’, full passive house certification is beyond the point of diminishing returns in terms of build cost. Simple things like only triple glazing one side of the house (depending on which side gets the sun) can save cash and not impact the energy efficiency too much. Check into grants for your m&e, I know in England you can get grants to cover some renewable things like heat pumps etc.
To make general claims that £100k for a site is too much for NI is of no use to anyone. A site for a 3500sq ft house in Cultra is worth more than £100k. But even if the generalisation was correct, most sites don’t come with an additional 5 acres, so that explains the difference in the generalisation.
Speak to a good QS before you start with a view to appointing them as employers agent- they’ll handle all the finer details (that most self builders overlook), handle the tendering, can project manage etc. The money you pay them should be a fraction of what they save you in build cost. Another route is getting them to do the project on a construction management package, where each stage is tendered individually (rather than appointing one contractor for the whole project). Essentially the sole contractor is pricing in a lot of risk money for the project, and he’ll go out and sub contract all the individual stages anyway- so the CM route saves you that risk premium with the QS handling it all for you.
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3 hours ago, 2buyornot2buy said:
I'm seeing bt9 houses up 30% in a year.
This is going to be very very messy.
Yes, absolutely mental. I know of a mortgage being offered at 1.39%, repayment, fixed 5yrs. As long as the banks are lending at that, the market will keep bubbling.
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Well only see the real impact on the housing market 6-12months after furlough ends. I can’t believe my eyes when I see the graphs of house price inflation...during a pandemic...when the government are supporting a big chunk of the workforce. That people, other than civil servants/teachers etc, would chose now to sign up to a mortgage blows my mind.
Government spending will stop this year, and then the bubble will burst soon after.
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6 hours ago, 2buyornot2buy said:
The stats are published on you Gov and you're quite right. The average is much smaller. I should have checked. Its around 2.9k per grant.
Good to know that, thanks. Feel sorry for any self employed that don’t qualify fir any grants or support, or who can’t even get access to bounce back loans or CBILS loans. It seems a complete lottery, with the biggest being who you originally banked with before covid existed. Most banks now aren’t even allowing new customers to open an account which is ridiculous.
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3 hours ago, 2buyornot2buy said:
Is it really unbelievable. You have government paying the wages for millions of citizens, giving on average 7k every 3 months to the self employed and grants to every candle making business going, along with zero SDLT in the fave of price rises. The money has to go somewhere.
Are there stats out for the average amount given out on the self employed income support scheme? I’d be surprised if the average given out was so close to the maximum allowed.
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On 26/02/2021 at 19:30, Avlfc said:
Hi Guys
I’m new on here , I have recently agreed to purchase a site with foundation’s , electricity supply & water supply. The house will be Approx 2800 Sq ft and I’m looking to get an estimated cost per SQ Ft for a reasonably Modern finish.
I am also weighing up whether to go traditional block or timber frame any pointers?
any advice or help would be much appreciated
If you’re going down the self build route, I’d recommend employing a quantity surveyor to act for you as an employers agent and construction manager, handling all the paperwork with local authorities and contracts/tendering with sub contractors. Theoretically they should be saving you substantially more money than you pay them (and take away a lot of the hassle and risk).
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“traditional brick is better, timberframe is a pain as the inside walls will be full of dents in no time”
This is a ludicrous statement. Walls inside a timber frame house are plaster boarded the same as any stud wall in a brick house. Depending on the quality of the plaster board, the walls can be incredibly durable. I’ve lived in a timber frame house for years and haven’t had a single ‘dent’. If you’ve bought a new build house in the last 5 years, it’s probably a timber frame and the buyers probably don’t even know. If your timber frame house is ‘full of dents in no time’ then it’s probably your behaviour that needs addressing rather than the walls.
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Forum has been very quiet recently, presumably because everyone is out buying houses before the SDLT reduction ends...
The public seem like lemmings voluntarily walking over the edge of the economic cliff
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The change in furlough will drag things out longer, with employers only needing to contribute 5% of the wages rather than the 33% or whatever it was before.
See furlough, in some shape or form, is to be extended until March 2021...
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I expect someone added a zero to the end. Wouldn't surprise me with CPS.
I see the price has been corrected to £4,200 pcm
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The next crash has probably been delayed a few months by the news of furlough going back up to 80%. Would expect to see mass redundancies soon after this is reduced again, assuming the government don’t extend it again.
Is a price crash/ major correction coming
in Northern Ireland
Posted
I presume he means house prices and not hose prices