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About Canyon78

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  1. Sorry for being Belfast focused but I'm pretty sure this trend is everywhere. The number of houses for sale in Belfast on propertypal dipped below 1200 this week. I'm pretty sure this is the lowest I have seen in the last few years. I know its seasonal as well. Does anyone know the usual numbers for this time of year. When are highs and lows? Also what were the numbers around 2006 to 2007? And finally whats the driving force behind it? And the future? Sorry just looking people's options and see where my own biases are in my thinking I currently have a deposit and I
  2. BBC News - Presbyterian Mutual Society: Savers face new financial blow https://www.bbc.co.uk/news/uk-northern-ireland-56361369 And still it goes on....
  3. But why don’t people see that those effects could be bad and keep buying at ever inflated prices? I suppose I did the same before the last crash and bought near the top....
  4. BBC News - House prices in NI keep rising despite pandemic https://www.bbc.co.uk/news/uk-northern-ireland-54988857 Can't get my head round this.
  5. Would anyone on here know the 2007 price of type of house below in that area. Guessing 315k isn't far off. https://www.propertypal.com/55-cricklewood-park-stranmillis-belfast/649046
  6. @sp84 The Halifax at the time valued it around 65k on there system when I came to remortgage not sure how they calculated that figure they didn't come out and do a proper survey. Yes it was straight on to the SVR rate. I know a few years later the lenders had a process to deal with people in negative equity. I think the bank wasnt interested in helping unless I started missing payments. Im not sure what the process is now.
  7. @sp84 That area (Craigavon/lurgan) never really recovered from the 06/07 bubble and crash. Other areas have done considerably better since. Those areas have been discussed on here before. I would say that if it was my forever home. The drop probably wouldn't have bother me that much. I know the area you are buying in, if I had originally bought there it would have worked for me. Nigooner has made some valid points.
  8. Everything was over inflated in 06/07, looking back it was nuts. I just checked propertypal, similar houses in that area range from 45k upwards. This financial crisis is very different than the last one in many ways. You could stretch the purchase processes out a bit to give you more time on your decision. Wait until the seller puts pressure on you? (Not sure how ethical that what be?) There is so many variables in the housing market. It can be hard to stay rational and objective with such a big decision. You have to do whats right for you and take all the risks into consider
  9. Hi Sp84, I could write a thread all on its own on how not to buy a house from my previous mistakes but it looks like you are way more prepared than I ever was. I wish I had found this site back in 06/07. I purchased at £130 and sold approx 9 years later at £40 in 2016. The house wasn’t in a great area outside Belfast and it needed a lot of work buy the time I sold it, which also reflected in some of the price drop. I think the SVR is loosely linked to the Base rate. You could check with your mortgage provider. It could also be different from lender to lender how the se
  10. Hi Sp84, just giving my experience on negative equity and SVR rates. Back in 08/09 I got caught by the short and curlys and put on the SVR rate when my house dropped significantly in price. It was crazy prices/ times back then when I bought. Took me 8 years to grind my way out of that one. The banks may have changed how they treat negative equity now Im not sure. But it looks like you have done your research and thought through the risks. Personally I have no idea what house prices are going to do, I can not currently get my head around Belfast property market at the minute. Good luck on wh
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