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getdoon_weebobby

Anyone Starting To Get Tempted Towards The Darkside?!

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im interested to know what people who are waiting to buy are starting to think???

ive been a reader on here since 2005 and have watched the end of the boom and the 2 years of bust that have followed so far. most of us have got our predictions fairly spot on and are now starting to see properties start to appear at more realistic levels. it is very encouraging to see the sort of properties i like nearing £250k that would of been asking £500k in early 07. For example;

http://www.templetonrobinson.co.uk/brochur...mp;c=92&r=1

rv £300k

im at a position where i want to move out of what i have, and do i buy or rent again. After much consideration I am going to rent again - im going to see two apartments today (both new builds that were on the market for over half a million at peak ) and will probably take one.

I am going to continue to rent, but keep a constant eye on the market as i have for 3 years. I still see nothing that has changed my opinion on the market. Its great to see 40% falls but i suspect we may still see 10-15% falls over winter.

to be honest im still in the deflation camp (i see a japanese outcome for us) so until i see inflation ill probably happily rent

What about the rest of you who could buy, are you being pulled towards the darkside or happily still renting?

Edited by getdoon_weebobby

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I'm feeling much more tempted to buy but every day I see prices being reduced in my area (Ballymena) which leads me to think that there are more drops to come and I can save more money by waiting. Estate agents who were just a few months ago saying people should buy because prices wont go down much more, are now actively slashing asking prices for their stock. I guess they weren't selling many houses and have had to do a U turn to save their businesses. Every day I hold off is going to save me money as prices go down and my deposit fund grows. I get tempted now and again when the odd 'bargain' comes onto the market usually from someone who is desperate to sell or if it is a repo. Barring picking up a bargain, I think I will hold off until this time next year.

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Hi Weebobby,

are rental contract takes us to Feb 10, and we will then sign for another 12 month (with 6 month get out clause). That will take us up to Feb 11. I'm going to start looking from next winter, and if I see anything that ticks all the boxes for the right price then that'll do us.

I would be happy enough to buy at rateable value, where a 200sq metre house in my location is 200k, so could get a 170k house with no mortgage which would be great.

At the moment those 200sq metre ones are going for £240k, so 40k drop to go ;) When will they be at Jan'05 prices..........????

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im still happy to wait another year or so. the possibility of saving another possible 10-20% is worth waiting on. even if the prices start to rise at a a steady rate for the next few years, it wont rise substantially imo.

plus, thre are still some major hurdles to overcome to avoid another drastic drop in prices;

- how will government cut backs affect NI people (potentially quite hard, meaning more unemployment and falling house prices)

- when will the banks start lending (to each other, and to mortgagees) major sums of money again

- how many people will developers pursue to go bankrupt, leaving a lot of new devolpments to be re-sold at a discounted price

- the increased taxes that will have to be charged to the public to help pay off the gazillion pound debt of the government

imo i think its worth waiting to see how things pan out. we have all waited this long, be a shame to get sucked into a bull trap now!

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Gettin married in October so will finally be fleeing the nest-Hooray (that was my parents shouting!!) and will be renting for as long as it takes for me to find the right house at the right money in B`mena area.I see another 20% minimum falls from here which should leave an average hp in NI of around £135k which tbh imho is still too high re earnings.

I hope to be buying inside next year but who knows....

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Definitely holding off, waiting for the next event in falls. The level of house I want is still unaffordable for me, waiting for renting 'equivalence' as when I last purchased. Also still concerned about job security.

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Yeah, thinking now but only if I can really screw a developer.

Are you really a bull? We've had a few newbies on that don't understand.

Our view is not to 'screw' developers or any sellers, the fact is they already screwed themselves up if they bought/developed recently in a bubble market. House prices need to track wages in the long term, anything more than that and its just an artificial bubble, and prices are rising because there is more competition from investors who are investing because prices are rising.

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Are you really a bull? We've had a few newbies on that don't understand.

I thought it was referring to bedroom skills.

I think we are near the bottom and that there are a few oppotunities out there to really screw developers with a view to making a buck myself. Willing to be corrected but that is a bull to me.

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I would probably move to the Darkside but I've been priced out <_<

Yup, that sums it up. Even if I did consider moving to the dark side, I can't. I've been wanting to buy for years, but I'm still priced out.

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I thought it was referring to bedroom skills.

I think we are near the bottom and that there are a few oppotunities out there to really screw developers with a view to making a buck myself. Willing to be corrected but that is a bull to me.

i do have similar thoughts that developers in 6 months could be close to the point where they can be negotiated discreetly for prices that shouldnt be far off the low.

i had heard from a very reliable source one developer in belfast is in real trouble although when i approached i was told pretty much to p1ss off even though I approached him in a very sensitive and polite manor.

when the time is right like minded people should club together to negotiate hard.

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imo i think its worth waiting to see how things pan out. we have all waited this long, be a shame to get sucked into a bull trap now!

+1

Is it me! - or have house prices, including the current 'rise', followed the course of the DNA bubble almost exactly? bubblegraph.doc

By my estimate - if the trend continues, we haven't even seen the worst of the falls yet - 2010... ;) but probably 3+ years of near flat nominal thereafter... :blink: - as Johnny said

bubblegraph.doc

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Like most on here I will buy when the house and price is right. There are currently too few of the type of house I want to buy even approaching the right price, so the competition (or at least the number of people viewing) is 'healthy' for any marketed at sensible levels, leading to the vendor being unwilling to negotiate and holding out for the fantasy buyer that puts in an offer but hasn't sold their house yet. When more vendors wise up and drop to at least current market levels, I will have a lot more choice and will look again. I don't see the point in waiting this long only to compromise - as weebobby points out, there are loads of houses that should be about £250K still sitting at £400-£500K, although how may of those are serious sellers remains to be seen.

As md pointed out in another thread, it's incredible to see that estate agents are still not making the obvious move of getting these sellers moving or out of the market to clarify the market level and increase volumes.

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Hopefully they'll continue to drop for a long time yet. The thought of going out to buy a property fills me with dread! Can't/won't rent forever though - I want my own space...

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i'm an STR and intend to sit out until at least this time next year, and only then to build, or to buy something with potential.

that said, i don't expect to buy at the *perfect* time - my personal job security, reduced net pay for increased taxes/ rates, family circumstances, interest rates, LTV% and the tories fiscal approach are all factors which will come into play; another major concern which doesn't get mentioned much here is escalation in local paramilitary activity, and the disastorous effect that will have on everything locally :blink:

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