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House Price Crash Forum


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Everything posted by nornironsi

  1. If you view the house as a home rather than an investment tool then go ahead and buy the one you can see yourself living in for a long time and don't worry about it. Nobody can predict the future, if you feel the time is right for you then do it.
  2. Probably a bit yeah but you gotta weigh up if paying a bit extra and owning it longer term is worth it for you I guess.
  3. Fair enough it's your life. I guess with that you at least will know where you stand in the next 5 - 10 years though you have to counter balance that with the possibility that you could be 5-10 years into a mortgage at a comparable cost to your current rent (my mortgage is currently £570 per month) and with overpaying you could be 1/4 to 2/3 to no mortgage at all (depending on the amount you are able to overpay obviously).
  4. Could do - people have been saying the exact same thing every year for about a decade now.
  5. Honestly, buy now. Get yourself a home you are happy to live in - forget about the price situation, in my opinion the prices here are unlikely to move very much at all in the next few years.
  6. In my experience this happens not in situations where they got no interest or offers but when they did get several offers and could have sold it easily at their original price so it gets pulled and relisted at a higher rate. It isn't unsold because of a lack of offers. Whether it will work for them is another matter though, I have seen people get severely burned due to their own greed in the past and it could easily happen again.
  7. They obviously pulled the original listing as they felt they could get a better price.
  8. I might be able to pay £400,000 but only think the house is worth £300,000 so I only pay £300,000 - hence it is worth what I or somebody else chose to pay for it. If you think everybody is foolish enough to pay right to their limit every time they buy a property then you underestimate people's common sense.
  9. They are worth whatever people are willing to pay for them. They look like extended properties as you said - nice big family houses. You may not think they are worth what they are asking but perhaps somebody else will.
  10. As with everything, if people are willing to pay that for them then that is what they are worth in today's market. No clue if they will sell at that price of course.
  11. You are missing my point though - this will make savers think more about looking towards investments rather than traditional savings accounts - investments which may include BTL. Saving in a bank account is virtually worthless now.
  12. So it's finally happened and the BOE have dropped the interest rates to a record low of 0.25% with perhaps further cuts to come. What impact if any do you guys feel this will have on the housing market here in NI? Difficult to know really but imo it could see a slight rise in demand as people will perceive lower mortgage rates coming - this added to the hit to savers could also bring more BTL buyers back into the market as a way for some people to try and get a return on their capital (even with the upcoming changes to BTL).
  13. How can you say that? HPC has generally been completely wrong and this has been proven time and time again - you can sit here for another decade waiting for a crash which may or may not happen just to prove you were right or you can deal with the facts and live your life the way you want, with or without home ownership.
  14. Nobody knows what will happen in the next 5-10 years - anybody claiming to have insight is just guessing like the rest of us. If I was to give advice though for what it's worth I would say that in my opinion prices will continue to rise in Northern Ireland for the next few years at a reasonably steady rate - we had our price correction that most of the rest of the UK avoided. If you want to own your own home and can afford it then I would advise you to seriously consider buying now - you can wait and hope that prices will drop but you could easily be waiting for 5 years+ for that to happen so I guess it's totally down to your own personal circumstances really. Yes you may have missed the 'bottom' but it is likely that if you buy now you will be better off than if you hang around and watch as prices rise out of your budget. This is all guess work of course, who knows what could happen but I think it's pretty clear that those in power will do EVERYTHING they can to sustain HPI - who could have forseen the length of time they would hold IR so low?
  15. It is the responsibility of the buyer not the seller to investigate any and all information that may be important when buying the property in an auction - the properties are sold 'as seen'. You may feel confident enough to decipher a legal pack without the use of a solicitor but I certainly would not advise it.
  16. Always very wise to get a solicitor to look at the legal pack before an auction - it is the people who neglect to do this who get seriously burned at auctions.
  17. Well yes, I don't think anybody would argue that prices have been rising slowly and steadily since late 2013 with indications that April was another strong month. I would say that most probably this will continue for the time being. You don't agree?
  18. Well to be fair there is plenty of evidence to suggest that prices will continue with the current upward trend for the forseeable future.
  19. I think if you look at the evidence it is clear that there has been a sustained increase in house prices in Northern Ireland over the past year or so. In those simple terms the 'crash' is over and the readjustment in prices has already happened. How long will this last is anybody's guess but I would suggest that we could easily see a continued gradual increase in prices over the next few years however as you pointed out there are many things that could affect this both positively and negatively. I do not think there is any reason to be skeptical now about there being some form of upturn in relation to HPC, the evidence is there that this is occurring. The bottom of the re-adjustment or 'crash' seems to have hit around 2012/13. We still have a long way to go (if we ever see it) before the prices go near the ridiculous levels they had been at the top of the boom.
  20. http://www.thedetail.tv/issues/304/suicide-1998-2012/suicide-kills-as-many-as-the-troubles
  21. http://www.bbc.co.uk/news/uk-northern-ireland-30073669 There is something in it - it is not 'guff' as you delightfully dismissed it. It may be related to the troubles, it may be related to lack of opportunities in working class areas with poor education and job prospects, it may be related to other things as well. We have a very high level of mental health problems in this country, I can assure you this is the case and this obviously has an impact in the higher levels of benefit claimants we have.
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