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Smell the Fear

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Everything posted by Smell the Fear

  1. Very snobby for a bunch of tenants aren't you? It looks like the home of someone who enjoys life rather than griping, moaning and scouring the death notices for an opportunity to bag a bargain.
  2. I've met a few town planners and to be honest I'd rather Alex took the decisions!
  3. Without meaning to insult you property apprentice, and on the off chance that you are not actually a wind up merchant, I think you would be best sticking to savings accounts and maybe 25% of your funds in well diversified index tracking stocks, use up your ISA allowances. If you need to buy a house do so within your means and for the purpose of living in it. Do you mInd letting us know how you managed to accumulate cash to invest? Inheritance or lottery win by any chance?
  4. The banks don't own the houses Doccyboy, the owner owns them. The bank has a charge over the house in case of non payment, surprised you've been here that long without appreciating the legalities of a mortgage.
  5. Not saying it can't happen, just that it is a sign of value and the market potentially being oversold. Working on the basis that we are not seeing a step change in living standards in the west, personally I live in hope that this is not the case and our economy will get back on an even keel at some point. If not we're all screwed and it doesn't matter so much anyway.
  6. They are nice houses, seem well built. The problem is the tiny plots, three floor living most people don't like, and weird features like a lounge on the first floor. Also the development feels a little like Disneyland, a bit twee and too perfect, which is weird juxtaposed against the huge Ulster Bank building plonked in the middle of it all. Unfortunately in today's market that's enough to put people off, you can get a house with a normal 2 floor layout in an established street for that sort of money although you would need to spend a bit to bring it up to the same finish.
  7. I'm intrigued Bobby, sounds interesting. Hope you enjoy it, you're in a great area, convenient for everything. Hope you enjoy sorting it out to your taste. I agree on things getting worse but hopefully not much. If they drop much further the implication will be that all land in NI including prime areas of Belfast are effectively worthless given the cost of replacing a building in today's money
  8. Haha indeed, obviously I was referring to the last Rich List and not the current balance sheet.... I'm intrigued by the mention of Herbel recently, he must be carrying a huge amount of debt. Most of these guys should have stashed enough away in untouchable places to keep them very comfortable come what may.
  9. BelfastVI, is that plumber who outbid you now one of the richest people in NI?
  10. When I extended last year building control automatically passed the details on to LPSNI to reassess. I think this is a recent development though. There are a couple of houses on my street which are listed at lower values despite being extended, clearly haven't informed them of the extension. They would be in line for a backdated bill and probably interest which could come as a bit of a shock as it could be several thousand already and growing every year.
  11. Northern bank have 2.99% with 10% deposit on an offset style mortgage.
  12. Sounds like The Count is the only person to swallow the Tories "big society" nonsense!! Society doesn't provide, that's why the services provided today needed to evolve. Most people are ultimately selfish as the count ably demonstrates, hence the need to take tax from us all for the greater good.
  13. Hi Bobby, is your house new build or older?
  14. Creations furniture is good value too, they have a sale section with plenty of bargains
  15. Martin Philips good for carpets, they have some nice stuff used for the danesfort bt9 development at a good price. They are willing to negotiate as well. Sofas and beds I bought at the closing down sale of dekko on Boucher . Dreams were good for beds and willing to negotiate, think they might be called bensons now. DFS has a pretty nasty selection of sofas, best avoided. There is a big place opposite tesco.on Lisburn Rd with a good furniture selection. If you want modern and money is no object then Living Space on Oxford st, opposite waterfront hall is great. Where did you buy, BT9? maybe Danesfort now they've dropped their prices?
  16. I'm not disagreeing with you, basically there is a rough correlation between base rate and SVR, it's pretty out of kilter at the moment so there is more chance of the gap narrowing than widening in my opInion. As always of course anything could happen. If you are someone who cannot tolerate risk then the only safe option is to live with the parents if you can and save until you are a cash buyer. It doesn't suit most people hence the existence of the mortgage.
  17. What is an MTG? If they are 30% of the market do you really believe the banks want to stuff them all and end up as the UK's largest homeowner when offering a reasonable rate on mortgages would give them an income stream and zero hassle?
  18. It's worth remembering also that the rates banks are charging are relatively high compared to BoE base rate ( for most new borrowers without massive deposits al least). As the BoE rate rises the banks may not pass all of this on to the borrower ( as it would destroy their loan book for one thing and would put off new borrowers for another). As I see it, actual interest rates in the market are not much different from long run averages. The low BoE rate is primarily to allow banks to rebuild their battered balance sheets by making large spreads, that will not continue forever.
  19. But the money was only created for the purpose of inflating the bubble in property, it couldn't have been created for any other purpose. Property promised a payback it could not deliver, a school sadly can't even lie convincingly about this, it doesn't generate a cash flow for investors to salivate over (yet!)
  20. It's a market, it got screwed up, there's no point blaming individuals. It's just what happened and the vast majority of it was within the law. Bide your time and buy when you see value, there is no need to feel hatred for anyone involved, I'm sure most of them are hating themselves enough as it is.
  21. There's a difference between not feeling sorry for someone and taking pleasure in their pain. Ambivalence vs. Sadism This thread is so very Northern Irish, retribution for those who have sinned, the spoils to the righteous.
  22. Schadenfreude - taking pleasure in the misfortune of others. Hope you are all enjoying yourselves.
  23. Most indexes are showing 50% off peak prices, so goes the mantra on NI HPC. Is this a fair comparison? In my experience houses selling now are mostly a result of death or repossession ( we don't divorce so much here in NI!). as such they are typically in a woeful state and need around 25% of purchase price as a minimum to modernise. I would contend that the average house selling in the boom was of a significantly higher quality. Ergo, the real drops may be significantly less than headline numbers would suggest.
  24. The set of conclusions you draw above are correct, Shotoflight. And yes, the value added for us is far above the cost. We have a great house now completely to our spec, know all the work is done to a high standard and are really enjoying living here with our young family. There is a big change in quality of life for us compared to our previos rental property. The quality/type of house we now have is simply not for sale in the location we wanted, nor has it been at any time in the past 4 years that we were looking/waiting. It's hard to put a value on that - the fact is that a huge number of houses, even in the most desirable areas are in a poor state of repair/decor/poorly insulated/ancient electrics, plumbing, heating etc.
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