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NI 'can't afford the damage' caused by benefit changes

http://www.bbc.co.uk/news/uk-northern-ireland-22033140

The NI Federation of Housing Associations (NIFHA) and the Chartered Institute of Housing (CIH) say the changes would cost £21m and cut the benefits bill by just £17m.

NIFHA chairman Cameron Watt said: "It's clear that the numbers don't add up on bedroom tax. Northern Ireland can't afford the human or economic damage this policy would inflict."

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Sale board up at Belvoir Park

http://www.newsletter.co.uk/news/business/local-businesses/sale-board-up-at-belvoir-park-1-4972605

Though no reserve price has been put on the site, which covers a significant area of land on Belfast’s southern outskirts, one estimate has put the value at around £3 million, a fraction of the value that could have been expected prior to the collapse in 2008.

The property itself extends to around 62 acres, about 41 acres of which are contained within the Lagan Valley Regional Park.

The site currently has full planning permission for 110 residential units secured by the present owner Belfast Health and Social Care Trust.

“This is one of the most significant residential opportunities to be offered to the Northern Ireland market in the last six years,” said Stuart Draffin, a director with BTWShiells.

“The subject site is well located in the context of Belfast and there is evidence of strong demand on new build housing in the immediate area. Although the property is not yet on the market parties from Northern Ireland, elsewhere in the UK and the Republic of Ireland have already registered a formal interest.”

Fellow director Simon Brien added: “The sale of this most prestigious site represents a unique opportunity of a high quality residential ‘Village’ style development. The combination of the Lagan Valley backdrop and open rural amenity land; and the range of house types that will be incorporated within the proposed development including magnificent apartments within the historical listed buildings, townhouses, semi detached and detached houses; will ensure that the future development will offer housing to meet most sectors of the residential housing market from the professional person or retired seeking an apartment, to homes suitable for young couples and families.”

Nevertheless one observer said the site offered unique challenges to any potential investor.

“It’s a big, long haul project,” he told the News Letter. “Agreed it’s a great location and it has the benefit of full planning for 110 units. Against that it’s got the Lagan Valley Regional Park which you’ll never be able to develop on and its got all these listed buildings which, no doubt, will be a poor state of repair and require significant investment to upgrade them.

“It’s a cash buyer scenario and it will take a brave man with a lot of foresight to take that challenge on.”

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Dire Need,

desperately urgent

Extreme.

Single digit homeless numbers in N.I. and the need is dire.

I don't think so.

'Dire Need' was the phrase used in the paper.

I am not the best person to fight this particular corner.

You can be on the housing need list and not yet be homless. You can be put up in temporary accomidation, living with friends or extended family and still be considered high on the housing needs list. We, as a nation have decided a long time ago that we will not wait until people are on the street before taking action to accomidate them. You may disagree with that particular stance but it is what all political parties seam to agree on.

They say there are 40,000 people on the housing list. I would assume that half that figure would be closer to the actual number in 'need'.

I personaly believe the 'safety net' is too wide. However, others out there who would strongly disagree with my view on this.

Whether the actual figure is 40,000, 20,000 or 10,000 we cannot wait until they are actually on the street before taking action.

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'Dire Need' was the phrase used in the paper.

I am not the best person to fight this particular corner.

You can be on the housing need list and not yet be homless. You can be put up in temporary accomidation, living with friends or extended family and still be considered high on the housing needs list. We, as a nation have decided a long time ago that we will not wait until people are on the street before taking action to accomidate them. You may disagree with that particular stance but it is what all political parties seam to agree on.

They say there are 40,000 people on the housing list. I would assume that half that figure would be closer to the actual number in 'need'.

I personaly believe the 'safety net' is too wide. However, others out there who would strongly disagree with my view on this.

Whether the actual figure is 40,000, 20,000 or 10,000 we cannot wait until they are actually on the street before taking action.

Latest figures show the NIHE has 18,000 units with one bedroom underused and 7500 units with 2 bedroom underused.

DSD handed bact £17 million in 2012 marked for social housing development - BECAUSE THEY COULDN'T SPEND IT.

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They just can't help themselves. BT looks at the 25 most expensive houses in NI. (Which are probably considerably less expensive than they used to be)

http://www.belfasttelegraph.co.uk/woman/house-home/25-most-expensive-houses-for-sale-in-northern-ireland-spring-2013-29141002.html

So they think the bulk of their readers are interested in items they could never afford? Or is it just another advertising feature for propertynews?

I so wish they would go behind a paywall.

Great to see the Irish News overtake them on number of sold copies.

83% of BelTel readers are over 35 and they are losing around 10% every year. Not very healthy. I give it 10-15 more years of print. I can't wait for that day.

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Latest figures show the NIHE has 18,000 units with one bedroom underused and 7500 units with 2 bedroom underused.

DSD handed bact £17 million in 2012 marked for social housing development - BECAUSE THEY COULDN'T SPEND IT.

DSD decided to stop Design and Build under the EU Procurement directive. This strict interpertation of the directive closed the main source of social housing for NI.

The never reach their build rate targets and continuously are behind budget. They know the need, have the money but cant deliver.

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Mortgage application fraud up 9%

http://www.belfasttelegraph.co.uk/news/local-national/uk/mortgage-application-fraud-up-9-29182534.html

Increasing numbers of home-buyers are falsifying credit and job histories in order to get a mortgage, new figures reveal.

Experian said it expects fraudulent applications to continue rising this year, driven by the ongoing squeeze on benefits and household incomes, with stricter credit and lending criteria driving more attempts.

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Ben Chu: Has our debt pile finally hit its peak? UK

http://www.independent.co.uk/news/business/comment/ben-chu-has-our-debt-pile-finally-hit-its-peak-8562867.html

The International Monetary Fund, in its most recent comprehensive report on the UK economy, argues that deleveraging by British households probably has further yet to run. More ominously, it sees house prices as overvalued by between 10 to 15 per cent. Fathom Consulting also sees further deleveraging. "The end of the beginning" is how the consultancy describes our situation in a recent note.

household debt as a percentage of income remains well above historical averages. The UK household debt burden is still high by international standards. It is true that record low interest rates from the Bank of England help households to service the debt. The joint Bank/Treasury Funding for Lending Scheme will also probably assist in this respect by bringing down mortgage refinancing rates. There are restrictions on housing supply in the UK too, relative to other countries, which could explain our higher house prices and, consequently, mortgage debt. But those households still look fragile. If interest rates were to rise and wage growth was to remain subdued there could be trouble. Forbearance by lenders is very likely to be helping keep some people in their homes.

The Chancellor's state home-buying guarantees for first-time buyers with small deposits, announced in the March Budget, look irresponsible given the possibility that the housing market could well have a correction in store. A five per cent slide in house prices would put these new buyers in negative equity.

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Mortgage application fraud up 9%

http://www.belfasttelegraph.co.uk/news/local-national/uk/mortgage-application-fraud-up-9-29182534.html

Increasing numbers of home-buyers are falsifying credit and job histories in order to get a mortgage, new figures reveal.

Experian said it expects fraudulent applications to continue rising this year, driven by the ongoing squeeze on benefits and household incomes, with stricter credit and lending criteria driving more attempts.

38 in every 10,000 mortgage applications.

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Worst. Article. Ever.

First house price rise in six years.

Looks like even a world record house price crash isn't going to make the slimey lying parastitc retards who populate this "industry" change their ways. Hey-ho.

Whilst I would never trust EA's anyway, this is the first time they have been positive since 2007.

If these slimy parasitic retards, as you call them, have been lying, they haven't been much good at it up to now.

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What does that even mean?

If anything you're agreeing with me. They can't do anything very well- after they have no training.

The ES's in the RICS report have been acused of being liars. I have never rated them however they, in this report have been telling a negative story (more reporting price falls than rises) for the last 6 years. Therefore if they were such good liars about the direction of prices they have made a poor show of it up to now.

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Yes it increased by 5 people last year.

A lot of concern over "5" people

http://www.cml.org.uk/cml/policy/issues/3658

http://en.wikipedia.org/wiki/Mortgage_fraud

http://www.lawsociety.org.uk/advice/practice-notes/mortgage-fraud/

Liar Loans

USA 2007 background

http://www.bbc.co.uk/blogs/thereporters/robertpeston/2007/08/liars_loans.html

In the US, some half a million mortgage brokers have been incentivised to “sell” mortgages to potential homebuyers.

They don’t work for the providers of the loans. They are paid commissions for the volume of mortgages they arrange. So, of course, they try to arrange as many mortgages as they can, not minding the consequences.

If the customer wants to borrow more than he or she can really afford, then that’s no problem, thanks to a wonderful innovation called “stated income, stated assets” loans.

These allow US homebuyers to give a personal undertaking that their income is a certain level, even if they don’t provide any proof.

Such loans have been taken out by hundreds of thousands of US citizens who are pay-as-you-earn tax-payers and could therefore have easily provided proof of earnings, had they wanted to do so.

Surprise, surprise: studies have shown “discrepancies” between what such borrowers say they earn and what they actually earn, in 95 per cent of these loans.

These mortgages are now colloquially known as “liars’ loans”.

Dec 2011

http://www.dailymail.co.uk/news/article-2075394/No-liar-loans-self-certified-mortgages-banned.html

Self-certified mortgages, which saw more than a million people receive home loans without proving their income, are to be withdrawn.

More than half of all new mortgages taken out between 2007 and the first quarter of 2010 were provided without a customer having to prove their income.

The process, where some mortgage brokers encouraged home buyers to make false declarations about their income to borrow more money, boosted property prices but has been blamed on a large rise of repossessions.

In July 2007, before the credit crunch, one in four residential mortgage products – about 860 – was available through self-certification. That has been reduced to almost none.

At the peak of the market 30 per cent of all loans were interest-only – with no requirement in many cases for the customer to have a plan in place for repaying the amount at the end of the term.

FSA bans "liar loan" mortgages from 2014

http://uk.reuters.com/article/2012/10/24/uk-britain-mortgages-idUKBRE89N1QP20121024

Most Britons seeking a home loan after next year will be required to get professional advice to establish whether they can afford the repayments, the Financial Services Authority said on Thursday.

Only people who earn 300,000 pounds a year, have assets worth three million pounds or only want minor changes to an existing loan will be exempt from a consultation.

The aim of the new rules which come into force on 26 April 2014 is to test affordability and end so-called "liar loans" where the borrower has not been required to give proof of income.

The FSA estimates that 55 percent of former first-time buyers who obtained a loan in 2005-11 could be "prisoners".

FREE THE FRAUDULENT FIVE

Just for completeness

From that character Eric Pebbles - 2009 to date

http://www.housepricecrash.co.uk/forum/index.php?showtopic=104373

I have to say -- all who know me here on hpc -- I have beeen passionate beyond description about the corrosive & poisonouss effects of LIAR LOANS.

FOR YEARS - AND I MEAN YEARS - I HAVE WONDERED HOW MR [as he was then] JAMES CROSBY GOT AWAY WITH ONE OF THE BIGGEST SCAMS IN ALL UK HISTORY, [iMO].

IF YOU LOOK AT ALL THE LINKS - AND WATCH THE VIDEO TOO - BELOW AT THE FOOT OF ALL MY POSTS - YOU WILL SEE THAT ALL THOSE YEARS AGO IN 2003 - THE BBC MONEY PROGRAMME UNCOVERED MORTGAGE FRAUD ON A MASSIVE SCALE:

ONE OF THE MAIN PERPETRATORS OF MORTGAGE FRAUD & LIAR LOANS WAS HBOS - UNDER THE CONTROL OF MR JAMES CROSBY.

HBOS WAS "SELLING" LIAR LOANS LIKE CONFETTI - AND JAMES CROSBY MUST HAVE KNOWN THIS - INDEED HE MUST HVE ENCOURAGED AND URGED ALL AND SUNDRY TO TAKE ON LIAR LOANS:

Edited by Shotoflight
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We all know liar loans were available up to about 2007. It is why we got into this mess in the first place - reckless lending. Most of your reports are from that time.

Your Wikipedia source produces figures for the US showing there were around 20,000 in 2006 for the whole US. What is the US population 270m or something. It was a big problem and almost encouraged during the boom. However if you have recently tried to get a mortgage you will know the facts and figures you have now to produce.

As the facts you post yourself show there are are only 30 to 40 cases a year in NI show that its not a massive percentage and it would almost be a case of hats off to anyone who could get away with it today. Not that I would encourage it at all I am just convinced it is practically impossible to do.

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Clients repaid fraction of Belfast investment

http://www.bbc.co.uk/news/uk-northern-ireland-22099856

Clients of a Dublin stockbroking firm are to be repaid just £33,000 of £30m they invested in a disastrous property deal in Northern Ireland.

The details are contained in the accounts of GSB Millmount Homes plc, a company set up by Goodbody stockbrokers during the Irish property bubble.

It raised the money for a joint venture with house-building group Taggart to develop a site in east Belfast.

An additional £3m of uninvested funds had already been returned to clients.

The accounts state that the joint venture is now in liquidation and that in September 2012 the liquidator made a final dividend payment of under £33,000.

The Taggart joint venture was not the only Goodbody investment in Northern Ireland.

It raised a further £27m of client funds via a company called GSB Northern Ireland plc.

This money was invested in joint ventures with the Orana property group - most of the properties in these ventures have been effectively repossessed by Ulster Bank.

They included a 36-`acre site at Crescent Link in Londonderry which was refused planning permission for a supermarket development last year

The value of the investments have been written down to nil and a note in the recently filed accounts states that GSB Northern Ireland will be subject to "an orderly wind-up" in the coming year.

Goodbody was owned by Allied Irish Banks during the property bubble but was sold to financial services group Fexco in 2010.

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Estate of grace

http://www.belfasttelegraph.co.uk/opinion/editors-viewpoint/estate-of-grace-29189021.html

It may seem like a lot of money, but the £3.5m asking price for Mourne Park House near Kilkeel is a snip. Just six years ago the owners were offered – and turned down – £10m for the property. When they did put it on the market they were asking £6.5m, but have been forced to slash that almost by half, a perfect illustration of how the housing market has slumped.

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Estate of grace

http://www.belfasttelegraph.co.uk/opinion/editors-viewpoint/estate-of-grace-29189021.html

It may seem like a lot of money, but the £3.5m asking price for Mourne Park House near Kilkeel is a snip. Just six years ago the owners were offered – and turned down – £10m for the property. When they did put it on the market they were asking £6.5m, but have been forced to slash that almost by half, a perfect illustration of how the housing market has slumped.

Not so long ago TR thought they had a buyer at £6.5m - alas she turned out to be a penniless headcase who strung them along for a couple of months.

Edited by PJ1977
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Clients repaid fraction of Belfast investment

http://www.bbc.co.uk/news/uk-northern-ireland-22099856

Clients of a Dublin stockbroking firm are to be repaid just £33,000 of £30m they invested in a disastrous property deal in Northern Ireland.

The details are contained in the accounts of GSB Millmount Homes plc, a company set up by Goodbody stockbrokers during the Irish property bubble.

It raised the money for a joint venture with house-building group Taggart to develop a site in east Belfast.

An additional £3m of uninvested funds had already been returned to clients.

The accounts state that the joint venture is now in liquidation and that in September 2012 the liquidator made a final dividend payment of under £33,000.

The Taggart joint venture was not the only Goodbody investment in Northern Ireland.

It raised a further £27m of client funds via a company called GSB Northern Ireland plc.

This money was invested in joint ventures with the Orana property group - most of the properties in these ventures have been effectively repossessed by Ulster Bank.

They included a 36-`acre site at Crescent Link in Londonderry which was refused planning permission for a supermarket development last year

The value of the investments have been written down to nil and a note in the recently filed accounts states that GSB Northern Ireland will be subject to "an orderly wind-up" in the coming year.

Goodbody was owned by Allied Irish Banks during the property bubble but was sold to financial services group Fexco in 2010.

I wonder how the Elm Private investments are doing? They are a £25m commitment of bank and client money put together by culchie PE specialists Farrelly & Mitchell to invest in Belfast. Some of the deals were done as late as 2007, though they were mainly for good quality offices let to government.

Elm private 1 - 20 Adeladie St, next to LA Fitness £4.6m (fully let)

Elm Private 2 - Oxford St, old Northern Bank building (development play which failed to get pp ) £3.1m

Elm Private 3 & 4 - Klondyke building, Gasworks £11.7m (let to DFP)

Elm Private 5 - also Gasworks £5.6m (govt let) Here's the brochure http://www.paradigmnicheplanning.co.uk/html/pages/GassworksInvestmentDetails.pdf

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or a perfect example of how to be greedy and suffer for it.

£6.5m Northern Ireland mansion going for almost half price... is this our biggest cut of the recession?

http://www.belfasttelegraph.co.uk/news/local-national/northern-ireland/65m-northern-ireland-mansion-going-for-almost-half-price-is-this-our-biggest-cut-of-the-recession-29188906.html

An historic mansion has had its asking price slashed from £6.5m to £3.5m in what is believed to be the biggest post-boom cut in the Northern Ireland housing market.

But the value of this massive country estate in Co Down has now dropped by almost a half in a sign of how the property price crash has gone right to the top.

– the plummeting property prices have hit home.

"We had an offer of in excess of £10m for the place in 2007, but said 'thank you very much, but we're not ready to move'," she told the Belfast Telegraph. "Since then the market has changed

Originally, we believed it would be bought for development as it is a key site for a hotel and has a championship golf course nearby. But little is happening in that sector at the moment as the banks are not lending. That aspect of the market cannot be tapped into."

"It is a wonderful opportunity for someone to buy at a bargain price. It is a party house,

Edited by Shotoflight
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New online property selling service to save house-hunters cash

http://www.belfasttelegraph.co.uk/business/business-news/new-online-property-selling-service-to-save-househunters-cash-29191344.html

"My family moved out to Spain and launched an estate agency in 2001," said Mr Nelson.

"At our peak we had 146 staff and five offices across the south of the country.

"We were selling 85-100 properties a month mainly to buyers in Northern Ireland, the Republic and Scandinavia and mostly online, so we know how strong that market can be. By 2007 the bubble was beginning to burst and we relocated to England."

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  • 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%



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