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£10m land valuation for Belfast site was 'irredeemably flawed', judge rules

http://www.bbc.co.uk/news/uk-northern-ireland-33794132

A Belfast property valuation firm has been strongly criticised for its role in a deal in which a housing association will lose almost £9m. Helm Housing spent £9.75m on a site at Great Georges Street in Belfast in 2007 - the site is now on the market for around £1m. Helm is suing Myles Danker Associates claiming its valuation was negligent.

In a preliminary ruling a High Court judge said the valuation was outside the permissible range of error. Mr Justice Horner added that elements of Myles Danker's work showed "inexcusable" failings.

The Myles Danker firm has effectively ceased to exist - all its staff joined the Savills agency in 2011.

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Homeowners hurry to remortgage, ahead of rate rise

http://www.bbc.co.uk/news/business-33861279

"It is likely that people are now beginning to feel a rate rise is a realistic prospect, and not just a distant theoretical possibility."

Homeowners 'must prepare now for an interest rate rise'

http://www.bbc.co.uk/news/business-33786528

Borrowers must prepare now for a rise in interest rates, a charity says, with over a million homeowners never having experienced a Bank rate increase.

Mark Carney, the Bank of England governor, last week said that a rise in the Bank Rate was "drawing closer".

The Money Advice Trust said this offered only a "short window" for people to organise their finances.

More than a million mortgage holders have only ever owned a home when rates were falling or frozen at 0.5%.

"Rising interest rates will affect renters too, as many private landlords will pass on their higher mortgage costs to their tenants.

Housing commentator Henry Pryor estimated that 40% of buyers each month did not need any mortgage finance, and were known as cash buyers.

"These people are not concerned by the threat of rising interest rates, they could rise to 15% and it would have no direct impact," he said.

"Traditionally when house prices started to run away, or there was too much froth, generally raising rates would dampen the market taking the heat and enthusiasm with it. Today a significant proportion of the market now waves two fingers at [the Bank on] Threadneedle Street.

"Where rising rates may bite however is the buy-to-let market, already pinched by changes in the summer Budget."

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Northern Ireland property still the cheapest region in the UK with an average spend of £154,396

Northern Ireland costs have dropped 7% in five years while London has shot up by 45%

http://www.belfastlive.co.uk/news/belfast-news/northern-ireland-property-still-cheapest-9824467

Interesting way of looking at things.

They could have said prices have dropped 48% in the last 8 years, or

Increased 16% in the last 2 years

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two separate reports out today.

The BT is running with

Northern Ireland house price rise fastest in UK and upward trend 'to continue'

based upon the RICS report. http://www.belfasttelegraph.co.uk/business/news/northern-ireland-house-price-rise-fastest-in-uk-and-upward-trend-to-continue-31447935.html

The UUJ Report is also out with a more cautious approach.

Ulster University research reveals cautious picture of housing market

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Major Belfast office development is placed into receivership

http://www.bbc.com/news/uk-northern-ireland-33980997

A major office development in Belfast city centre has been placed into receivership by Ulster Bank.

The Adelaide Exchange scheme was owned by Straben Developments. Tenants in the building include Belfast City Council.

The receivers report shows that the bank was acting with the US fund Lone Star which bought a portfolio of Ulster Bank loans in 2014.

The report also discloses that Straben are challenging the receivership with a court hearing due in September.

Straben is a joint venture between Stranmillis Investments, which is owned by James McGeown, and Benmore Developments (NI), which is owned by Kevin McKay.

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Why buying houses is just like Monopoly... there are winners and losers

http://www.belfasttelegraph.co.uk/life/features/why-buying-houses-is-just-like-monopoly-there-are-winners-and-losers-31468846.html

Jamie Burton (29), from Banbridge, is a branch manager with Robert Wilson Estate Agency in Lurgan and also a first time buyer. Jamie naturally welcomes the increase in prices, but has professional as well as personal reasons for doing so. He says:

Personally, I would have found it very difficult as a single person to get on the property ladder if the prices hadn’t fallen. When the market was at its peak I had no chance of buying my own home.

I bought my first house in December 2012 and it was a three bedroom, modern town house which had been repossessed.

When I bought the property I got it at 65% of the outstanding mortgage and it has gone up in value since then, so I’ve been very lucky.

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Towns the UK property boom forgot: ‘We sold at a £410,000 loss’

Thanks to The Preacherman-main thread

http://www.theguardian.com/money/2015/aug/29/towns-property-boom-forgot-house-prices-newry-conwy-ferryhill

Good article “You can’t take feathers off a frog,” she says. “All the lenders here now have shortfall teams. But you have to make sure you get the agreement before you sell.”

Shortfalls have been the norm for many in NI and the lender teams active since 2007. Little reason for the negative equity cry from supposed 'accidental landlords'.

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Good article You cant take feathers off a frog, she says. All the lenders here now have shortfall teams. But you have to make sure you get the agreement before you sell.

Shortfalls have been the norm for many in NI and the lender teams active since 2007. Little reason for the negative equity cry from supposed 'accidental landlords'.

Were you not amazed at how little the banks were accepting? David in the article got a stunning deal. Yes, he's been left with nothing - not even debt.

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That article should be cast in stone and set up somewhere everyone could see it. The "cancer" of HPI and the disaster to your personal life of believing the hype.

Thank God for Housepricecrash where we supported each other and kept the faith even when we were openly reviled for being idiots not to buy into the dream.

Very little sympathy from the readers of the guardian. Some of the comments are pretty nasty.

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So would that article suggest that prices are still pretty much rock bottom in newry and haven't experienced the big bounce that belfast has?

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So would that article suggest that prices are still pretty much rock bottom in newry and haven't experienced the big bounce that belfast has?

Going by NIRPPI (south & West) it has had similar increases but that would still leave a massive shortfall for anyone who bought at the top.

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Home loss fears over one-in-12 struggling with negative equity

http://www.belfasttelegraph.co.uk/news/northern-ireland/home-loss-fears-over-onein12-struggling-with-negative-equity-31518403.html

Indeed, almost half of all UK houses stuck in negative equity are located here - and one local property expert has warned that "the dam is about to burst".

The shocking statistics show that, in the past four years, the number of local homes where the mortgage is higher than the value of the property has risen from 44,000 in 2011 to more than 56,000 in 2015.

But the boss of GDP Equity Experts told this newspaper there could be as many as 70,000 local households in negative equity - or one in 10.

Conor Devine, who runs the Ulster brokerage that acts as a go-between for homeowners and their lenders over unmanageable mortgages, also said the problem was "massive".

"At the minute we are handling £220m of distressed debt," he said.

A staggering 56,034 households are recorded as being in negative equity in the first quarter of 2015.

That's up 27.4% from the first quarter of 2011, when there were 44,000 homes with a mortgage higher than the value of the property.

Mr Devine, whose company had debts of £14m written off in the first six months of this year, said the situation was going to get much worse.

"The dam is about to burst because there was an avalanche of interest-only mortgages handed out in the glory days," he said.

"There are three types of people in Northern Ireland. There are those who are doing well (around 10% of the population), those who are running out of money and those who have run out of money."

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"There are three types of people in Northern Ireland. There are those who are doing well (around 10% of the population), those who are running out of money and those who have run out of money."

This ties in with what I see with my peers, and with those up to say 5 years younger than me.

Either people have no hope of buying a house for the forseeable (many have just given up and decided not to worry about it any more and just rent), or if they did buy one, even during the 'crash', it was a real struggle to afford it. Mate of mine earns over the average wage but basically had to work a second job for 3 years to get on the housing market - AND he got his home at a good price.

Edited by JoeDavola

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and still the RICS talk of massive rise in house prices next year ? What are they on?

In fairness to them that was the headline put on the article. In the article less than half predicted prices to increase in the next quarter. The percentage growth predicted is similar to the % growth the NIRPPI claims occoured in the previous 12 months.

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Major lenders return to low-deposit mortgages - UK

http://www.bbc.co.uk/news/business-34244220

Mortgage broker Aaron Strutt, of Trinity Financial, said: "It is great to see more lenders offering straightforward 5% deposit mortgages and specifically targeting first-time buyers.

"We have been waiting a long time for the biggest banks to return to this market."

In a blow to some existing mortgage holders, he said some lenders had raised the interest rates on some of their mortgages.

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  • 396 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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