Jump to content
House Price Crash Forum

Media articles NORTHERN IRELAND Hpc Related


Recommended Posts

I'd like to be able to respond to that post on the Tele website but I couldn't be bothered registering.

Someone is complaining that repossessions are commoner in NI than down south. Complain no more. The rules are being changed in March to allow property to be seized more easily. Expect a tsunami of repossession.

Link to post
Share on other sites
  • Replies 4.9k
  • Created
  • Last Reply

Top Posters In This Topic

Most regions saw price falls during 2012

http://www.nationwide.co.uk/hpi/historical/Q4_2012.pdf

Northern Ireland remained at the bottom of the table, with prices down 8.2% on an annual basis.

Regions over the quarter

Northern Ireland £104,282 -1.4%

Back to 2004

Northern Ireland saw a sixth consecutive quarter of house price falls, with a 1.4% seasonally adjusted fall in Q4. On an annual basis, prices were down 8.2%. The average house price in the province is now £104,282, similar to the level prevailing in 2004. All areas have continued to see price falls, with the largest declines in the South East (which includes County Armagh and County Down), with prices down 10% year-on-year.

Belfast 3rd worst (best!) perfoming city in the UK

Nationwide Sub Regions Price in 2012 Q4

% change over10 years Annual % change last quarter Annual % change this quarter

City of Belfast £149,604 22% -14% -8%

5. The Nationwide House Price Index is prepared from information which we believe is collated with care, but no representation is made as to its accuracy or completeness.

Edited by Shotoflight
Link to post
Share on other sites

UK

Demographic timebomb puts paid to hopes of house price revival

Borrow as much as you can from the bank or building society, get on to the property ladder, trade up every five years or so, and let earnings growth and inflation do the rest.

http://www.telegraph.co.uk/finance/comment/jeremy-warner/9776435/Demographic-timebomb-puts-paid-to-hopes-of-house-price-revival.html

Most households continue to believe that, in time, the UK property market will recover, and that, given even more time, we will eventually return to the easy property gains of recent decades.

This belief may, in turn, be one of the reasons why housing transactions remain so depressed, at roughly half their pre-crisis high and some 35pc below their 20-year average; those who might sell hold back because they think that if they wait long enough, peak 2007 prices will again return.

The brutal reality is that for much of Britain, they won’t, or at least not for many years. This is partly a reflection of the degree of froth that built up in the pre-crisis years. Virtually all advanced economies experienced some kind of a house price bubble, but few more so than Britain. Only Ireland and Spain seem to have had even bigger ones.

In any case, for much of the UK, it seems that the house-price correction still has some way to go. In the past five years we’ve seen a real terms adjustment of some 25pc to 30pc for the UK as a whole, making this a bigger correction than the early 1990s. Even so, prices remain quite high relative to after-tax income, which is far and away the best way of measuring fair value. Only reluctance to sell at sub-peak prices, and ultra-low interest rates, prevent a more serious, immediate correction.

Meanwhile, real incomes continue to erode, most lenders have scrapped the sort of high loan-to-value deals that used to be commonplace before the crash, and, although there’s been quite an uptick in first-time buying just recently, many young workers continue to regard home ownership as far beyond their reach.

Link to post
Share on other sites

John Minnis hasn't left himself much room for manoeuvre with this one. Of course we have caught Mr Minnis out talking s**te before (here) he does love a bit of publicity. Maybe he should look into the Reed Rain franchises; they seem to be doing well...

House prices take UK's biggest drop

Bleak figures for 2012, but the hope is that we've hit rock bottom

Northern Ireland house prices are still falling - plummeting by 1.4% for the last quarter of 2012 - and have taken the biggest drop in the UK, it has been revealed.

The latest figures from the Nationwide House Price Index showed property values here went down by 8.2% over the year. And the average house price is now £104,282, taking the market back to 2004 values.

Counties Down and Armagh were the worst affected with prices declining by 10% last year.

Despite the continued price falls, local estate agent John Minnis has claimed "we are at the bottom of the market".

Belfast remains the most expensive place to buy a house in the province with more affordable homes in Tyrone and Fermanagh.

It was a gloomy picture in the rest of the UK with prices falling nearly everywhere except London and the South West both of which had modest growth of 0.7% and 0.2% respectively.

Minnis, who has three branches in the province, described the latest report as 'much more encouraging'.

"Overall in 2012, house prices saw very little change, taking the UK as a whole.

"Certainly in the areas in which our sales are focused we definitely have not experienced anything like an eight per cent decline."

Mr Minnis said there is an appetite for home-ownership with the number of sales proving 'encouraging' for this year.

"I remain in no doubt that we are at the bottom of the market," he added.

Richard McCulloch, an estate agent at Stanley Best in Magherafelt, Co Londonderry, said Nationwide's findings tallied with his own experience.

"Northern Ireland is certainly the worst-performing of all UK regions because our prices became so escalated that they had much further to fall.

"I would predict that there will be price falls in the next year, but I'd predict smaller price drops, probably of around 5% to 7%."

Desmond Turley, of Ulster Property Sales, in Belfast, said he believed there was more activity in the Belfast market place.

He said there had been recent transactions where sellers were prepared to accept around 10% less than their asking prices.

£104,282

Now the average house price in Northern Ireland

1.4%

How much prices here fell in 2012's last quarter

2004

Prices are at the level they were nine years ago

http://www.belfasttelegraph.co.uk/business/business-news/house-prices-take-uks-biggest-drop-16257443.html

Edited by 2buyornot2buy
Link to post
Share on other sites

Despite the continued price falls, local estate agent John Minnis has claimed "we are at the bottom of the market".

"I remain in no doubt that we are at the bottom of the market," he added.

Lets look at that a slightly different way...

Despite the continued price falls,local estate agent John Minnis has claimed "we are at the bottom of the market".

So despite evidence to the contrary, local salesman John Minnis refuses to accept facts and decides to talk ******.:rolleyes:

What are the economic factors that are going to support house prices at this level? Higher employment? Pay rises? Lower energy and fuel bills? Cheaper food? Increased government spending? Even more subprime lending? Another credit bubble? The return of speculators and investors who did not get burned? What about all the HPCers entering the market and paying full asking price? :lol:

Economics, finance and market forces will continue to drive the housing market in Northern Ireland in one direction... DOWN!

Link to post
Share on other sites

More fallout from the Nationwide. I know some give it little credence as it is less than 7% of the market, but it does make for good headlines even if the drops it reports are softer than the more authoritative RPPI

Six quarters of decline

http://www.belfasttelegraph.co.uk/business/business-news/six-quarters-of-decline-16257444.html

A little home comfort from the collapse in house values

http://www.belfasttelegraph.co.uk/business/opinion/editor-viewpoint/a-little-home-comfort-from-the-collapse-in-house-values-16257442.html

Link to post
Share on other sites

So despite evidence to the contrary, local salesman John Minnis refuses to accept facts and decides to talk ******.:rolleyes:

Didn't read it to see where he thinks it has bottomed out but maybe it is in reference to this in which case I'd say half RV is a fine bottoming out point ;)

3847_donaghadee%20road%20110.jpg

Marketed 250k

RV 220k

Sold 105k

"Certainly in the areas in which our sales are focused we definitely have not experienced anything like an eight per cent decline."

I guess he is right, that is nothing at all like 8% :P

Link to post
Share on other sites

Dangers of divisive UK housing market UK

http://www.dailymail.co.uk/money/mortgageshome/article-2257295/RUTH-SUNDERLAND-Dangers-divisive-UK-housing-market.html

Some areas have been badly blighted, particularly Northern Ireland, which was infected by the property madness that gripped the Republic during the boom years. Prices there have halved since the peak in 2007.

Ultra-low interest rates and strong employment have spared us the horrors of mass mortgage defaults and repossessions. But the main property indexes are deceptive.

The UK housing market is deeply divisive, socially and geographically. Gulfs in property wealth have grown up between the old and the young; the rich and the average; the mortgage-free (a third of households) and the indebted; and between London and most of the regions. And some very serious underlying risks are lurking below the seemingly calm surface.

One is the vast interest-only mortgage time bomb. Lenders themselves are unsure as to the full extent of the problem but the Financial Services Authority is on red alert and has a report out later this month.

Some 3.6million borrowers have interest-only loans that might more accurately be described as renting, with a side-bet on a rise in the value of the property that now looks like a losing gamble.

The theory is that people should have a plan in place so they can repay the capital at the end of the mortgage term, but it is suspected more than 1million have nothing. Even those who do have some sort of repayment vehicle set up risk finding it is inadequate, as was the case with the endowment mortgages sold in the 1980s and 1990s.

Billions of pounds worth of these interest-only loans will reach maturity between now and 2020. Many will be in negative equity, so selling the home will still leave a shortfall.

From the lenders’ point of view, it is a nightmare bearing all the hallmarks of a new mis-selling scandal.

Rather than forcing repossessions, lenders may well opt to extend loans so homeowners have to carry their mortgages well into retirement or offer equity release, if there is any equity to be drawn on. Any hopes of a bounce in house prices riding to the rescue seem misplaced, at least for most of the UK outside of the hot spots.

Property is still overpriced at more than five times average earnings compared with a long term average of 4.2 times. Even with interest rates at their current low levels, repayments are typically a third of average earnings, suggesting that many may be pushed into difficulty when borrowing costs rise.

Demand from first-time buyers, the traditional engine of the housing market, is at a low ebb, because of the need for enormous deposits.

Confidence in the economy is low, prompting potential home-movers to stay put until the outlook seems brighter.

An apparently static housing market gives the appearance of some kind of stability, but in so far as any equilibrium exists, it is an uneasy one. At best, if there are no shocks, the bubble will continue deflating slowly, a process of painful attrition that is likely to go on for some years.

Link to post
Share on other sites

John Minnis

Had to have a look at the properties that they have on www.propertynews.com website and compare the price of the property now with the price they were a year ago. Sorted properties into lowest price and used property bee to check price a year ago. Any less than a year in the market was excluded but plenty of these had reductions as well. Have a spreadsheet but I am unable to attach - summary give below

No of Properties on for a year - 117

No of properties with no change in price - 40

No of properties with the asking price increased - 0

No of properties with the asking price decreased - 77

No of these properties that decreased by more than 8% - 58

Average % deduction in asking prices for all 117 properties : -9.43%

Total asking price in Jan 2012 for these properties :- £30,348,550

Total asking price in Jan 2012 for these properties :- £27,218,050

%Change in Total asking price : -10.32%

Think we can safely say that the properties listed on propertynews seems to be reflecting a drop of at least 8%. Could be argued that some of these properties with no deduction are not being really marketed any more - some have been listed since 2008.

Link to post
Share on other sites

John Minnis

Had to have a look at the properties that they have on www.propertynews.com website and compare the price of the property now with the price they were a year ago. Sorted properties into lowest price and used property bee to check price a year ago. Any less than a year in the market was excluded but plenty of these had reductions as well. Have a spreadsheet but I am unable to attach - summary give below

No of Properties on for a year - 117

No of properties with no change in price - 40

No of properties with the asking price increased - 0

No of properties with the asking price decreased - 77

No of these properties that decreased by more than 8% - 58

Average % deduction in asking prices for all 117 properties : -9.43%

Total asking price in Jan 2012 for these properties :- £30,348,550

Total asking price in Jan 2012 for these properties :- £27,218,050

%Change in Total asking price : -10.32%

Think we can safely say that the properties listed on propertynews seems to be reflecting a drop of at least 8%. Could be argued that some of these properties with no deduction are not being really marketed any more - some have been listed since 2008.

Excellent. B) Just shows that lying is all EAs know. They learn it as part of the job so don't even know when they're doing it. It is to be pitied really. Lack of integrity is so prevalent now it is very sad.

Link to post
Share on other sites

Virgin is latest lender to pull back from interest-only mortgages

Borrowers with interest-only home loans face an ever-shrinking pool of deals to chose from.

http://www.telegraph.co.uk/finance/personalfinance/borrowing/mortgages/9788307/Virgin-is-latest-lender-to-pull-back-from-interest-only-mortgages.html

Virgin Money has become the latest lender to step back from lending on interest-only mortgages.

The lender will now only accept customers with mortgages of more than £300,000 on such deals, where borrowers cover the interest each month but pay none of the loan back until the end of the mortgage term.

Nearly four million households have interest-only mortgages making up 36pc of all home loans, according to a report submitted to Parliament last year by the Financial Services Authority.

These borrowers have seen the availability of deals decline sharply as more lenders exit the market, reducing competition.

Royal Bank of Scotland, NatWest, Nationwide, Coventry building society and Co-operative Bank have all withdrawn from the market ahead of regulatory changes to lending criteria.

Other lenders have tightened their rules on who they will lend to.

Link to post
Share on other sites

Republican Brian Arthurs admits £250,000 mortgage fraud

http://www.bbc.co.uk/news/uk-northern-ireland-20961663

A leading republican has admitted more than £250,000 of mortgage fraud.

Brian Joseph Arthurs, 48, pleaded guilty to three charges of obtaining a money transfer by deception and two counts of possessing £31,718 worth of criminal property. His wife, Paula Anne, 49, admitted obtaining a money transfer of £52,000 by deception. The couple from Finulagh Road, Castlecaulfield, had been due to stand trial at Belfast Crown Court. But they changed their plea on Wednesday.

Subsequently, further charges of obtaining services by deception and possessing and converting criminal property were left on the books. Arthurs admitted making three fraudulent mortgage applications totalling £345,250 from the Bank of Ireland, Birmingham Midshires and The Mortgage Business PLC.

The particulars of the case suggest he inflated his income by £34,500, claiming he had another job and had no other debts.

His wife told the Bank of Ireland that she was a hair salon manageress earning £18,500. The single charge against her dates back 16 years. She admitted obtaining a money transfer by deception, namely a £52,000 mortgage from the Bank of Ireland between 3 November 1996 and 10 January 1997.

In court on Wednesday, sentencing was adjourned for two weeks and the couple were granted bail.

Link to post
Share on other sites

Estate agent Reeds Rains to stay in Northern Ireland

http://www.bbc.co.uk/news/uk-northern-ireland-20963849

Estate agent Reeds Rains has said it is to continue to operate in Northern Ireland under new ownership. In December, it said it was reviewing its branch network in Northern Ireland.

Three local estate agents - Ryan Andrews, Michael Graham and Nigel Favas - have bought the business under a franchise management buy-out.

Two branches - in Andersonstown, west Belfast and in Portadown - closed before Christmas. The others, on Belfast's Lisburn Road, Lisburn, Newtownards, Glengormley, Carrickfergus and Bangor, are to remain open.

The company said they will absorb customers from the two branches which have closed.

Link to post
Share on other sites

Republican Brian Arthurs admits £250,000 mortgage fraud

http://www.bbc.co.uk/news/uk-northern-ireland-20961663

A leading republican has admitted more than £250,000 of mortgage fraud.

Brian Joseph Arthurs, 48, pleaded guilty to three charges of obtaining a money transfer by deception and two counts of possessing £31,718 worth of criminal property. His wife, Paula Anne, 49, admitted obtaining a money transfer of £52,000 by deception. The couple from Finulagh Road, Castlecaulfield, had been due to stand trial at Belfast Crown Court. But they changed their plea on Wednesday.

Subsequently, further charges of obtaining services by deception and possessing and converting criminal property were left on the books. Arthurs admitted making three fraudulent mortgage applications totalling £345,250 from the Bank of Ireland, Birmingham Midshires and The Mortgage Business PLC.

The particulars of the case suggest he inflated his income by £34,500, claiming he had another job and had no other debts.

His wife told the Bank of Ireland that she was a hair salon manageress earning £18,500. The single charge against her dates back 16 years. She admitted obtaining a money transfer by deception, namely a £52,000 mortgage from the Bank of Ireland between 3 November 1996 and 10 January 1997.

In court on Wednesday, sentencing was adjourned for two weeks and the couple were granted bail.

This is quite a story.

Not sure if I have this right but it is not as the headlines appear that he drew down a mortgage and ran away with the money. He and his wife give false information (liar loans). The investments have went under and they are now going after them personally using the fraud of obtaining money by deception. this is a criminal rather than a civil case.

Is this a one off or are we going to see alot of these now.

Link to post
Share on other sites

Without knowing the details of the case vesting can happen without agreement obviously and the full financials can be hammered later. Market Value is only one heading of claim. I havnt heard what they are actually arguing here. If the claimants are left with higher loan costs because of the land taken there could be something to argue. I am unsure if compensation for Disturbance has to derive from physical or tangible costs.

Link to post
Share on other sites

Without knowing the details of the case vesting can happen without agreement obviously and the full financials can be hammered later. Market Value is only one heading of claim. I havnt heard what they are actually arguing here. If the claimants are left with higher loan costs because of the land taken there could be something to argue. I am unsure if compensation for Disturbance has to derive from physical or tangible costs.

They lost - judge ruled that the losses losses suffered were directly related to the downturn in the property market, rather than due to the programme to demolish and redevelop the Village.

Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
  • Recently Browsing   0 members

    No registered users viewing this page.

  • 415 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%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.