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House Price Crash Forum


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Everything posted by dieselfreak

  1. Couldn't agree more, i mentioned in the boom that i hated watching a similar house of my sell for some stupidly high price...
  2. http://www.belfasttelegraph.co.uk/business/business-news/toxic-bank-takes-over-another-10-northern-ireland-sites-16060519.html More into NAMA
  3. Couldnt agree more, i wish they would stay the hell out of the way. Constant tinkering with various schemes to "breathe life back into the market", all it does is distort and delay true recovery. The artificial price floor in rental properties, is a prime example of this distortion.
  4. you sir are a fool, I'm off to get a mortgage and scoop up these great deals.
  5. Very low shot I know but anyway....... http://www.bbc.co.uk/news/world-europe-11419212 Perhaps Merv's historic interest rates are all a misunderstanding, and he's trying to "suck" his way out of trouble.
  6. http://www.bbc.co.uk/news/world-europe-11419212 Perhaps Merv's historic interest rates are all a misunderstanding, and he's trying to "suck" his way out of trouble.
  7. http://www.bbc.co.uk/news/uk-northern-ireland-11413864 on the news this a.m.
  8. I personally know a couple who have just purchased in Portadown using this scheme. and another person who is considering, in the same development. http://www.propertypal.com/house-type-5-bachelors-avenue-portadown/20899 The houses are quiet nice, but the issue is of course the price. they are paying over £140,000 for the damn thing. (3 bed semi) There are a lot of turn-key offers around portadown for under £100,000 This is complete madness, and the ONLY reason they are looking at them is because they dont require a deposit. Whilst the builder may well be selling at below his cost, the fact is the land was prob massively over paid for. In my opinion, if one of these properties were being sold by someone who loses a job, they will never get another sole to follow in behind them @ £140,000 + There is just too much choice available for far less money. How the bank doesn't see the risk here is beyond me.
  9. Very interested in your thoughts on what makes the land so much more expensive in Co Armagh. I'd love to build a detached dewlling on an acre, but some of the prices in the area I like (bt63) are still way too high http://www.propertypal.com/lisnavaragh-rd-scarva-banbridge/89623
  10. I followed the link and you are correct. If I got a flat wheel near that one, id just drive on.
  11. http://www.belfasttelegraph.co.uk/business/business-news/northern-ireland-economy-stumbling-into-its-biggest-crisis-in-living-memory-14905104.html Queue more special pleading for an exception in our case.
  12. I’m not sure how the above advice could be clearer. You are considering paying £60,000 more than rateable value, which is about the entire take home pay for an average earner for ~4 years. The interest alone on that £60,000 @ 5% will add ~£250 per month on the mortgage payments. In addition, as commented, some areas are now below RV, which makes it even more over priced.
  13. There are a fair few houses around my area that are built on concrete piles.. A number of them resulted in the land around the house sinking over time leaving the house above the surrounding land. An example in the below photo of a house close to me: http://app2.propertynews.com/images/large/32958773.jpg There is a line under the window on the right of picture where the land used to be... and to disguise the problem they built that ridiculous wooden structure at the front and end of the property.
  14. TodayFM again ths am.. they had about 500 show up following the media coverage of this. originally looking to offload 28 of 48 properties. they got rid of 47 Lots of comment about requirement to set the price at current market level, and property will sell. Investor and OO's were interested.
  15. I couldn't agree more... what on earth were they thinking... I mean was the site actually looked at following the update. It's terrible. D
  16. Steve66... I also hope that all works out for you. However the only way to know the true "value" of the place is, put it on the market and see what your offered, listening to an estate agent who is tasked with selling these things, or anyone else who's industry will suffer when house prices fall is not a reliable guide to its value. I'd guess if you got any offers at all, it would be a very long way off your "6% down" current guestimate. spelling as usual
  17. OMG!!! = to over 1/2 million bucks for each person in the country. Unwinding this is going to excruciating.
  18. Cant help feeling that this tactic would be closer to what most people would like to have seen, rather than NAMA or the completely corrupt Anglo bail out. http://news.bbc.co.uk/2/hi/business/8208932.stm Arrest threat for Nigeria debtors People who owe billions of dollars to troubled Nigerian banks have been told they have five days to pay the money, or face arrest. Anti-corruption police say the debtors, who include Nigeria's wealthiest men, had almost ruined the banking industry. Five banks were rescued in a $2.6bn (£1.58bn) bailout last week, which saw all five chief executives sacked. The central bank has published a list of more than 200 customers, including companies and state governments. System Threat The country's Economic and Financial Crimes Commission has said it is working with other law enforcement agencies to secure the borders and prevent anyone escaping. Nigerian police have arrested three of the banks' chief executives plus one other high-ranking official. The bosses are being questioned over the bad loans taken on by their banks which totalled $7.6bn. The regulator has argued that weak governance left the banks so undercapitalised that they posed a threat to the banking system in Nigeria. The five banks concerned are Afribank, Finbank, Intercontinental Bank, Oceanic Bank and Union Bank. 'Sanity' The published list includes corporations like Transcorp and fuel distributor African Petroleum, as well as the Ministry of Finance and Economic Planning and state governments of Delta and Ebonyi. Femi Babafemi, a spokesman for Nigeria's Economic and Financial Crimes Commission, said the chairman of the commission has met with the chief executives of all of the country's banks. "We've made a recovery in a particular case of well over 5bn naira ($31.5m)" Mr Babafemi told the BBC. "At the same time, we also have to work along with other regulatory agencies to ensure that sanity and discipline get rooted in our financial institutions. " The BBC's Ahmed Idris in Abuja says the list includes some of Nigeria's most well-connected and richest men who have loans "that are looking increasingly toxic". Billionaire tycoon Aliko Dangote, who was listed at the world's richest African by Forbes magazine last year, has a loan worth $15m with Oceanic Bank, the central bank said. Mr Dangote was recently unanimously elected president of the Nigeria Stock Exchange. His companies control trade in many of Nigeria's commodities, including rice, salt and sugar, textiles and vegetable oil. New governor "It has become necessary to use this medium to request the following defaulting customers of the affected banks to pay without further delay their indebtedness, failing which the banks will take all appropriate legal actions to ensure repayment," the central bank said in a statement. Governor Lamido Sanusi last week bailed out and took over the five banks, saying the banks were undercapitalised and posed a risk to the entire banking system. Mr Sanusi took over as head of the central bank over two months ago, pledging to clean up the banking system that has fuelled growth in Nigeria. The unprecedented action against the banks has sent the Nigerian currency, the naira, lower but also raised hopes that the Nigerian financial system may finally be reformed.
  19. More "Green Shoots" http://news.bbc.co.uk/1/hi/northern_ireland/8206579.stm based on 950 transactions over April to June, any increase would be "significant"
  20. Being from just outside Portadown, i'm intrigued to hear your opinion on building sites (single dwellings on a 0.5 - 1 acre) in the same area. A few I've see have dropped dramatically, I found one for 65G and another for 85G
  21. Nice one Galway has to be my favourite city, great pubs, fantastic people and great craic.
  22. I was very close to buying a property a few weeks back. I went to Northern Bank, and was looking at keeping our existing house and letting it out. (we owe almost nothing on it, and I needed to move fast to close the deal, so selling wasn't an option in this market) Went to a meeting to discuss the financials with the bank. They had a printout of the Land and Property Service website with my existing house on it !! This value then has an uplift percentage applied to it, the percentage I was told depends on the postcode of the property. I was also told that the uplift percentage had dropped recently across the board.
  23. my contribution on BelTel.. @soarer.. The problem with that tactic is the people may rush in and get a mortgage for a house, with historically low interest rates, and an inflated property value (they have a long way to drop yet IMO) Then the interest rates return to the long term average leaving the purchaser unable to pay the mortgage, as they bought near the top they cant sell the house at a level they need to clear the debt. Why not wait until prices stop dropping 10-15% per year? using multiple indices not a 1 month blip from a vested interest. Its not really a problem for most FTB's as they will struggle to get a mortgage @3-4 times the average wage anyway, although you could jump in with M. Ritchie's developer bailout plan and hock yourself up with a pile of debt on the cusp of the worst economic recession since the great depression. doubt they'll approve.
  24. HAHAHAHA Nearly fell of my seat laughing at this one! http://www.keyholeestateagents.com/ Things are indeed bad at this EA !! I've attached a screenshot for posterity, in case they take it down.
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