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Comments open for the time being. I will post report on the "quarterly report" thread when it becomes available.

Owners of semi detached bungalows rejoice - your investment has gone up 16.1% in the past 12 months. Snap em up quick!!!!!!! Detached up 9.3%

I don't know about the housing market, but these reports seriously damage any vestige of reputation the contributors have (or ever had)

Northern Ireland house prices continue to fall

http://www.belfasttelegraph.co.uk/news/local-national/northern-ireland/northern-ireland-house-prices-continue-to-fall-16243466.html

While the trend across most properties was generally one of declining value, particularly with apartments (down 22.7% on last year), both semi-detached bungalows and detached homes did increase in price over the last 12 months (up 16.1% and 9.3% respectively).

In terms of regional differences, the Belfast market continued to improve while the Enniskillen/Fermanagh/South Tyrone market rated as the least expensive.

Over the third quarter there was a relatively low total of 958 transactions.

The report found that 72% of sales were at or below £150,000.

In a joint statement, the authors of the report - Professor Alastair Adair, Professor Stanley McGreal and Dr David McIlhatton - said: "The results re-emphasise that recovery in the market is slow

Alan Bridle, UK economist at Bank of Ireland UK, said: ........"While there are some signs of encouragement,........

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Comments open for the time being. I will post report on the "quarterly report" thread when it becomes available.

Owners of semi detached bungalows rejoice - your investment has gone up 16.1% in the past 12 months. Snap em up quick!!!!!!! Detached up 9.3%

I don't know about the housing market, but these reports seriously damage any vestige of reputation the contributors have (or ever had)

Northern Ireland house prices continue to fall

http://www.belfasttelegraph.co.uk/news/local-national/northern-ireland/northern-ireland-house-prices-continue-to-fall-16243466.html

While the trend across most properties was generally one of declining value, particularly with apartments (down 22.7% on last year), both semi-detached bungalows and detached homes did increase in price over the last 12 months (up 16.1% and 9.3% respectively).

In terms of regional differences, the Belfast market continued to improve while the Enniskillen/Fermanagh/South Tyrone market rated as the least expensive.

Over the third quarter there was a relatively low total of 958 transactions.

The report found that 72% of sales were at or below £150,000.

In a joint statement, the authors of the report - Professor Alastair Adair, Professor Stanley McGreal and Dr David McIlhatton - said: "The results re-emphasise that recovery in the market is slow

Alan Bridle, UK economist at Bank of Ireland UK, said: ........"While there are some signs of encouragement,........

Link to the report is http://rpp.ulster.ac.uk/research/housing-index/q3-2012.pdf

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Residents 'left behind' by regeneration

Some residents in the Village area of south Belfast have said they feel "forgotten" as a £100 million regeneration plan plunged them into negative equity.

http://www.u.tv/News/Residents-left-behind-by-regeneration/407cdebf-eccf-44c4-8b3e-a3cd82e9fb9f

When the Housing Executive took ownership of their homes two years ago, residents were given a payout.

But with the fall in house prices they were left with a shortfall in the mortgage that will have lasting effects on where they live for years to come.

Under vesting rules, the Housing Executive pays out the market price of the house but for Jane Robinson, who was a first time buyer in 2006, she was left with a debt of £15,000.

"I had seen that as my first step on the property ladder and all of a sudden I was looking at a good few years of paying debt off before being able to even consider starting to save for another house," she told UTV.

"It was hard to give up my home, and lodge in someone else's home. Now I've moved home with my parents to try and save.

She is one of 25 people left paying out mortgages on the original value of their homes, which are now bricked up or demolished.

The Housing Executive has said it cannot comment on compensation because of a lands tribunal case, which will decide whether those left out of pocket deserve compensation. A decision is due at the end of this week, while bulldozers remove more than 500 homes to make way for the new houses.

Bob Stoker, the local UUP councillor, said the Department of Social Development needs to take a fresh look at the situation and help those who are suffering financially.

"Some people who are in the position of negative equity are being left behind. They're not going to be in a position to purchase a new house and if they can't afford to pay off their mortgage it's highly unlikely they will access private sector rental," he explained.

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Belfast Telegraph front page headline, "Price of flats falls 23% in one year." (Wed 28th November)

I thought they were apartments?:lol: Can't find the article online. Though is is very similar to the one shoto posted above.

On page 6, Helen Carson gives her expert analysis. So an 'expert' is someone that has been wrong for the last 5 years!dry.gifShe does not say very much really. Which is her most accurate analysis so far :lol:

Edited by Belfast Boy
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HPC related?

More Northern Ireland people 'seeking debt help'

A debt advice service has reported a significant increase in calls for help from people who have found themselves in debt.

Advice NI said it received 270,000 requests for help in the last year.

It said it had helped more than 2,200 clients deal with £55m worth of debt - an average of £25,000 per client.

In its annual report, Advice NI said its advisers are reporting an increase in personal debt and a significant rise in the number of requests for help.

Advice NI has 69 offices across Northern Ireland, employing 185 advisers.

Chief executive Bob Stronge said that almost half of those seeking advice were homeowners, while 43% were suffering from mental health issues.

"Every day our dedicated advisers see the human impact of the continued economic downturn with debt levels rising, concerns over welfare reform growing and more and more people being affected," he said.

"For example, in the last year we dealt with an increase of 7% in demand for our Debt Action NI service, with 2,200 people with nearly £55m of debt being helped through a difficult situation.

"Looking forward, we have serious concerns regarding the spread of 'pay day loans' and a worrying lack of understanding of the new welfare system, by those on whom it will impact most.

"That's why we are calling on the executive to include a statutory right to free independent advice for all those affected by the changes, so that people can find their way through these changes without being adversely affected.

http://www.bbc.co.uk/news/uk-northern-ireland-20547142

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Hammer falls on raft of cut-price homes

http://www.belfasttelegraph.co.uk/news/local-national/northern-ireland/hammer-falls-on-raft-of-cutprice-homes-16244830.html

First-time buyers and investors alike were treated to yet another rock bottom house clearance sale in Belfast on Thursday night.

Dozens of cut-price properties went under the hammer — with several selling for just over £20,000 — and many going for only 20% of their original value during the boom.

As the latest housing price survey shows the market is still on a downward spiral, dozens of buyers had their catalogues in hand and bidding cards held high at Wilson’s Auctions in Mallusk.

The man holding the gavel was auctioneer Gareth Semple, who said the large number of keen bidders showed just how busy the market has become with eager investors.

“Out of 30 we have sold approximately 25 outright. Things are down at the moment but conditions are now right again for investors to start buying properties.

“You have terraced houses that are now going for £30,000; we also had a few first-time buyers, too, and that’s good to see,” he said.

Several other terraced houses sold for a fraction of their original market value, including a three-bedroom property in Belfast which went for £24,000.

Those in the market for something a bit bigger could have landed yet another bargain — snapping up a massive five-bedroom house in Portavogie which went for a mere £49,000, £90,000 less than previously valued.

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Things are down at the moment but conditions are now right again for investors to start buying properties.

Might make sense for professional landlords, but not for an amateur.

None of my money is invested in property. I have considered it. When everything is factored in, the effort versus net returnes look poor. Property investment sounds like a good idea, but on paper it is just too risky.

So my advice to anyone considering this is to speak to an accountant.

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Street repairs bill may hit £300m

http://www.belfasttelegraph.co.uk/news/local-national/northern-ireland/street-repairs-bill-may-hit-300m-16246347.html

Dark, unpaved streets across housing estates in Northern Ireland could cost up to £300 million to repair.

Around 1,200 public roads have been identified as inadequate, but there could be as many as 3,500, according to figures contained in a regional development committee report.

Many have not been levelled, paved, lit or provided with sewerage to the official standards because developers ran out of cash and could not afford to finish their projects.

A street in bad condition could drive down the resale value of local properties and it could take a further £41 million to £100 million to fix the 1,200 sewerage schemes that are currently backlogged, said the committee report.

Deputy chairman Sean Lynch said MLAs had heard "horror stories" from people living on ghost estates.

Stewart Dickson, the Alliance Party's regional development spokesman, said the priority list is a sensible recommendation and the Assembly and Executive must help developers and buyers who have been affected by recession.

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Something wrong with the case study here. She bought in 2001, in the New Lodge and her current mortgage is £112,000. The house is valued at £76,000 or less. She's been paying the mortgage for 11 years... Looks like a bit of mewing going on here. What is a teaching assistant earning prob £17,000 a year doing with a £112,000 mortgage? Probably one of the 41% on interest only.

Yeah sure we should bail all the people who used the house as a cash machine out. On your bike.

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Northern Ireland's cut-price homes snapped up at bargain basement auction

http://www.belfasttelegraph.co.uk/news/local-national/northern-ireland/northern-irelands-cutprice-homes-snapped-up-at-bargain-basement-auction-16246663.html

Rock-bottom cut-price homes being flogged at less than the cost of a family saloon car drew in hundreds of eager bidders last night.

Whether it was a dirt-cheap suburban three-bedroom in Belfast going for £20,000 or a Ballymena property for a mere £11,000 — bidders were in fierce competition to snag a bargain.

The bulk of homes being sold at fractions of their original values during last night’s BRG Gibson auction in Belfast were those repossessed by the banks — with many people caught out following the collapse of the housing market.

With the bidding hall packed out, hordes of potential buyers squeezed their way in — many forced to stand due to the overwhelming interest in around 80 cheap properties on offer.

Among those sold was a three-bedroom terrace in Dungannon, which went for around a quarter of its original value at a mere £25,000.

But aside from the bottom end of the market, a 21-bedroom stately home in Co Armagh, once valued at around £2 million, failed to sell last month for only £100,000.

Although not on auction this time around, according to the last night’s host the 19th century Castle Dillon was “not too far away from selling” — sitting on an offer of just £112,000.

But although many properties went for peanuts, several homes achieved more than their guide price — with one three-bedroom terrace in Portadown selling for £36,500, two thirds over the guide of only £22,000.

Another three-bedroom home in Portrush with sea views sold for £13,000 over its guide at £78,000.

One of those picking up a property was Allister Mulligan from Moneyreagh — who bought a two-bedroom terrace house in Belfast for £45,000 as an investment.

“It’s to rent out, do a bit of work on it. I think it was good value,” he said.

Another buyer said that he had picked up a “true bargain” with many others in the bidding hall keenly rifling through the brochure to look for the next low-cost lot.

The man with the hammer, director of BRG, Nicholas Gibson, said many people were choosing to avoid buying on the open market and turning to the regular auctions to pick up a cheap buy.

“You can buy a house for as little as £8,000 in Northern Ireland now,” he said.

“There is a lot of activity in the buy-to-let market. There is competition out there getting the market moving.”

The auction house has now run 11 major property sales since November last year.

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Falling house prices turn 840,000 homebuyers into “mortgage prisoners” UK

http://blogs.telegraph.co.uk/finance/ianmcowie/100021739/falling-house-prices-turn-840000-homebuyers-into-mortgage-prisoners/?utm_source=dlvr.it&utm_medium=twitter

Falling house prices have turned 840,000 homebuyers into “mortgage prisoners”, according to one of the biggest banks in the world – but there is no need to suffer in silence.

These people’s debts either exceed the current market value of their property – putting them in negative equity – or are less than 15pc below the price of the home to which they are secured, according to calculations by HSBC.

It reckons the number of “mortgage prisoners” has soared by 40pc in little more than a year and that they now account for nearly a fifth of all homebuyers with standard variable rate (SVR) mortgages. House prices have fallen fastest and furthest outside London. The North West of England has the highest proportion of "mortgage prisoners" – comprising more than 10pc of all homeloans – but the North and Wales are not far behind.

Sadly, many recent homebuyers have seen the equity in their home eroded or wiped out. So they may not be in a position to apply for attractive mortgage deals, which are generally only on offer to borrowers requiring loans to value (LTVs) of less than 85pc.

For them, HSBC’s catchy phrase “mortgage prisoners” may be truthful but unwelcome. It adds insult to injury and prompts the uncomfortable thought that for these Englishmen – and many others – their home is no longer their castle but their jail.

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UK

Generation Rent: why millions are locked out of owning homes

Soaring property prices and a mortgage famine are having a radical social impact on the way renters live their life

http://www.guardian.co.uk/society/2012/dec/09/generation-rent-locked-out-home-ownership

It is a situation replicated across the country where a major transformation is taking place in the housing market and renting is becoming the new norm. The number of households renting in the private sector has more than doubled since the mid-90s, from 8% to 17%, according to Shelter. Traditionally the private rental market was mainly the preserve of students and young professionals but in recent years they have been joined by ever increasing numbers of young families and people in their 30s, 40s and 50s. Of households renting privately, one-third are families and nearly half are over 35, with one in three aged over 45.

Most of these would like to buy – 86% want to own their own home, according to the British Social Attitude Survey – but are stuck in rented accommodation for the foreseeable future.

This week, census figures are expected to show a marked drop in home ownership and a huge increase in the proportion of renters from 2001-2011. As reported in the Observer today, an IPPR report has just revealed the extent of the thwarted aspirations and shelved ambitions among Britain's frustrated renters. How have we got here? And what can be done?

Stagnating wages and the rising cost of living make it impossible to save the tens of thousands of pounds needed for a downpayment, especially when you're paying rent as well. Around 70% of first-time buyers now have help from the "bank of mum and dad", according to the Council of Mortgage Lenders, often thanks to parents remortgaging.

Beside a mortgage famine, there are several other reasons behind the emergence of Generation Rent, namely sky-high house prices, a housebuilding slump, an ageing population and past government housing policies. The number of social housing units has fallen from 5m in 1982, or 30% of the housing market, to 3.85m or 17% of all homes – creating more demand for private rentals.

Roger Harding, head of policy and research at Shelter, explains: "There's a lack of housing stock, which started in the 1980s with council house sell-offs and councils not being able to reinvest the money in housing; then not enough was built under successive governments. Labour spent a lot on improving the condition of existing social housing stock but didn't start building new houses until the credit crunch was kicking in.

"It's a generational thing. Two-thirds of us are still homeowners. One-third of all householders own their homes outright (mostly those over 60); one-third have a mortgage and one-third rent (privately or in social housing).

"What's clear is that the next generation is going to really struggle to get a stable or affordable home, no matter how hard they work or save. While it used to be a reasonable expectation for parents that their children would be better off than them, when it comes to housing things are moving backwards."

Between 2001 and 2011 wages increased by 29% while house prices increased by 94%. In 2001, the average price of a home was £121,769, 7.4 times an average individual salary of £16,557. In 2011, average house prices are £236,518, or 11.1 times an average individual salary of £21,330.

An area that has been little explored is the social impact of renting. On Monday, the IPPR publishes a report looking at these effects. It found that renters feel less attached to their local neighbourhood communities, and are more likely to delay starting a family and building their careers because of the uncertainty around renting and the lack of affordable housing in areas where jobs might come up.

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Decline in house prices starting to slow

(or, continues, as most people would observe)

http://www.belfasttelegraph.co.uk/business/business-news/decline-in-house-prices-starting-to-slow-report-16248885.html

Just 60% of respondents predicted that transaction volumes would remain flat until February

One Mid-Ulster estate agent said that while the middle to upper end of the market is stagnant, bargain repossessed properties are driving prices down.

Richard McCulloch from Stanley Best Estate Agents in Magherafelt said prices and sales are still dropping month on month.

"Given that winter is usually the worst time to sell houses, it is no surprise to see negative results, and with the wider economy in trouble it will be springtime until I think we will see any sort of stabilisation," he said. "Typical first time buyers' three-bed semis are still moving but the middle to upper end is really doing nothing at all in Mid-Ulster.

"Investor properties are selling but a lot of those are repossessed properties, often terraced houses. At knock-down prices, they would be dragging the prices of the lower end of the market down."

Garry Best from Best Property Services in Newry said: "We had a steep rise so a steep decline is to be expected. However, I agree the decline is not so strong as before."

Edited by Shotoflight
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UK Census

http://www.guardian.co.uk/uk/2012/dec/11/census-one-in-eight-born-abroad

On housing, the proportion of mortgage holders was down six percentage points, while the proportion owning outright was up two percentage points. This may be down to the ageing population.

The number of people renting privately went up from 9% in 2001 to 15% in 2011.

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Mainly London/foreign buyers but some read across

Britain is becoming a nation of renters as overseas investors gobble up the housing stock

http://blogs.telegraph.co.uk/finance/jeremywarner/100021775/britain-is-becoming-a-nation-of-renters-and-overseas-investors-gobble-up-the-housing-stock/

In any case, home ownership is for many younger Britons becoming but a distant dream. According to the latest census figures, published today, there has been a huge rise in private renting, from 9pc of households to 15pc on census day. In London, the phenomenon is even more pronounced – up from roughly a fifth of households to nearly a third. The census took place early last year, so all these numbers will have grown even further since then.

A major change in the structure of property ownership is underway – with fewer houses owned by the occupiers and more by investors/landlords.

Sometimes extreme regional differences in property prices, not to mention the ties home ownership, are a big deterrent to labour mobility.

Lack of mortgage finance is not the main issue here. Indeed, there is much merit in going back to a system where mortgages are properly priced and a reasonable dollop of equity is demanded. Rather the problem lies with unduly oppressive planning restrictions and still unsustainably high house prices. Until these two things corrected, the number of renters will continue to grow,

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Government - the biggest sub prime lender

The Coalition is riddled with contradictions

http://www.telegraph.co.uk/finance/comment/9737947/The-Coalition-is-riddled-with-contradictions.html

Another area of extreme government intervention is the provision of credit. Around a third of the national debt has been financed by creating extra money. Sub-prime lending – in the form of mortgages to those without enough of a deposit – is being subsidised, as is all debt via funding for lending. The overall allocation of credit is beginning to resemble a soft form of central planning, with banks issuing press releases boasting of their monthly credit creation, Pravda-style, regardless of the viability of these loans. It is terrifying.

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Britain’s monumental housing crisis is the scandal of our age UK

The dearth of cheap homes will be a key election issue for both Labour and the Tories

http://www.telegraph.co.uk/finance/economics/houseprices/9737737/Britains-monumental-housing-crisis-is-the-scandal-of-our-age.html

Stagnant wages, rocketing property costs and a mortgage moratorium mean the average first-time buyer in London is now 37. Census figures published yesterday show that house-building fell by four per cent between 2001 and 2011, while the numbers renting from private landlords rose from nine to 15 per cent. Such shifts make housing the ultimate one-nation issue. The young professional living in a childhood bedroom has a link, albeit distant, to the human bundle swaddled in cardboard and sleeping in a frozen underpass. Neither can envisage owning, or in some cases even renting, a home of their own.

As one shadow minister, Karen Buck, points out, recent government forecasts predicted that £35 billion would be spent subsidising private rents between 2011 and 2015, meaning the taxpayer will pay £12 billion more on supporting low-income households renting in the private sector than in the preceding four-year period.

Like the houses and flats that Generation Rent cannot and may never afford, that sense of belonging is beyond price. If it is to be restored, then rents must be brought down and investment shifted from welfare (and the pockets of unscrupulous landlords) into building the homes that Britain needs so desperately.

As the festive season begins, remember the new homeless and forget the wedge being falsely driven between strivers and supposed scroungers. Those who cannot find a job, the working poor and a generation who once dreamed that success meant stability are all discovering, as Christmas approaches, that there is no room at the inn.

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Executive has saved money for ratepayers

http://www.belfasttelegraph.co.uk/opinion/letters/executive-has-saved-money-for-ratepayers-16249400.html

What John fails to appreciate is that people here enjoy the lowest household taxes in the UK.

The average domestic rates bill locally in 2011/12 was around £780, compared to just under £1,200 in England. There are also no separate water charges here, so the saving is significantly greater.

To help our business ratepayers, I recently announced my intention to extend a number of measures, including the empty retail premises relief scheme and the small business rate relief scheme, meaning an additional 3,500 businesses will benefit from a 20% discount on their rates.

Furthermore, the Executive has agreed that rates should be held at the rate of inflation, through to the 2014/15 rating year, providing certainty and stability for ratepayers.

Unlike anywhere else in the UK, rates will have been frozen in real terms in Northern Ireland for eight years - thanks to action taken by the Executive.

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UK construction output fell further in October

http://www.bbc.co.uk/news/business-20723955

Output in the UK construction industry fell in October, down 5.1% from the same month last year, according to official figures from the Office for National Statistics (ONS).

Construction output has fallen for 14 of the past 15 months.

It is a component of gross domestic product (GDP), which measures the value of everything produced in the economy.

This figure is the first contributor to the eagerly-awaited fourth quarter GDP, which will be released next month.

Figures for each of the 12 previous months were revised by the ONS, although it said the revisions had had a "negligible" effect on GDP figures.

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What I find most confusing is how an apparently successful business man can be such a retard that he thinks that house was ever worth the price he was going to pay! I mean how can you have such dire judgement? how did he ever have success in anything with such pathetic foresight?

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What I find most confusing is how an apparently successful business man can be such a retard that he thinks that house was ever worth the price he was going to pay! I mean how can you have such dire judgement? how did he ever have success in anything with such pathetic foresight?

He probably thought it would flip it for twice as much. Interestingly his son also got caught holding one of the bakery flats. Now who is more stupid? He's paid nearly £400,000 for a flat on the Ormeau Road. Seems the apple doesn't fall far from the tree.

Load of people started successful businesses here during the 70s & 80s. Different times, subsequent cheap credit and lots of opportunities. Smart… Maybe not.

http://news.bbc.co.uk/2/hi/uk_news/northern_ireland/8516955.stm

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  • 429 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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