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Everything posted by carrick01

  1. From the autumn statement - increased stamp duty for btl purchases - says for England and Wales - will this apply to N Ireland? http://www.bbc.co.uk/news/business-34922738 May dampen demand after april
  2. Think the corporate tax cut is a major risk and I don't know if it will work but don't what else can be tried. Even with a largest budget (per person) than any other part of the united kingdom we still can't balance the books. To fix this and to fund extra welfare payments/decrease corporation tax the solution is to cut the public sector by 20,000 people. We are also borrowing money to do this Whether we think this is possible or even a good thing it still means £500 million per year out of the local economy and 20,000 less jobs. Nobody is expecting the private sector to create this number in the same period - in fact job losses in the public sector will make this harder in the short term - the hope is that long term it will and more. Loads of risks in this choice If we don't have enough people with the right skills - you can't attract the employers - may be becoming a problem in IT already. We need to attract more manufacturing but if the transport and energy costs are still too high - will we? We would like to attract highly skilled well paid jobs but we also need jobs for people that doesn't have these skills maybe just not so well paid but more likely to take people off the hope zapping dole - what would these jobs be? In some ways it can be described a brave move but it could also end in disaster - i haven't heard any real alternative.
  3. I wouldn't even pay £117k now if I am honest (rateable value was £110k
  4. I don't get it either but there was enough people interested to push the price up. Do a search for 2/3 bedroom flats in portrush there is still quite a few under £100k for sale now. Difference being the £165k flat was newer and had secure parking - i wouldn't pay £70k more for that
  5. Not a great choice for 2 bedroom apartments in belfast city centre and may all have disadvantages College gate £85k http://www.propertypal.com/apt-1-college-gate-college-square-north-belfast/212627 Winter gardens £85k seems quite cheap but kitchen pulled out? http://www.propertypal.com/6-winter-gardens-34-alfred-street-belfast/299059/photo-3 College central £80k - current offer £70k http://www.propertynews.com/Property/Belfast/TRLTRL75332/Apt-211-College-Central/323275757/ A few with an asking price at £95k you would definitely try a bid at £90k or below but if I had £130k as already said I would buy in a block that I know is good or buy a terrace/semi in the stranmillis direction - save on service charges. I missed the bottom as well bought last year instead of 2 years ago but that life. Good luck what ever you decide
  6. There is no doubt apartments are selling again in belfast but in most case I would be surprised if there was any big increases. Flats in places like bass buildings, queens square, obel, central park, quay gate being advertised came on the market this year. Don't even see any flats in Margarita Plaza, James Clow, Park Avenue, somerset studio on the market Some of the other city centre developments you can get a 2 bedroom flat for around 90k or less - small, no parking. With some of the cheep 5 year fixed mortgage deals some people are going to bite. Another story I can tell you is that I had a friend buy an apartment in Portrush for 117k two years ago. It was a nice enough apartment - well built - nice layout - good location - good view - secure parking. Thought they had paid a bit too much for it (told them this as well) and you could here the upstairs neighbours walking about (they only came up at the weekends tho). Sold it this year for £165k - absolutely loads of interest - what do I know
  7. Problems with the completion process could mean that the contracts could be cancelled http://www.belfasttelegraph.co.uk/news/northern-ireland/up-to-40-buyers-in-belfast-apartment-blocks-could-be-able-to-cancel-contracts-after-flaws-identified-in-completion-process-court-hears-31147983.html
  8. I give this example. Standard variable would probably be related to the base rate. So when the base rate goes up standard variable would go up - when base rate goes down standard variable would go down Normally standard variable rate would be couple of percentage points above base rate - think that has been the case throughout history Standard variable would probably be around 4% or lower at the moment - yes the margin is a lot higher than historic normal - but new mortgages can get far better than this as mentioned above Below is a link to the base rate (Bank of England website) from 1977 to present. Before the crash (pre 2008) take a note of how many times base rate went below 4% http://www.bankofengland.co.uk/boeapps/iadb/Repo.asp Have a look at this chart - from this site (so i don't know the full methodology) http://www.housepricecrash.co.uk/graphs-base-rate-uk.php When has interest rates been lower? for normal mortgages?
  9. NAMA bringing in the dosh - wonder how much the original loans were worth? http://www.rte.ie/news/business/2015/0102/669992-nama-debt-property/ NAMA generated €8.6bn in cash last year, mainly through asset sales The National Asset Management Agency generated €8.6bn in cash last year, the majority of which came from asset sales. In its end of year summary, NAMA said it made €7.8bn from the sale of loans and assets during 2014, which was put towards the redemption of €9.1bn worth of senior bonds in the year. NAMA has now redeemed more than half of all senior bonds – to the value of €16.6bn – putting it two years ahead of schedule. To date the agency has also raised €23.7bn in cash, with €18.7bn coming from asset sales and most of the remainder coming from rents. NAMA also said it had funded the completion of 1,000 new homes in the Dublin area by the end of last year, with 1,000 social housing units delivered also delivered by late December. It said further housing units would be brought on stream during the year, as part of its contribution to addressing the housing supply shortage in the Dublin area. Meanwhile, NAMA said it had helped to save 1,000 jobs through its support of companies in examinership, and cited its involvement in a number of large projects which are due to be developed in the coming months and years – including the redevelopment of the Bolands Mills site in Dublin.
  10. Reported on rte - Dublin driving growth http://www.rte.ie/news/business/2015/0102/669965-property-price-2015/ Estate agency expects more property price growthProperty prices are likely to rise further in the year ahead as demand continues to outstrip supply, according to estate agency Sherry Fitzgerald Last year saw national property prices rise by 16.3%, according to the firm, with much of that growth coming from the Dublin market. A lack of supply was a major factor in this growth and the company does not see this issue being resolved in the short-term, especially as demand increases on the back of an economic recovery. The Central Bank’s proposals on mortgage lending could have an impact on this, it said, though as the rules are yet to be finalised it is difficult to know the extent of this. Changes in mortgage rules could also have a knock-on effect on the rental market, the company said, as it may force potential first-time buyers to rent for longer as they add to their savings. The reduction in the amount of buy-to-let stock on the market could also push up rents, it said, which have already risen sharply in the past twelve months. “The medium term outlook for the market is more difficult to predict, it will be some time before the mismatch between demand and supply is rectified and as such some time before the market truly stabilises,” the estate agency said. “In the interim, there is likely to be some volatility with above trend price and indeed rental inflation in urban centres.”
  11. from bbc http://www.bbc.co.uk/news/uk-northern-ireland-30660242 Angela McGowan: NI politicians should be 'more honest' about budget cutsNorthern Ireland's politicians should be more honest about the impact budget cuts will have on public services, Danske Bank's chief economist has said. Angela McGowan told BBC Radio Ulster's Inside Business programme there was no fiscal strategy in place to deal with austerity measures. "The politicians continually shy away from decisions that need to be made," she said. "It's being disingenuous to tell us public services will not be impacted." Many government departments are facing spending cuts outlined in the 2015/16 draft budget, which was agreed in October. The grant Northern Ireland gets from Westminster has been cut by 1.6% and some Stormont departments will have to make savings of up to 11%. 'Crossroads' Ms McGowan said the economy was at a "bit of a crossroads" and said Northern Ireland could not continue to "rely on handouts" from Westminster. "Perhaps they'd be more successful in getting around Treasury if they were more upfront and honest about having to introduce revenue streams such as prescription charges and rate revenues," she added. "There's no economy in the world can grow and provide public services with air, you know, it's mickey mouse economics." Ms McGowan also said Northern Ireland's leaders had a "choice to make about which way this economy is going to move". She said: "Unless we get the same kind of stimulus George Osborne so readily gave to the north of England (in the Autumn Statement), but didn't look at Northern Ireland for - unless we start to get our act together and insist on those sort of stimulus coming our way - I think we'll find it quite difficult to move forward."
  12. Business Rates Might be of interest to some people. Business rates changes/revaluation coming into affect April 2015. http://draftvalues.dfpni.gov.uk/Home.aspx doing a few quick searches shopping centres like castlecourt (ie city centre), the rateable value are being reduced by up to 50% Out of town retail (ie tesco knocknagoney) the rateable value has gone up 17% ie NAV changed from £1.5m to £1.765m (bill goes from £914k to £1.075m) - every little helps!! May help a few businesses stay open in the city centres - have to have a look at how other towns/cities are affected
  13. link to report here http://www.nationwide.co.uk/~/media/MainSite/documents/about/house-price-index/Q4_2014.pdf belfast telegraph link http://www.belfasttelegraph.co.uk/news/local-national/northern-ireland/northern-ireland-house-prices-cheapest-in-uk-despite-8-price-rise-30872522.html Government (UK) are doing all they can to keep prices high - low base rates - no return for savings - freeing up of pensions - various mortgage schemes - tax breaks for buy to let - QE - has to have some affect locally. It seems that quite a few people bought this year - including people on this forum along with myself. Think prices need to go lower but this may be 3 or 4 years down the line. And again it may never happen
  14. House prices: Belfast one of the weakest-performing cities in UK http://www.belfasttelegraph.co.uk/news/local-national/northern-ireland/house-prices-belfast-one-of-the-weakestperforming-cities-in-uk-30863935.html Belfast is one of the weakest-performing cities across the UK in terms of house price increases over the last year, research from a property website has revealed.The average value of a Belfast home in December 2014 is £169,427 - an increase of £5,060 or 3.1% over the year, according to Zoopla. The website placed Belfast ninth on its list of the 10 worst performing cities. Separate research, based on house price data from Halifax, found that prices in Craigavon have increased by 3.8% annually to reach £104,789 typically. Across the UK, Zoopla said homes typically piled £42 a day on to their value throughout 2014 as Britain's housing market recovery gathered momentum. The average property price increased by £15,191 over the last year to reach £268,895 on average. But huge variations in the pace of the recovery have been seen across the UK. Over the last year, property values have typically leapt by £81,619 in London, by £27,675 in Edinburgh and by £21,689 in Aberdeen. Newcastle, Reading, Dundee, Bristol and Milton Keynes also recorded particularly strong performances in terms of house price increases this year, Zoopla said. Meanwhile, among the weakest-performing cities, average prices have edged up across 2014 by £978 in Bradford and by £1,346 in Hull. For the second year in a row, Yorkshire and the Humber is the only region where house prices have fallen annually, recording an average decrease of £2,443.
  15. This is how to sell new apartment development surrounded by busy roads and car parks http://www.propertynews.com/Property/Belfast/POT704247/Bridge-End/ Located between the Titanic Quarter and the city centre, these high end, one and two bedroom apartments are perfect for professionals and students. Close to the River Lagan, between the city centre, the Titanic Quarter and the Belfast Waterfront with its trendy restaurants and bars, The Sandford offers all that could be needed within just a few short steps. On top of this, upper floors at The Sandford enjoy views across the river to the Belfast city skyline. We were just over visiting in Belfast meeting with the developer and getting the full tour. Fabulous. I am so impressed with Liverpool. I think I like it better than Edinburgh, in fact. These apartments are perfect for those who work in the city, at the Titanic Quarter or for students at any of the universities in the centre eg University of Ulster or Belfast Met as both are walking distance from the site. I know this as I was there on Friday just gone meeting the developer. Investment Highlights • 56 one and two bedroom luxury apartments and duplexes • Instant equity available • Up to 9% expected yield – management options available • 6% below RICS valuation – Prices from £108,200 to £122,200 • Excellent location within walking distance of the city centre & Titanic Quarter • Prices still almost 50% below their 2007 high The Belfast Telegraph reported in 2011 that Belfast was ranked as the UK’s second most attractive city for direct foreign investment, second only to London. Belfast’s reviving housing market has been creating excellent opportunities for investors, as has the technology and financial services sectors. Resulting in Belfast being on the map and having a larger presence in the world. Belfast was also rated the 2nd best place to live for quality of life in the Quality of Life survey compiled by , published in Sept 2014 There has been growth in Northern Ireland's private rented sector over recent years, such that 14.6% of all households live in private rented accommodation. This growth therefore makes opportunities such as The Sandford really popular with investors looking to achieve strong rental yields. Experts have said that the positive growth being experienced in Northern Ireland is set to continue! RICS’ Samuel Dickey projects that house prices will rise by 4% over the course of the rest of this year. Similar annual rates of growth are also expected each year over the medium term. One bed apartments are available from £108,200 and two bedroom, penthouse apartments are available from £122,200 and are affordable and exceptional properties when compared to other properties in the area. The developer has spoken to a local management company and they are willing to fully manage the apartments-making this an armchair investment for you. The predict a gross yield of 8% per annum. Also the prospect for capital uplift is high. Prices have not yet returned to the former highs of 2007, pre financial crisis/slump. Growth is expected at 4-5% per year until they return to the 2007 level, which would likely give you a 100% return on your investment- and who wouldn’t want that? Don't think they left anything out (like pay freezes, public sector cuts, welfare reform, car fumes, traffic jams) will we ever learn!!
  16. Bank of England says keep interest rates low for nowhttp://www.bbc.co.uk/news/business-29656342 Interest rates should remain low to avoid long-term economic stagnation, the chief economist at the Bank of England has said. Andrew Haldane said in a speech he was downbeat over the UK economy because of weaker global growth, low wage growth and financial and political risks. "Put in rather plainer English, I am gloomier," Mr Haldane said. "This implies interest rates could remain lower for longer, certainly than I had expected three months ago." I have a colleague that is about to buy a house - was my opinion initially to go for a 5 year fixed mortgage but not so sure now. May take a few years to see any payback
  17. new social houses empty because of golf balls!!! http://www.u.tv/news/New-houses-empty-over-golf-ball-risk/9BFFE940-5FF8-416C-B999-51C34CD4BEF4
  18. Long time flagged up but sale completed of nama portfolio to New York investment firm http://www.bbc.co.uk/news/uk-northern-ireland-27946785 Danske bank closing 2 branches http://www.belfasttelegraph.co.uk/business/news/danske-bank-closes-two-branches-in-holywood-and-west-belfast-30372217.html furniture mall open for 6 months shocked closure http://www.belfasttelegraph.co.uk/news/local-national/northern-ireland/belfast-furniture-mall-shock-closure-after-six-months-30369349.html
  19. First sentence my grammar is terrible so apologies. Was trying to say that in NI quite a few people would just go down to an house auction and invest in btl. Most people including myself don’t have an idea what else it could be invested in. Gold in my opinion is overvalued – like property it has had its own bubble – quantitative easing is winding down for now and think demand in some countries has reduced. I don’t trust banks which is why I would like to invest somewhere else. In my opinion if there is another crash any asset will be “taxed”
  20. Unless you are interested in a site well away from Belfast think you will be surprised at how much you would have to pay. Maybe in the crumlin area you could get a site for 60-70k - but wouldn't call these dream sites. A lot of the time the planning permission has lapsed and you have to go through the hassle of getting this renewed. With the change in planning in ni it could take a while to get this sorted for the next year or two. If you want to adapt a site with planning permission be aware that something that you might want (ie a balcony to look at the stunning scenery, modernist house) might never get permission. Need good local planning knowledge and again with the planning upheaval this might be changed again (might be even anything goes!!!!) Think Ni is a bit blighted by sites everywhere - don't really see this changing that much. Everyone still thinks that if they have a family a school/doctor/bus/post office will always be available in the nearest village. If there is ever substantial cutbacks you will have to get these services in the nearest medium/large towns. You will be totally dependant on a car but I understand the advantages of countryside living. Some new developments I think the houses are quite well layout (toilet downstairs, ensuite) unless you have a really big family but I hate the way they don't have proper boundaries/fences. Talking in the office some people really don't want a big garden. I have loved living in the countryside but I can now walk to shops, cycle to city centre (never going to happen), buses every 10 minutes, doctor is nearby, pub is nearby and if i loose my job I can walk to the dole office. I am living the dream!!!
  21. This is why I think you will hundreds at the forthcoming property auctions "investing" their savings. Gold is too high in my opinion. Shares for me are too risky. Bank savings offer very little return and I don't fully trust the banks. Peer to peer lending seems to offering better returns but still have a risk
  22. Would be hard to say how much the house would be worth without knowing the general area the house is in. RV is a very rough guide - some areas houses could be over 50% above RV some areas you would be lucky to get 20% below RV - quite a few areas it would be a reasonable good guide. Try to find houses nearby similar to the house you have - what is the asking price is, what the RV is and check to with the estate agents if there is any offers - are they on the market a long time or do they sell quickly. If you do rent the house being a landlord can work out fine but it can be more work than you expect - landlords have to be registered now, something breaks the tennant can phone at anytime to get it fixed - or in extreme could trash the place before leaving without paying several months of rent. Would see house rising for the next couple of years but not by much (2-3%). If you did sell it would be hard to advise what you could invest the money in - I am still trying to work that out
  23. stats for self employed people in Northern Ireland (main industrials and totals) - From DETI website http://www.detini.gov.uk/deti-stats-index/stats-surveys/stats-qes.htm Year Total 1983 73,900 1984 75,500 1985 77,500 1986 79,900 1987 87,400 1988 91,100 1989 89,000 1990 94,100 1991 96,000 1992 87,100 1993 84,200 1994 85,700 1995 104,600 1996 101,300 1997 100,400 1998 92,700 1999 96,000 2000 98,700 2001 104,100 2002 102,400 2003 108,400 2004 112,800 2005 123,100 2006 122,500 2007 113,600 2008 122,100 2009 108,300 2010 117,700 2011 119,200 2012 108,600 2013 107,900 Would be surprised if there has been a massive rise in these figures since June 2013. Don't see any media outlet talking about "record employment". Still worrying high level of unemployment in the under 25 age range
  24. Northern Ireland construction sector 'picking up pace'http://www.bbc.co.uk/news/uk-northern-ireland-27759004
  25. Missed the bottom of the market (spring 2013 - for now) in Stranmillis village so I have just bought a property in another location mortgage free. Rents in that particular area had gone from around £600 to over £800 and at this stage the accidental landlords are selling up. Think stranmillis will always have a premium but a load of cash buyers bidding up prices - I would have needed a mortgage that I would have been uncomfortable with having (5 times wages). Have enough money to tide me over for 2 years if i lose my job and will keep saving the "rent". Would prefer to save somewhere other than the banks (and not btl) but I haven't worked that out yet. Think they will be able to keep the property plates spinning for another couple of years - may be a crash - may be a form of hyperinflation.
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