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johnsp

Looking For Update

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Hi Guys,

been a while since I last posted.

some may remember I was looking at prices for rural sites in NI (I'm currently in England)

have not been watching too closely whilst england has had it;s little (false?) bounce.

wondering what the situation is like in NI?

are prices dropping again?

do (most) people expect further falls this year?

any specifics about rural sites or property with a few acres?

cheers, John.

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Hi Guys,

been a while since I last posted.

some may remember I was looking at prices for rural sites in NI (I'm currently in England)

have not been watching too closely whilst england has had it;s little (false?) bounce.

wondering what the situation is like in NI?

are prices dropping again?

do (most) people expect further falls this year?

any specifics about rural sites or property with a few acres?

cheers, John.

Prices have remain pretty flat is seems to me but with low levels of sales, as I have been saying on other threads mortgage availability is still there at quite high levels (5.5x joint salary).

Certainly N.I. seems to still be in the worst salary/house price region of the UK, and with a huge dependant on public sector jobs/spending. I'm expecting further falls this year following gvo't cuts and increases in taxes/cost of living/interest rates. How that will take shape is not clear yet.

I'm expecting all the delaying tactics to run out soon and the real crash to take effect.

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Here in Belfast prices are dopping, but dropping slowly. Most houses just aren't selling due to unrealistic prices, and it seems to me that the number of houses for sale continues to rise.

I've noticed a few city centre flats being put up for sale at slightly cheaper prices - say 10 or 15K less than a year ago - but when you look at how much it costs to rent, buying is still far, far more expensive.

I've just signed a lease on a city centre flat for a year; I think houses in Belfast will be cheaper in a year's time. How much cheaper is anyone's guess, but I certainly don't think there's anything to be gained by buying a house at this point in time. I will re-asses the situation in a years time.

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Johnsp,

I have been keeping a close eye on rural sites over the past 12 months. There has been a significant drop in asking prices. There seems to be a lot more coming on the market more recently.

Remember it was March 2006 that PPS14 was introduced, therefore very few speculative site have been approved since then. With outline planning valid for 5 years, most will start to run out this year.

I have noticed a few sites being sold in the past months with 1-2 months left on the reserved matters approval. This is leaving it very tight for prospective buyers, as they need to get building control approval, then get the foundations in place with building control sign-off to crystalise the planning approval. These sites are best suited to the cash-buyer/cash-builder, as most FI's wouldn't touch a site with such a short lifespan. I know that Nationwide BS require the site to have at least 12 months permission remaining before work commences.

For sites that only have outline permission, you need to have a set of plans ready to go ASAP, and you will need to apply for reserved matters on the outline or a full application. One positive note is that planning service may treat these applications under their streamlined process which will get you a decision within 30 days. They should also look favourably on your plans if you intend to downsize from a previously approved McMansion.

From a price point of view, each site will be priced on its own merits. In my target area, the average site of about 1 acre is worth around 55K. Additional acres of quality ground should be priced around 8-10K.

There are still plenty of 0.5 acre sites in the corner of fields, that could be snapped up at 20-30k.

Estate agents will tell you that with a reducing supply, sites will only get more expensive. This has yet to be seen. There are a huge volume of approved sites out there, not all of them will be built on, but I would expect more to come on the market soon.

On a final note, rumor has it that a final version of PPS21 is iminient, and there may be a little more relaxation on some issues.

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thanks for the reply.

"From a price point of view, each site will be priced on its own merits. In my target area, the average site of about 1 acre is worth around 55K. Additional acres of quality ground should be priced around 8-10K. "

out of interest, where is your area.

I've been looking both in the west and also Co Down. seems to be a huige range of prices.

guess some are still priced at hope levels.

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Any ideas as to what the PPS21 relaxations might be in relation to?

Building in clusters and social housing.

For one offs you will have to show that it is related to the running of the farm or a retirement house for the person who used to run the farm.

There will be other exceptions for caring for the disabled etc.

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out of interest, where is your area.

I've been looking both in the west and also Co Down. seems to be a huige range of prices.

guess some are still priced at hope levels.

My area is in Fermanagh.

When you omit those sites that are still for sale at 2007 prices, most new sites are realistically priced.

I also believe there is more scope for bargaining with building sites. In most cases the vendor has had very little outlay in gaining the planning permission. Therefore any offer over and above the agricultural value of the land will return a profit.

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Building in clusters and social housing.

For one offs you will have to show that it is related to the running of the farm or a retirement house for the person who used to run the farm.

There will be other exceptions for caring for the disabled etc.

Building in clusters and social housing has already been covered in draft PPS21.

Retirement houses on farms and houses for farm workers were old requirements under PPS14, these requirements have already been removed under draft PPS21, in that each active farm is allowed one house every 10 years, but the house must be "clustered" or "visually linked" with the existing farm buildings.

The final version of PPS21 may relax some existing requirements in the current draft proposal. Some consultation responses are worth reading, particulary those from RTPI and NILGO. The final version may also address the issues for non-farming rural dwellers. There have been some issues around the farmyard cluster and the "visually linked" term that may also be addressed.

I also understand more emphasis will be put on appropriate design and site integration. To this end, I hear that various organisations, including RICS, have been asked to provide feedback for appropriate rural housing design guidelines. This resulting design guide may well form part of the final version of PPS21.

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whilst on the subject of rural building sites, anyone know how easy it is to get the actual shape /materials of an approved design changed?

every single rural plot I've seen has exactly the same design. two storey with door in the middle and slightly lower side extrension for sunroom / utility.

also, all seem to have double garage slightly to one side.

I've even seen one that specified red pvc door!

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  • 259 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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