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Everything posted by carrick01

  1. Advert in the Belfast Telegraph homefinder (thurs) - another auction house with some local property http://www.countrywidepropertyauctions.co.uk/content/Auctions/Auction_Lots/offset10 Links to local properties below. http://www.countrywidepropertyauctions.co.uk/content/Property_Search/Details/3-bedroom-property-for-sale-in-Lurgan-BT67-rpache-CHL130255-1372427739 http://www.countrywidepropertyauctions.co.uk/content/Property_Search/Details/3-bedroom-property-for-sale-in-Coleraine-BT52-rpache-CHL130260-1372427776 http://www.countrywidepropertyauctions.co.uk/content/Property_Search/Details/3-bedroom-property-for-sale-in-Cookstown-BT80-rpache-CHL130270-1372427793 http://www.countrywidepropertyauctions.co.uk/content/Property_Search/Details/1-bedroom-property-for-sale-in-Irvinestown-BT94-rpache-CHL130268-1372428824 http://www.countrywidepropertyauctions.co.uk/content/Property_Search/Details/3-bedroom-property-for-sale-in-Lisburn-BT28-rpache-CHL130276-1372427854 http://www.countrywidepropertyauctions.co.uk/content/Property_Search/Details/4-bedroom-property-for-sale-in-Coleraine-BT52-rpache-CHL130277-1372427873 http://www.countrywidepropertyauctions.co.uk/content/Property_Search/Details/2-bedroom-property-for-sale-in-Belfast-BT2-rpache-CHL130267-1372427888 http://www.countrywidepropertyauctions.co.uk/content/Property_Search/Details/4-bedroom-property-for-sale-in-Claudy-BT47-rpache-CHL130257-1372430210 http://www.countrywidepropertyauctions.co.uk/content/Property_Search/Details/2-bedroom-property-for-sale-in-Parkgate-Avenue-BT4-rpache-CHL130273-1372427985
  2. Anglo Bank fiasco Really do need a few people made accountable. Listen to the tapes to find out the kind of people running these banks. http://www.independent.ie/business/irish/abuse-the-bank-guarantee-dont-get-caught-david-drumm-29369275.html "ANGLO Irish Bank boss David Drumm laughed about "abusing" the bank guarantee and warned his executives not to be caught abusing it, the Anglo Tapes reveal. Drumm is also heard giggling as one of his executives sings the German national anthem as deposits from Germany flow into Anglo as a result of the bank guarantee. It's the first time the former Anglo chief executive is brought directly into the controversy. His language and casual attitude to the crisis will be found extraordinary by readers. The latest revelations from the Irish Independent's 'Inside Anglo' investigation display a casual, even reckless, attitude at the bank during the financial crash. Mr Drumm can be heard laughing at the financial regulator's concerns about being seen internationally to be "abusing" the bank guarantee in late 2008. "We won't do anything blatant, but . . . we have to get the money in . . . get the f***in' money in, get it in," he tells his senior manager, John Bowe. At the time, European leaders including Germany's Angela Merkel and UK chancellor Alistair Darling were alarmed at how the guarantee could affect their banking systems. But Mr Bowe sang a "comedy" version of the anthem 'Deutschland Uber Alles' and talked about giving "two fingers" to British concern. Mr Drumm and Mr Bowe are heard laughing at the concerns that the movement of money was causing a rift between Ireland and its EU partners. Drumm declares to his colleague: "So f***in' what. Just take it anyway . . . stick the fingers up." In an earlier recording, Mr Bowe laughed with another colleague, Peter Fitzgerald, about nationalisation of the bank. They described the prospect as "fantastic" – so that they could keep their jobs and become civil servants. This is the second tranche of conversations to be published by the Irish Independent, revealing an astonishing banking culture in the collapse of late 2008. Yesterday, we revealed how Anglo executives who negotiated with the Central Bank lied about the true extent of losses at the institution in the hope the State would write them an open cheque. The publication of the Anglo Tapes sparked fresh calls for a comprehensive banking inquiry across the political spectrum."
  3. This is yet another annoying thing that Estate agents don't often included in the advert for the property. I have given below some service charge costs for the popular apartment developments (taken from propertynews) - Obviously rates would also have to paid as well and some have ground rent payable as well university court 1 bed £700 per year college gate 3 bed £1300 per year custom house 1 bed 372 per year custom house 1 bed 765 per year custom house 2 bed 1161 per year custom house 2 bed 1300 per year victoria place 2 bed 760 per year bass buildings 2 bed 1330 per year tyrone house 2 bed 840 per year st johns wharf 3 bed 1080 per year margarita plaza 3 bed 1100 per year st georges harbour 2 bed 1400 per year Don't understand why a 1 bed apartment in custom house vary so much unless it is an error in one of the ads. From my experience in my 20s it was great when working in the city centre. Could wake up at 8:45 and be in work at 9:00 - no buses or train fares to pay for. If I went out a night didn't have to pay 20,30, 50 to get a taxi home. Once you get older the problems would become more obvious - get a car - expect it to be broken into often (even in the "secure parking") - rooms in an apartment are absolutely tiny - problem neighbours - waffle thin walls (newer developments) - service charge will not cover everything that goes wrong (ie lift needs replaced that could cost £100k divided by 40 owners that 2.5k each owner has to pay).
  4. This is for the uk - don't think ni was included in the survey http://www.dailymail.co.uk/news/article-2295013/Springtime-bounce-lifts-house-prices-new-high-March.html Springtime bounce lifts house prices to new high for March The average price of properties jumped 1.7 per cent on February March's previous record was before financial crash A spring property revival has seen the highest-ever asking prices recorded for the month of March. The average price of properties coming on to the market in recent weeks was £239,710 – up by 1.7 per cent on February. The figure is £55 higher than March’s previous record from 2008, which was set just before the global financial crash. The market outside London has been in the doldrums for the past five years, with banks rationing mortgages among would-be buyers. The improvement follows the Bank of England’s decision to pump cash into the home loan system through the Funding for Lending Scheme. This has increased the number of mortgages available by around a third. It is now possible to get a five-year fixed rate home loan which charges 2.7 per cent. comments are both negative and positive. One even a pop at HPC - hope he does well with his btl plans This is great news, although not unexpected, prices are going to start rising again in the next few months as people realise they could miss the boat for a 2nd time if they wait any longer. I was taken in by the House Crash argument in 2004 but soon realised it was just not going to happen. Luckily followed my heart and bought a pad in London (SE10) in 2005 for £320k and sold last year for £595k. OK not a spectacular profit but £250,000 I wouldn't have had if I had listened to the doom-mongers. I now have a nice 3 bed detached house and only 40% mortgage, am looking at a few flats to buy and rent out to those people on here who have decided not to buy......if they don't want their own mortgage then the least they could do is pay mine off for me :-) Many thanks to House Price Crash for providing such people.
  5. If it ever went sale agreed, I would try to find out the price it went sale agreed. Otherwise £195k take it or leave it - be prepared to walk away. If you really, really want it, its in the location you want and you can afford it - I would think £235k would get them at least thinking about. From uk figures it would cost £80 per sq feet to build so you could not build the house for this price (if using a contractor)
  6. I know its not working but one alternative just doesn't make sense. Current way seems to be making the patient sick, 2nd scenario seems to just kill him outright.
  7. It is interesting what Jonathan Davis suggests (2nd scenario) - which (in really simplistic terms if I understand it right) is basically crystallise the losses now and the economy can then start growing again - prices will go back to affordable levels but how would it ever work . I can understand that the 2nd stage is that people will be able to afford to buy - not be burdened with high mortgage payments - also lower rents if more convenient for your circumstances - can afford lower wages (being done now via pay freezes/cuts and inflation) but can spend more the economy (retail or services not really in manufacturing). The 1st stage would have to bankrupt at least 2 banks (best case) - with true losses being hidden being crystallised. Not saying that what is happening now (1st scenario) is working but cannot see how this would work. Dont honestly know what would work.
  8. The example given by the BBC is quite simple insane - surely they can find better example than this. Even if she could scrap together the deposit the mortgage would be 5 times her wages. No bank is going to do this now. It also highlights that any would be BLT would only getting a gross return of around 4% - This seems to me another indicator that house prices in London don't make sense either - its not just Northern Ireland.
  9. Nolan Radio show Think John Minnis was trying to put a spin on some 'positive' reports without actually saying what the positive reports - ie sales up but prices still going down. Also blaming the media for being so negative when what else could you possible take from the fact that we have so many house owners are in negative equity. Don't really think that Nolan did a good job in getting some details from the estate agent but he would have to be insane to open a new office if he is not getting more sales? - he is just not highlighting the fact these sales are at lower prices. John Minnis at the start of this year denied prices for his areas dropped by anything like 8% but his asking prices definitely dropped by more than this. Mentioned biddings wars occurring again but I believe this would be £500, £1k increases on good value houses not the 20k, 30k bid increases that happened in the boom era. Jonathan Davis view - UK going to lose its AA1 rating then will be downgraded again. All the smart money will start leaving and interest rates will have to go up to stop this. Gives 2 scenarios - 1 were the economy is in a depression for next 30 years - housing market will never get back to pre crash levels. 2nd scenario is where the market is just allowed to collapse. This by its very nature will cause substantial repossessions - government will just look after those affected - I assume he means rehousing. Honestly think if this happens government will have bigger decisions than looking after people made homeless. They will deciding what they can do about a couple of banks that have collapsed (it can't afford to bail them out this time).
  10. Another developer in the courts. Department of Agriculture seems do badly at another property venture http://www.u.tv/News/Gosford-Castle-firm-lose-legal-battle/1845a14c-2ad6-4790-90ed-fb16354c218d The company behind a unique scheme to transform a 19th century castle into an apartment complex may be forced out of business as a result of losing an £80,000 legal battle, a High Court judge has said. Gosford Castle firm lose legal battle The case was heard at the High Court in Belfast on Tuesday Mr Justice Weatherup put his final order on hold until full details of Gosford Castle Development Ltd (GCDL)'s financial circumstances are disclosed. The firm unsuccessfully defended a claim by a construction company for bonus payments on work on the residential project at Markethill, Co Armagh. Twenty three homes were to be created within the walls of Gosford Castle, which was sold off by the Department of Agriculture and Rural Development in 2006. Under the terms of the arrangement half of any profits from the apartment scheme would go to the Department. Although the economic downturn has prevented full completion of the project, bonuses of around £200,000 were paid to the builders on finishing 10 homes. But plaintiffs Darren Rodgers and Stephen Rice, as R&R Construction Ireland Ltd, issued legal proceedings over work on another five properties. Mr Justice Weatherup held on Tuesday that they are entitled to bonuses because they were not responsible for terminating their agreement with GCDL. He ruled that the amount due was £80,000. However, the judge recognised the potentially fatal consequences for the defendant company. He pointed out that the development has been "dormant" since 2010, with no further progress on sales and heavy bank debts. "He (the developer) is waiting for better times to emerge," Mr Justice Weatherup said. "That may be some considerable time, but I'm satisfied from what I have heard the defendant company does not have £80,000 to pay the plaintiff, which is the sum due. "Enforcement against them may force the whole project into liquidation." Mr Justice Weatherup said he was minded to put a stay of enforcement on his order. But recognising the potential impact on the plaintiff's, he also asked for details of their financial situation. Their lawyer told the court he also wanted to interrogate GCDL on its finances and level of bank debt, claiming that the Gosford Castle scheme involved an entitlement to heritage fund grant. He said: "This is a fairly unique situation. The government has given this company this land." It was argued that the developer could "mothball" the scheme because so little outlay was involved. The barrister added that as yet the Department of Agriculture and Rural Development has received "zero" profit. "That itself seems rather peculiar," he added. Mr Justice Weatherup told him he wanted all inquiries completed before the Easter recess.
  11. John Minnis Had to have a look at the properties that they have on www.propertynews.com website and compare the price of the property now with the price they were a year ago. Sorted properties into lowest price and used property bee to check price a year ago. Any less than a year in the market was excluded but plenty of these had reductions as well. Have a spreadsheet but I am unable to attach - summary give below No of Properties on for a year - 117 No of properties with no change in price - 40 No of properties with the asking price increased - 0 No of properties with the asking price decreased - 77 No of these properties that decreased by more than 8% - 58 Average % deduction in asking prices for all 117 properties : -9.43% Total asking price in Jan 2012 for these properties :- £30,348,550 Total asking price in Jan 2012 for these properties :- £27,218,050 %Change in Total asking price : -10.32% Think we can safely say that the properties listed on propertynews seems to be reflecting a drop of at least 8%. Could be argued that some of these properties with no deduction are not being really marketed any more - some have been listed since 2008.
  12. hopefully this links work. Don't think I can edit my posts http://www.dfpni.gov.uk/northern-ireland-net-fiscal-balance-report-09-10-10-11.pdf
  13. While looking for the latest LPS report found another interesting report in the dfp/government website regarding Northern Ireland fiscal balance www.dfpni.gov.uk/northern-ireland-net-fiscal-balance-report-09-10-10-11.pdf Basically expenditure in Northern Ireland is £23 billion and income is £12.5 in last year available (2010-2011). A deficit of £10.5 - in 2006-2007 it was roughly £6.3 billion. The figure for 2010-2011 equates to a deficit of around about £5800 per person (man, woman and child included) Other highlights include the fact that corporation tax brings in roughly £775 mil. Expenditure in social protection (ie benefits) is £7.3 billion - up from £5.9 billion in 2006. Agriculture, fisheries & forestry has £517m expenditure.
  14. I have to say I am still shocked that with all the negative news at the moment at how many houses are going sale agreed at the moment. From using property bee I have never seem so many sales agreed - can I asume it is just the end of the house sale season and those that really want to sell/and those that want to buy are just getting the deal done or are we really close to the bottom of the market?. Interested in the lower stranmillis near the college and have seen 5 houses on one street go sale agreed this summer. Ranging fro £150k (repossession) to £225k (4 beds instead of 3). Was confident that one or two would come back on the market but none did. Have seen two houses that were bought for redevelopment that never happened (may have mentioned in this forum before) going for over £200K but looking like money pits to fix up. Also seen a house that I know had two or three feet of water in it in july go sale agreed - asking price was £150k - what it got I don't know. Might have to widen my search next year.
  15. uk wide again but probably applies to Northern Ireland. mortages during the boom years http://www.dailymail.co.uk/news/article-2222737/Misery-mortgages-paid-FSA-report-reveals-deals-turned-100billion-time-bomb.html "the Financial Services Authority report reveals up to three in four borrowers have ‘no reported repayment strategy’ – meaning that when their loan needs to be repaid, many will be forced to sell their home. It also found: More than 50 per cent of mortgages handed out at the peak of the market in 2007 and 2008 were granted without the lender asking for any proof about how much a person earned. Up to 45 per cent of borrowers who have taken out a loan over the past seven years are ‘mortgage prisoners’, which means they may not be able to remortgage to a better deal or move house. Nearly one in two households with a mortgage taken out between 2005 and 2010 have ‘no money left or had a shortfall’ after paying their mortgage and their bills. The FSA’s report said they have to raid savings or go into debt to keep afloat. The number of homeowners who have fallen behind with their monthly mortgage payments ‘could be as high as 9.7 per cent’. Over the past five years, half of all mortgage lending ‘was not used to buy houses’, but for people to remortgage, or to borrow more on their mortgage to ‘support their lifestyle, to pay for home improvements or to consolidate debts’.
  16. More serious post, it is reducing the number of people moving house. Have a friend that is selling a house at almost a sensible price and one couple was really interested in the house. When this couple got their house valued they were truely shocked (according the estate agent!!) at how much their house was now valued and in reality they were in negative equity. No chance of them being able to buy my friends house. Think there is loads of people like this that doesn't realise the value of their property now
  17. This forum for being so negative!! Media and Estates Agents hype/ramp price now and people here just keeps poking holes in their logic. Just so unfair!
  18. Gadget Guy, hope you have had some help and advice on this forum but it is probably a judgement only you can make. In comparision with the first property (in the 90s) I bought a 15% deposit is better than I could do - think all I could afford was 10%. If I had lost my job (and in 90s it was always a real possibility) I would have been up the creek without a paddle as well which I think some people seems to forget - it always been a risk and you would have to consider this risk for you. At the moment you don't have to pay rent which allows you to build up your deposit but when you have bought a house build up another reserve (say six month mortgage payments) just to allow for the unexpected. 35 year mortgage seems a bit of a long time but again if you really feel this is the house you will spend the rest of your life it wouldn't put me off. Again for me it was an apartment, then a townhouse, then semi now maybe a semi or detatched in bt9. At the moment I would be worried about doing the same (if i was young) and getting suck in the apartment phase because of the unstable market - again this does not suit some family circumstances. Again everytime a did a move I reduce the term of the mortgage ie 25, 20, 15 etc, from my experience quite a few people just took a fresh 25 year mortgage every single time just increasing the amount the owned but it was okay they had loads of equity (and one of the reasons the property boom occurred), Historically buying a brand new build would always command a premium on second hand house but now would be the time to try to get a discount. Again what you could do to get this discount maybe somebody on this board would have experience off. Find out the price in the resale market in the development you are going for (are these getting any offers being made), tell the estate agent that you are stretching yourself to buy this house - that you are not interest in any other house type in the phase because it does not meet your long term needs - put the offer and say that it is only available for the next two weeks and that you what a yes or no from the developer/bank/nama. If they can afford to say no them they must be hoping to ride out the "crash". The future nobody really knows, i can see 3 options (1) The real crash - the banks all go down - cash machines stop working - we are all up the creek without a paddle but you still own a property (2) Properties go down to 2005, 2004, 2001, 1999 prices - If you don't have to sell you don't lose anything (3) Prices are flat but not going down - inflation will reduce the amount we feel that they are overvalued at - wages start increasing again - so the mortgage as a % percentage of wage goes down. Again I want to buy a house in BT9 but renting at the moment. I am gambling £6000 a year (ie rent) that prices in this area are going down by at least this amount (plus i don't have to pay rates and maintenance). At the moment for this area I think I am right and it okay for my circumstances (single). Don't think my landlord would increase the rent or want to move another tenant for the next 2 years anyway. But renting can have its down sides as well and does not suit all family circumstances. Good luck
  19. This for the whole of the uk but house prices back to 2004 levels http://www.dailymail.co.uk/money/mortgageshome/article-2139402/Halifax-House-prices-2004-levels-drop-2-4-April.html "Property prices dived 2.4 per cent in April, as values continue to 'fluctuate quite widely' in 2012, according to the latest Halifax house price index. The fall leaves the average house price at £159,883 - the same level as in August 2004. In April 2010, as the property market hit a high point following its bounce back from the 2008/9 slump, the average price of a UK property was £168,593, Halifax says. The average home has lost £10,000 since then. But last month's 2.4 per cent fall follows an increase of 2.2 per cent in March and actually leaves the more reliable three-month house price change measure up 0.3 per cent, Halifax said. That rise in prices in the three-month period was the first increase on a quarterly basis since September, following six successive falls. However, house prices have fallen 0.5 per cent over the past year, stand at the same level as in August 2004 and are down £40,000 on the August 2007 peak." Didn't realise that rest of the uk was at this level as well. Has been said many times before but we are really hampered by the fact the don't have real house price history. I know some areas seem to be down to 2004/2005 prices but I know other areas haven't (because I was looking for a house in these areas in 2005). Maybe these areas will just always have a premium time because they will always be popular but time will tell.
  20. short week because of easter but results are up http://www.irishhousehunter.com/reports/report.php?site=propertypal&date=2012-04-16 261 drops -4.4million -9.6%
  21. results are up http://www.irishhousehunter.com/reports/report.php?site=propertypal&date=2012-04-09 373 drops -6.53million -10.0%
  22. results are up http://www.irishhousehunter.com/reports/report.php?site=propertypal&date=2012-03-26 383 drops -7.2 million -10.5%
  23. Sammy opposed the cuts - implemented Apr 2011 - nothing i can do guvnor its the coalition government fault Sammy opposed the pension increases - to be implemented Apr 2012 - nothing i can do guvnor its the coalition government fault Sammy opposed to regional pay freezes - to be implemented ............................Apr 2013 - nothing i can do guvnor its the coalition.......................................
  24. 540 FAO of lurking Estate Agents - still loads of reductions to be made lads. Over 100k for 1 bedroom flats in Annadale ain't going to happen. Over 200k for hedious 2 bedroom apartments in Malone ain't going to happen - you can now nearly get a detached house for the same price. Think there has been big reductions in the lower end of the market in Belfast (<£100k) but above that the real corrections haven't yet happened.
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