Shotoflight Posted October 24, 2011 Share Posted October 24, 2011 (edited) Co-ownership's average house is around £120k. The £175k is a max figure. I don't know why it is still at that level. So figures for the average co-ownership would then be Deposit £6,000 Mort £90k (@5% 25 yrs) so £526 per month (& rates about £75) Govt lends £24,000 - further rental paid on this outstanding debt - 2.5% pa so £600 or £50 per month. (http://www.co-ownership.org/home-owners/your-rent/) Note the rental portion goes up each april at RPI - 4.5% last April and looking like 5.6% next April. So a low income family will need £6k upfront and £650 per month to 'own' 80% of a £120k property (depreciating asset). Before house insurance or a drop of oil in the oil tank. I assume the usual legals, valuation, mort fees and stamp duty (if applicable) rest with the applicants. http://www.co-ownership.org/help-and-tools/calculators/starter-shares/ Interestingly, overtime, bonus, commission, car allowance and 'other' are listed as 'guaranteed' earnings and there is a section for a variety of benefits all on its own. Must be doable though when the scheme has been restricted in the past and 'winners' drawn due to exceeding quota. Though I see currently, the quota is 'suspended'. Probably compares reasonably against private rents would be the line of thinking. It still seems a big ask, to me, particularly in the current uncertain environment. And not a peep these days about water rates or increasing interest rates. Wonder what percentage 'get into difficulty' or how much is 'written off' under this scheme? Edited October 24, 2011 by Shotoflight Quote Link to comment Share on other sites More sharing options...
Malthus Posted October 24, 2011 Share Posted October 24, 2011 Looks like they have found a pot of gold in Stormont another 40 million found for co-ownership http://www.bbc.co.uk/news/uk-northern-ireland-15436579 What about the hospitals -- A&E--- ? But will anyone be daft enough to take up the offer ? Imho the whole co ownership scheme must be in deep trouble due to the negative equity that they and their customers who bought since 2005 must be in. Will the money really be used for new purchasers or could it be an under the counter bailout, no evidence for this at all, just thinking out loud. Quote Link to comment Share on other sites More sharing options...
BelfastVI Posted October 24, 2011 Share Posted October 24, 2011 So this new loan would be equivalent to what 15% of total new mortgage lending in 2010? And it’s social housing.Yes, thats why I dont agree it is a change in direction. Quote Link to comment Share on other sites More sharing options...
BelfastVI Posted October 24, 2011 Share Posted October 24, 2011 But will anyone be daft enough to take up the offer ? Imho the whole co ownership scheme must be in deep trouble due to the negative equity that they and their customers who bought since 2005 must be in. Will the money really be used for new purchasers or could it be an under the counter bailout, no evidence for this at all, just thinking out loud. There is no doubt they got their fingers burnt in 2006/07 but remember they are going from the 1980's (I think). They made a fortune from the boom and returned vast amount of grant to the Gov during that time. Quote Link to comment Share on other sites More sharing options...
2buyornot2buy Posted October 25, 2011 Share Posted October 25, 2011 Bit of MEWING going on here but will our professional class look after their own? Oh I don't know let me guess. http://www.belfasttelegraph.co.uk/news/local-national/northern-ireland/law-society-cant-seize-solicitors-home-court-told-16068400.html Quote Link to comment Share on other sites More sharing options...
2buyornot2buy Posted October 25, 2011 Share Posted October 25, 2011 There is no doubt they got their fingers burnt in 2006/07 but remember they are going from the 1980's (I think). They made a fortune from the boom and returned vast amount of grant to the Gov during that time. Don't think they made as much as you think. Quote Link to comment Share on other sites More sharing options...
Diver Dan Posted October 25, 2011 Share Posted October 25, 2011 Bit of MEWING going on here but will our professional class look after their own? Oh I don't know let me guess. http://www.belfastte...d-16068400.html Stories like this make me wish they still had the stocks. A few hundred hours of community service would serve this man right. Quote Link to comment Share on other sites More sharing options...
Shotoflight Posted October 25, 2011 Share Posted October 25, 2011 Looks positive, on the surface. £65m social housing injection brings jobs boost http://www.belfasttelegraph.co.uk/business/business-news/65m-social-housing-injection-brings-jobs-boost-16067949.html A £30m loan from Northern Bank will help Clanmil Housing access a further £35m statutory grant funding from the Department for Social Development. The combined public and private funding will allow construction of 550 new homes, bolstering the struggling construction industry. The investment will secure around 300 on-site jobs over the three-year period and support other associated jobs throughout the supply chain. Social Development Minister, Nelson McCausland, described the bank’s funding as a “vote of confidence” in the housing association. The Northern and DSD must see this as one of the 'good' HA's. I thought the DSD in particular was less than impressed with the HA's in general - conducting some sort of review? Clanmill good. Helm bad. DSD not happy with Helm finances. NI's largest housing association has 'serious issues' http://www.bbc.co.uk/news/uk-northern-ireland-15438592 Auditor General Kieran Donnelly said that until explanations and more information was forthcoming, he could not satisfy himself as to the regularity of the £12.1m in public funds paid to the association last year. The Department of Social Development (DSD) provided £165m to Northern Ireland's housing associations in 2010 to meet the Stormont Executive's house-building programme. According to the annual report from the Northern Ireland Audit Office, the DSD became aware last year "of the breakdown of governance within Helm... and had concerns regarding specific building schemes". In June last year, it emerged that a social housing scheme was built by Helm without planning permission and remained empty long after it was completed. The apartment block was built on edge of the Gas Works site near the Markets in Belfast at a cost of almost £1m Audit Office not happy with DSD (and 5 other Depts finances) Audit office concerned over six executive departments http://www.bbc.co.uk/news/uk-northern-ireland-15438742 While the standard of financial reporting across central government remains high, six departments received "qualified audit opinions". That means they were not considered up to scratch, with the rules governing spending not being properly applied. The Department of Social Development exceeded an agreed amount on a city centre regeneration project by £1.7m. Quote Link to comment Share on other sites More sharing options...
2buyornot2buy Posted October 25, 2011 Share Posted October 25, 2011 Did anyone see the bit about the reallocation of funding? I can't find it now (think it has been removed) but the bit that jumped out at me was the 15 million to pay for health professional redundancies?????? Are we getting rid of nurses and doctors or paying off the management????????? The executive “SAVE” £15 MILLION AND USE IT TO PAY OFF MANAGEMENT. Quote Link to comment Share on other sites More sharing options...
Killer Bunny Posted October 26, 2011 Share Posted October 26, 2011 EVERYONE on this site in NI who buys a newspaper should support the News Letter as they have supported you: Enjoy From today's paper Quote Link to comment Share on other sites More sharing options...
2buyornot2buy Posted October 26, 2011 Share Posted October 26, 2011 Keep it in the family and suck at the teat of the tax payer. This would seriously put me off ever considering to voting DUP. Utterly shameless nepotism. http://www.bbc.co.uk/news/uk-northern-ireland-15463472 Quote Link to comment Share on other sites More sharing options...
pajd Posted October 26, 2011 Share Posted October 26, 2011 EVERYONE on this site in NI who buys a newspaper should support the News Letter as they have supported you: Enjoy From today's paper Looking forward to this being reported on UTV/BBC news tonight....oh wait..... Quote Link to comment Share on other sites More sharing options...
Diver Dan Posted October 26, 2011 Share Posted October 26, 2011 On Radio Foyle's lunchtime show today, there was a very nervous and defensive sounding EA saying that it's the best time in 10 years to buy a house. Plenty of talk of renting being dead money and 100% mortgages (if you buy half, rent half) etc. The presenter let's him off a bit too easily but still doesn't appear to really believe him. Starts at 1:05 http://www.bbc.co.uk/iplayer/episode/b016c3md/Lunchtime_with_Mark_Patterson_including_News_at_One_26_10_2011/ Quote Link to comment Share on other sites More sharing options...
pajd Posted October 27, 2011 Share Posted October 27, 2011 On Radio Foyle's lunchtime show today, there was a very nervous and defensive sounding EA saying that it's the best time in 10 years to buy a house. Plenty of talk of renting being dead money and 100% mortgages (if you buy half, rent half) etc. The presenter let's him off a bit too easily but still doesn't appear to really believe him. Starts at 1:05 http://www.bbc.co.uk/iplayer/episode/b016c3md/Lunchtime_with_Mark_Patterson_including_News_at_One_26_10_2011/ The EA begins by giving examples of prices from Nelson Drive, Carnhill and Shantallow. All these areas are made up of council houses. Probably about 25% are actually bought. I wouldn't buy a house in any of those places. As for selling so many houses? I wonder how many he sells over 140k. I could check on Property Pal but i know for a fact he wouldn't be selling many over 140k He said there is a house for 47k. Thats in Ballmagortay!!!! I wouldn't take it in there for free (no harm to anyone who lives there) Good to hear some very bearish comments being read out. Quote Link to comment Share on other sites More sharing options...
2buyornot2buy Posted October 27, 2011 Share Posted October 27, 2011 The EA begins by giving examples of prices from Nelson Drive, Carnhill and Shantallow. All these areas are made up of council houses. Probably about 25% are actually bought. I wouldn't buy a house in any of those places. As for selling so many houses? I wonder how many he sells over 140k. I could check on Property Pal but i know for a fact he wouldn't be selling many over 140k He said there is a house for 47k. Thats in Ballmagortay!!!! I wouldn't take it in there for free (no harm to anyone who lives there) Good to hear some very bearish comments being read out. Yep I enjoyed it. Came across as a cocky typical EA with the sales man crap. Never say no, always agree. “I agree, I agree” You Parrot! I noticed he kept taking about a few houses on at 50K and constantly referring to 75K. Where can you buy in Derry for that? Utter shite. At least the general public knew he was talking through his **** with half-truths. Pitching mostly for investors and looking for an increase in volume. Seriously I think it’s gotten so bad for EA’s and developers that they think it’s 2007 again when they sell one house. Muppets. Quote Link to comment Share on other sites More sharing options...
Shotoflight Posted October 27, 2011 Share Posted October 27, 2011 (edited) Apologies if posted earlier (from 8 Oct) can't see it. Ramsey says props have fallen 40% contradicting Halifax's own stats - see NI price drops from peak thread. Northern Ireland house prices look set to stay in doldrums http://www.belfasttelegraph.co.uk/news/local-national/northern-ireland/northern-ireland-house-prices-look-set-to-stay-in-doldrums-14970460.html Ulster Bank chief economist Richard Ramsey said rising interest rates in a few years’ time would also make mortgages more expensive and ultimately trigger steeper falls in house prices. But prices in Northern Ireland — where the average house costs £130,877 — stayed static in August, according to Mortgage Shop founder Siobhan McAleer. She said mortgage applications had fallen by 20% in August — though approval ratings were up, with four out of five applications being approved. Self-employed people face the biggest refusal rate, she said. “The only transactions that are happening with first-time buyers are those supported by significant deposits from parents,” Ms McAleer said. “The challenge for property buyers is that the lower the deposit the higher the associated interest rate, which is putting people off.” She said interest-only mortgages were becoming a thing of the past, with repayment loans now the norm instead. Ms McAleer added: “As a result, many people are seeing that it is cheaper to rent. They also understand that there is no expectation for house prices to rise so there is no urgency to buy.” She said there would be no increase in mortgage lending until 2012 and estimated that 95% of first-time buyers in 2007 to 2008 would be in negative equity. Mr Ramsey said the economic forecast was unlikely to shake potential buyers out of their inertia. He said: “If you are facing doubts about the future of your job, the last thing on your mind will be buying a new house. “In Northern Ireland, house prices have fallen by around 40% from their peak and with the public-sector cuts that are coming down the line, there will be all kinds of headwinds facing a house price recovery.” Edited October 27, 2011 by Shotoflight Quote Link to comment Share on other sites More sharing options...
Shotoflight Posted October 27, 2011 Share Posted October 27, 2011 There is no doubt they got their fingers burnt in 2006/07 but remember they are going from the 1980's (I think). They made a fortune from the boom and returned vast amount of grant to the Gov during that time. Would any of the housing associations that were 'born' later (were they all born on the same day?) be in diffs - Some were buying ex NIHE houses here for £170k 6 yrs ago - now going for £70k and less ( ie they were competing for housing on the 'open' market, not just building their own). They may never have to crystallise this loss but how will these assets be valued on their books. Especially if DSD rationalise, transfer or snuff out some. NICHA did as you say get a good run and rode the wave, just wondering are the others that lucky - do they have that cushion/ Totally off this topic - remember the hoo ha about Euro mortgages due to the low interest rates. The strength of the Euro/falling pound surely must have created problems - perhaps you just switch or no-one bothered? Quote Link to comment Share on other sites More sharing options...
Shotoflight Posted October 29, 2011 Share Posted October 29, 2011 (edited) Stories like this make me wish they still had the stocks. A few hundred hours of community service would serve this man right. Law Society refused permission to sell home http://www.belfasttelegraph.co.uk/news/local-national/northern-ireland/law-society-refused-permission-to-sell-home-16070525.html The Law Society has been refused permission to sell the family home of a Belfast solicitor whose debts are said to run into hundreds of thousands of pounds. Mr Justice McCloskey ruled in favour of the solicitor's wife, Mary, based on her disclosure that he relinquished his half share in the south Belfast property back in 2002. He held that the Society's arguments fell well short of justifying a rejection of Mrs Bogue's testimony. The judge said: “In short, they are, in my view, eclipsed by her powerful and compellingly truthful sworn evidence. Having subjected her evidence to critical scrutiny, I fully accept her explanations for failing to explicitly assert her claims at an earlier stage.” Disciplinary proceedings were initiated against Mr Bogue after the Society intervened in 2008. He was not struck off but faces restrictions as the result of an independent tribunal decision. Bankruptcy proceedings were brought against him by HM Revenue and Customs but not pursued, the court heard. Edited October 29, 2011 by Shotoflight Quote Link to comment Share on other sites More sharing options...
Daedalus888 Posted October 30, 2011 Share Posted October 30, 2011 Erm...a Halloween horror story? http://www.desewing.com/iceberg/ Quote Link to comment Share on other sites More sharing options...
2buyornot2buy Posted October 30, 2011 Share Posted October 30, 2011 Erm...a Halloween horror story? http://www.desewing.com/iceberg/ Utter desperation. Quote Link to comment Share on other sites More sharing options...
Shotoflight Posted October 31, 2011 Share Posted October 31, 2011 £30m worth of school property sitting idle ttp://www.belfasttelegraph.co.uk/news/education/30m-worth-of-school-property-sitting-idle-16070980.html The Department of Education has come under fire after it emerged there is almost £30m of unused property sitting idle in Northern Ireland's schools estate. But Education Minister John O'Dowd has defended holding on to the property in the current economic climate when demand for property has slumped causing prices to plummet. He said: "Whilst I expect the boards to sell unused assets to boost public funds, Mr McNarry must realise there is very little demand at present for the purchase of vacant school buildings. "The boards can't generate demand that does not exist and I will not agree to a sale of our assets at far below their market value." Quote Link to comment Share on other sites More sharing options...
spyguy Posted October 31, 2011 Share Posted October 31, 2011 On Radio Foyle's lunchtime show today, there was a very nervous and defensive sounding EA saying that it's the best time in 10 years to buy a house. Plenty of talk of renting being dead money and 100% mortgages (if you buy half, rent half) etc. The presenter let's him off a bit too easily but still doesn't appear to really believe him. Starts at 1:05 http://www.bbc.co.uk/iplayer/episode/b016c3md/Lunchtime_with_Mark_Patterson_including_News_at_One_26_10_2011/ I'm not from NI, planning to to NI, etc. Saw this post on the forum home page. In these situations there is no point trying to reason or perform a verbal brain slap. Most EAs have a small number of responses to all the obvious questions, all of which they will repeatedly parrot. You have to shift the argument. Trick them into giving a specific house to justify his/her 'best time to buy'. Then say - 'OK, I'll lend you the money to buy it. You can put up your current assets as security. Interest at 8%. Will you buy it? Then forcibly repeat the offer. The only valid answer he/she can provide is give is 'Yes'. If he/she quavers or dodders then start a stream of ridicule. Quote Link to comment Share on other sites More sharing options...
2buyornot2buy Posted November 2, 2011 Share Posted November 2, 2011 Not sure if this is the best place to put this so Doccy feel free to move if you think there’s somewhere better. I got an email from a friend who’s back at Queen’s studying for professional exams. He forwarded me an email (from Queen’s) containing a survey. The survey is about a tenancy deposit protection scheme. The emails state Queen’s is lobbying the assembly about introducing the scheme here and the Assembly is in the process of looking at bringing it here. The Uni rightly states that large numbers of students are having their deposits withheld without cause. If I was a student I would sign up to this immediately. Quote Link to comment Share on other sites More sharing options...
Diver Dan Posted November 2, 2011 Share Posted November 2, 2011 (edited) I'm not from NI, planning to to NI, etc. Saw this post on the forum home page. In these situations there is no point trying to reason or perform a verbal brain slap. Most EAs have a small number of responses to all the obvious questions, all of which they will repeatedly parrot. You have to shift the argument. Trick them into giving a specific house to justify his/her 'best time to buy'. Then say - 'OK, I'll lend you the money to buy it. You can put up your current assets as security. Interest at 8%. Will you buy it? Then forcibly repeat the offer. The only valid answer he/she can provide is give is 'Yes'. If he/she quavers or dodders then start a stream of ridicule. I don't have any interest in EA baiting myself. I'm not really in a position to buy at the moment (impecunity) so I only have brief and infrequent contact with them. I talk about house-prices with people and there are still plenty who believe that it's a good thing / time to buy. I'll be able to line up my arguments a little more clearly now thanks to that bit of debating tactics. Those are pretty much DH6 or DH7 level arguments. Edited November 2, 2011 by Diver Dan Quote Link to comment Share on other sites More sharing options...
Shotoflight Posted November 7, 2011 Share Posted November 7, 2011 Buying a house can seriously damage your health (and your wealth) Home purchase 'puts years on buyer' http://www.belfasttelegraph.co.uk/breaking-news/offbeat/home-purchase-puts-years-on-buyer-16073925.html The stress of buying a house can age people by two years, according to research. A survey by online conveyancing firm In-Deed of 200 people who have bought or sold a house in the last three months showed that two-thirds believed the experience had aged them. Many of those questioned reported hair loss, short-term memory failure and diminished sex drive. In-Deed co-founder Harry Hill said: "Conveyancing can be tedious, time-consuming and frustrating, so it's no surprise that it causes so much stress." Quote Link to comment Share on other sites More sharing options...
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