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FTBneedshelp!

Buying In Newcastle Co Down

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Hi all,

I have been watching the forum for quite some time and have to thank you for your advice which enabled me to ignore evryone saying buy asap at the height of the summer last year!!!

Myself and my fiance have been renting and have now saved quite a large deposit to put down on a house. I have just viewed this property in newcastle

http://www.propertynews.com/brochure.php?r...=1&sort=h2l

the development was originally on for 250,000 and has now dropped to 210,000. I was thinking of putting in an offer of 20% below ...so 170,000. My only concern is if I gto it for this price could I be in a negative equity position in a year or so?

Newcastle seems to be one of those areas that is taking a while for prices to be reduced.

Thanks again

x

Edited by FTBneedshelp!

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Hi all,

I have been watching the forum for quite some time and have to thank you for your advice which enabled me to ignore evryone saying buy asap at the height of the summer last year!!!

Myself and my fiance have been renting and have now saved quite a large deposit to put down on a house. I have just viewed this property in newcastle

http://www.propertynews.com/brochure.php?r...=1&sort=h2l

the development was originally on for 250,000 and has now dropped to 210,000. I was thinking of putting in an offer of 20% below ...so 170,000. My only concern is if I gto it for this price could I be in a negative equity position in a year or so?

Newcastle seems to be one of those areas that is taking a while for prices to be reduced.

Thanks again

steph

x

hi ftb

welcome

+ a bit of advice

if thats your real name at the bottom there I'd edit it out

for obvious reasons

I think anomimity is valuable if you want to be candid on this site

it makes things a little complicated to explain sometimes but I don't want EAs knowing anything more than they need to about me. and they do lurk on here

I don't know newcastle too well but I'd say that seems very optomistic at 210k

I can't see a reason why it shouldn't be more in line with these>

http://www.propertynews.com/brochure.php?r...=1&sort=h2l

http://www.propertynews.com/brochure.php?r...=1&sort=h2l

http://www.propertynews.com/brochure.php?r...=1&sort=h2l

http://www.propertynews.com/brochure.php?r...=1&sort=h2l

'fixed price' = :lol:

Edited by mr slump

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Hi all,

I have been watching the forum for quite some time and have to thank you for your advice which enabled me to ignore evryone saying buy asap at the height of the summer last year!!!

Myself and my fiance have been renting and have now saved quite a large deposit to put down on a house. I have just viewed this property in newcastle

http://www.propertynews.com/brochure.php?r...=1&sort=h2l

the development was originally on for 250,000 and has now dropped to 210,000. I was thinking of putting in an offer of 20% below ...so 170,000. My only concern is if I gto it for this price could I be in a negative equity position in a year or so?

Newcastle seems to be one of those areas that is taking a while for prices to be reduced.

Thanks again

x

given house prices in N.I.have returned 35% towards normality the maximum this house should be on offer for should be approx 150k , and given the reccesion/depression is only getting started surely its total madness to buy at present.

why not wait till the pips are squeesed out of this devoloper he can,t wait forever.

as belfast boy stated this house and other starter homes won,t be worth 120k in 18 mts time., are you not better to carry on saving and paying rent at roughly 500 pds per month than taking out a large mortage at present.

please be patient .

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210k for a 3-bed semi?! That would seem expensive at the peak, never mind now. All in my opinion, of course.

I don't believe that 3-bed semis should be worth anything over 100k within a few years.

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I would wait until at least the end of 2009 before buying a place.

Some people seem to think that the posters on this forum have a vested interest in trying to influence the opinion of potential FTBers. Truth be told it makes no difference whatsoever to posters on here whether you buy a place now or in a year or 2, the only real difference is going to be the size of your mortgage.

If we genuinely thought house prices had bottomed out we would be advising new posters to buy now, we'd even be buying a place ourselves but house prices have a long way to go before they are affordable again.

EAs and developers may be saying that house prices have stopped crashing in value but remember that they are desperate for business at the moment.

Also http://www.treesdontgrowtothesky.com tells a different story, over 700 reductions last week along suggests that house prices are still crashing in value and will do so for the next few years.

Welcome to the site!

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Some people seem to think that the posters on this forum have a vested interest in trying to influence the opinion of potential FTBers.

Actually would it not be in my interest to encourage people who come here to buy a house now? One less person for me to compete with, if I do decide to buy a house at the end of 2010. House prices are going to continue falling anyway. Whether these people buy now or not is not going to influence the direction of house prices at all. There will not be enought people buying now to stop house prices falling.

So, on second thoughts - Belfast Boy is mad - house prices are not going to fall 60%-70% and it would be silly to wait until the end of 2010 to buy a house after all the big falls. :unsure:;):P

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Actually would it not be in my interest to encourage people who come here to buy a house now? One less person for me to compete with, if I do decide to buy a house at the end of 2010. House prices are going to continue falling anyway. Whether these people buy now or not is not going to influence the direction of house prices at all. There will not be enought people buying now to stop house prices falling.

So, on second thoughts - Belfast Boy is mad - house prices are not going to fall 60%-70% and it would be silly to wait until the end of 2010 to buy a house after all the big falls. :unsure:;):P

well relative to the falls

a lot of higher accepted offered are going to be quashed by mortgage brokers valuations anyway

they'll have to if they don't want their @rses sued off

so any that do sell will be valued low and that will bring down the averages more

so a trickle of sales is actually a good thing for all of us

and therefore it matters not a jot, to incourage or discourge individuals

logical or am I wrong?

its case by case for everyone on here

everyone has a slightly diferent agenda and situation,

areas + house types are moving at diferent rates down the slide

so there will be a diferent 'right time to buy' for everyone

regardless of all of that I think the advice o nhere is genuinely selfless

I don't think anyone wans to see anyone else get needlessly shackled to a liability or enslaved by debt

Edited by mr slump

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Actually would it not be in my interest to encourage people who come here to buy a house now? One less person for me to compete with
If I do decide to buy a house at the end of 2010. House prices are going to continue falling anyway. Whether these people buy now or not is not going to influence the direction of house prices at all. There will not be enought people buying now to stop house prices falling.

I think you have answered your own question :)

Of coarse you're right ;)

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regardless of all of that I think the advice o nhere is genuinely selfless

I don't think anyone wans to see anyone else get needlessly shackled to a liability or enslaved by debt

So true!

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Thanks so much for the advice so far. I totally agree with what you're saying in terms of the advice you give being selfless. I wish I was in the position to wait for a couple of years as I am aware things are only beginning and about to get much worse. I am getting married at the end of this year though and would love to have somewhere by then.

My thinking is that if I offer what I am comfortable paying (and also what I believe the price will be in a couple of years) and it is accepted then i'd be happy to buy rather than not have house for when i'm married.

I'm also aware that most people are still in denial and although I believe that my offers are fair they may be laughed at by developers/ea's.....think it's worth a try anyway although I may have to wait for a few months before they even consider it.

Here's the house that i'd really love

http://www.propertynews.com/brochure.php?r...=1&sort=h2l

am thinking of putting an offer in of £205,000...... what are your thoughts?

Thanks again

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I'm getting married at the end of 2010 too, but not desperate to buy a house still. While of course it would be nice, my girlfriend and I both know that house prices up far too expensive.

We have a lovely house to rent, paying much less than we would repaying a mortgage, so neither of us are desperate to buy.

Maybe by the end of 2010, things will be different. If we are still deep in recession and house prices are still tumbling we would carry on renting though.

Each to their own though and I hope you get yourself a bargain! :)

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Here's the house that i'd really love

http://www.propertynews.com/brochure.php?r...=1&sort=h2l

am thinking of putting an offer in of £205,000...... what are your thoughts?

Thanks again

have you seen the actual house?

is it built?

thats just a 3d model/photoshop composite

and for some reason theyve stretched it up <_<

looks like its sale agreed now.....did you buy it?

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......An EA in Newcastle asked me to leave ...........

I think this EA would benefit from a customer relations course. His arrogance will be tempered by this crash methinks! :P

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have you seen the actual house?

is it built?

thats just a 3d model/photoshop composite

and for some reason theyve stretched it up <_<

looks like its sale agreed now.....did you buy it?

Sorry, it's not v clear they don't seem to have any real pictures on the web. That one is sale agreed i'm not sure when it was sold but I know the starting price was £395,000 then they dropped to £265,000/£275,000.

I have seen the houses, they are built and from the current phase none have sold!

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Sorry, it's not v clear they don't seem to have any real pictures on the web. That one is sale agreed i'm not sure when it was sold but I know the starting price was £395,000 then they dropped to £265,000/£275,000.

I have seen the houses, they are built and from the current phase none have sold!

righto

so long as youve seen them

these composites can be a lot more idilic than the reality

non existent mature trees are a favorite

but sure EA photography can be somewhat creative too

like this

http://www.propertynews.com/brochure.php?r...mp;p=NEANEB0219

when I first saw this ...about 14-16 months ago I thought wow

what I nice long driveway....................nope

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ok think i'm going to be brave and put in a couple of cheeky offers this morning! As a first time buyer i've never made an offer before.

I'm putting the first in for a 5 bed detached on at 275 - going to offer 200 (posted link previously)

and the 2nd in for a 3bed semi on at 210 - going to offer 160

Most of my friends think i'm mad and ill get laughed at!! to be honest i agree with the latter as it seems the EAs are very much in denial. But the worst they can say is no. If they do i'll just tell them to keep it in mind and ill come back to them in a few months (if they're not coming back to me 1st!).

What do you's think? i've been soaking up ur wisom for a while but still v much a novice!

thanks

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What do you's think? i've been soaking up ur wisom for a while but still v much a novice!

What are the rateable values of the properties you mentioned? Rateable value is a good indication of how rediculous current asking prices are.

Edited by Belfast Boy

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. The traffic system is horrendous

thats the truth

I'd hate to live there for that reason

takes an hour to get in or out of town as soon as the sun comes out

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i have to agree with you there!! but it's where my family/friends are and to me thats most important so although not everyones cup of tea it's where I want to settle. Ok gona wait til after lunch then ring up and put the offers on. Will be interesting to hear the response.

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i have to agree with you there!! but it's where my family/friends are and to me thats most important so although not everyones cup of tea it's where I want to settle. Ok gona wait til after lunch then ring up and put the offers on. Will be interesting to hear the response.

no problem with that at all

aside from the few irritations with the town its a great part of the country

close to castlewellan too

good eats there

its always good to hear what reactions to offers are too

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I really like Newcastle, especially now they have re-done the promenade and street paving. It's quite a pretty town now and it's big enough to remove the need to head to a city every time you need something.

I'd be happy buying a place there, but the prices do seem silly still. You seem to pay a 30% less for living 10 mins down the road (in Castlewellan, for instance).

Edited by Traktion

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I wouldnt mind living in Newcastle either, would be nice to be near the beach, Castlewellan forest park, the mourne mountains ect... but it just wouldn't be practical since I work in Belfast.

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  • 284 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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