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House Price Crash Forum


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Everything posted by HPCwhen?

  1. It's really annoying me. Most of the listings on propertynews these days are laughably over-optimistic still. If folk want/ need to sell they have to reduce so they are the cheapest property of that type in that area. Even then there no guarantees. I've noticed a large number of sub 100K terraced properties in Belfast that aren't shifting either. They look 'cheap' when compared with the rest but still they dont sell! This should have vendors and estate agents very worried but they seemed unable / unwilling to grasp the new reality. Of course these properties are only really worth 60-70K max.
  2. http://www.channel4.com/4homes/on-tv/locat...ation-location/ How to survive negative equity from Kirsty 'house prices will never fall' Allsop. Just caught the trailer for this on C4. Absolutely brilliant.
  3. Maybe a little simplistic but most people look at past events as a guide to future events, right? It's more scientific than saying 'it's fallen 30% so it cant fall any further' which is effectively what the EA was saying on Nolan. The truth is we are in unchartered territory.
  4. Well said. I though FP gave a good account of himself. Nolan came across as his usual pompous, self-important 'man of the people' twit. I thought the guy from Templeton Robinson was not very convincing at all. It's not good enough to say that because prices have dropped by 30% they will now level off. If I was asked to predict future prices I'd look at the trend. The trend is downward and has been for months so my prediction - my informed guess - is that they'll fall further. Anything else is just wishful thinking.
  5. Rang up about this property today - apparently its an investment opportunity and is being sold with a long term DHSS tenant. A buy2let gone wrong perhaps?
  6. Yeah...I worry about inflation. I think the government will try and inflate its way out of this crisis. All of the loans and other borrowings the government proposes to use to bail out the banks - isn't this just the equivalent of pinting money? Dosen't more money = higher inflation? I'm confused. I think the government are going to try to rescue borrowers at the expense of savers.
  7. Agree totally. As the housing correction beds down and it becomes increasingly obvious that this isn't a 'blip', these prices appear increasingly detached from reality. Something has gotta give.
  8. Agreed - at 80K its still 20K above rateable value. But have you seen the other two properties on mayflower street? This ones been keenly priced for a quick sale!!! http://www.propertynews.com/brochure.php?r...=1&sort=l2h Or this one which is even more expensive! http://www.propertynews.com/brochure.php?r...=1&sort=l2h
  9. Yeah rateable value is no biggie these days. Take a look at this property for instance. Down from 230 to 150 and still no offers ( I rang up Friday) http://www.propertynews.com/brochure.php?r...=1&sort=l2h Edit: Typo
  10. Are these the same flats than are still 50% unsold after 3 weeks of 'giveaway pricing'? Must be a Larne thing.
  11. Lol Guys- didn't notice the radiator. I have a feeling Joe that it will sell beause its a new buid terrace in Belfast under the 'magic' 100K. It's only a few short years ago that a small house like this would sell for 70-80K - and the economic environment back then was much more benign. Eventually these properties will sell for 70-80 and even them I'd have trouble justifying the purchase as it is just so small.
  12. Yeah, but remember that new instructions are much more realistic too - check out this one - its pokey but they were trying to sell these for 169 not so very long ago. This is over a 40% drop by by reckoning. http://www.propertynews.com/brochure.php?r...=1&sort=h2l Edit - In fact the builder is still trying to sell these for 149. I wonder what the storey is.
  13. Thanks guys for clearing that up. They are tiny. 69K for a room is outragous. LOL Joe - small-wall indeed.
  14. Has anyone seen the development plot on the Woodstock Road. Its called 'Development X'. A few months back there was a banner across the plot advertising apartments for 99K and the chance to wind 2K and have an apartment named after you! Last week I noticed a new banner - they're selling for 69K BUT the're only studio flats! Still far too dear. http://www.smallwalldevelopments.co.uk/new...velopment-x.asp Edit:Ive just looked at the floorplans. They are 1 bed but they are tiny! I'm nearly certain the banner said studio flat - I'll check 2moro.
  15. Check out he planning service housing land availability report. There is ample land zoned for housing - much more generous than mainland UK (though not as generous as ROI). Its available here: http://www.planningni.gov.uk/Corporate_Ser...Report/2007.htm In fact, to debunk the supply arguemnt just lookas ROI, or Spain -massive house building accompanied by massive house price booms. This was the fault of government and the banks in the first instance.
  16. I really feel for you - I came so close to putting my money in Icesave then I read in Moneyweek that they were paying massively for their CDS insurance (the insurance banks pay against not being able to make good on borrowings). That same Moneyweek article also mentioned a certain Irish bank as paying over the odds for this insurance too.
  17. The Halifax Estate Agency in Ballyhackamore shut up shop over the weekend - builders in this morning. I wonder who'll take up the lease? Charity shop? Pawn-brokers?
  18. Has anyone seen Homefinder tonight? Lots of proce reduction in Thaxton Village, Lisburn. Actually alot of builders are cutting prices. I think the Ad for Thaxton directly thanks Fraser Houses for getting the ball rolling! Bizarre.
  19. I dont think its a good time to buy but I can see how people might - hell I nearly fell of the wagon myself last week! The thought of 60-70 grand 'savings' is seductive but in reality these asking prices were never achievable. The only price that counts is the one that a property will sell for, after all. The property I bid on had been reduced by 70K to 142K but the property was bought for less than this only 2 years ago when the market and the economic outlook was still rosey. I dont think these prices are jusitifed as we enter a recession however, and thats the main reason I backed out. I
  20. This is a really incoherent article. I suspect that alot of people are spending much more than 24% of their income servicing their mortgage / housing costs. I do like the bit where he says "However, for many potential buyers more fundamental price adjustments are still needed. " Who could he be referring to?
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