nigooner Posted January 18, 2011 Share Posted January 18, 2011 saw this on the cover of the the daily express today: http://www.express.co.uk/posts/view/223807/House-prices-set-to-surge very entertaining. Quote Link to comment Share on other sites More sharing options...
Malthus Posted January 18, 2011 Share Posted January 18, 2011 http://webcache.googleusercontent.com/search?q=cache:zFiK67D1C38J:www.propertynews.com/property/houses-for-sale/Ballynahinch/101-Magheraknock-Road/TRLTRL48390+101+Magheraknock+Road,+Ballynahinch,&cd=5&hl=en&ct=clnk&gl=uk&client=safari Google cache shows this property on Jan 10 on for 350K sale agreed with offer at 265K Lo and behold relisted for sale today at 210 k still showing the highest offer of 265K http://www.propertynews.com/brochure.php?r=1&c=32324&s=119355807&i=20&p=TRLTRL48390&fp=1&sort=added That old school has been boarded up for about 10 years, looks like someone got planning permission and went for a quick (v slow) flip. Quote Link to comment Share on other sites More sharing options...
OptimusSubPrime Posted January 18, 2011 Share Posted January 18, 2011 I think it was last Saturday the headline in the Express was "Britain to be flooded" "Rain forecast" I nearly went out and built an ark but decided to wait and see since their other headlines hadn't been too reliable Another thing that cracks me up at the minute is 'fixed price' when it is NOT a repo! Quote Link to comment Share on other sites More sharing options...
md23040 Posted January 31, 2011 Share Posted January 31, 2011 here's a bold one which says it's a "final reduction".......... until it catches fire? Anecdotal but was talking to a handyman in stroke city at the weekend whom I know well. Told me that of the 4 houses out of the 7 within the cul de sac bought out from the council 3 have been repossessed by the banks. Indeed the peak prices for Shantallow was £150k and many people used their own property as cash machines. Indeed the neighbour two doors down spent the lot and now has got a brand new house in a neighbouring area. Could there have been widespread fraud not uncommon within Northern Ireland. Furthermore he said at least 50% of all mortgaged property in Shantallow and other estates has been taken back by the banks. So why are these not showing up in Wilsons etc. Quote Link to comment Share on other sites More sharing options...
Malthus Posted January 31, 2011 Share Posted January 31, 2011 http://www.propertynews.com/brochure.php?r=1&c=32267&s=120569360&i=10&p=LFNLFC0656&fp=1&sort=added An incredible reduction 385K to 215K. It looks like a prison and you only get a quarter of it. But you do get your own front door Quote Link to comment Share on other sites More sharing options...
2buyornot2buy Posted January 31, 2011 Share Posted January 31, 2011 (edited) Are the banks holding them in shell companies and renting them out? Happens all the time with commercial. Just Google "West Register" i'd be very surprised if this wasn't happening with residential and new developments in particular. Edited January 31, 2011 by 2buyornot2buy Quote Link to comment Share on other sites More sharing options...
headmelter Posted January 31, 2011 Share Posted January 31, 2011 Are the banks holding them in shell companies and renting them out? I definatley think so. Several people I know through work have received communications from companies based in England informing them that the management of their properties had been taken over. Several of these individuals had previously noticed repossession notices months earlier from banks. Theses properties are ALL ex housing executive flats/houses. Quote Link to comment Share on other sites More sharing options...
NIOWEN Posted February 7, 2011 Share Posted February 7, 2011 I'm finding loads today but this one I think has been mentioned on here before. Pear Tree house now slashed to 200K http://www.propertynews.com/brochure.php?r=1&c=32269&s=120655800&i=11&p=PNC468818&fp=1&sort=added ONe of the Des Ewing aspirational designs - old farmhouse you could turn into a Gentleman's residence - was on for a fictional sum during the peak. Just found the ad in Belfast Homefinder dated Feb 07 2008. Described as the best farm of this size to be offered this season. The old farmhouse with planning permission for a replacement dwelling and 33 acres. Believe it or not 975K Now on sale with 5.5 acres at 200K. JUst reading that Homefinder is like looking through the Glass with Alice - it is total fantasy. The wife was interested in that house about a year ago, think it was on for about £275k, they said there was an offer of £240k so we decided not to view. We were going to offer £225 but there was no point as they wouldnt even consider £240k...maybe they wish they had excepted our offer. Wonder where the other people went with their £240k lol Quote Link to comment Share on other sites More sharing options...
getdoon_weebobby Posted February 14, 2011 Share Posted February 14, 2011 ive a friend in dromore , that might be right up her street - have forwarded it on to them. thanks doccyboy Quote Link to comment Share on other sites More sharing options...
Realistic NI EA Posted February 22, 2011 Share Posted February 22, 2011 http://www.propertynews.com/brochure.php?r=1&c=32191&s=122666386&i=0&p=PNC541412&fp=1&sort=added townhouse for 50K - wonder what happened to the fixtures and fittings? Everything was ripped out by the previous owners before it was repossessed is the likely answer. Common occurrence in my experience. Quote Link to comment Share on other sites More sharing options...
NuBrit Posted February 22, 2011 Share Posted February 22, 2011 Not a bad little house with, possibly yours for a little over £53k - http://www.propertynews.com/47kcw Below rateable value too. Quote Link to comment Share on other sites More sharing options...
Mrazik Posted April 26, 2011 Share Posted April 26, 2011 Okay, time to start piling into Detroit ! http://www.bbc.co.uk/news/business-13199462 Quote Link to comment Share on other sites More sharing options...
talksalot81 Posted May 9, 2011 Share Posted May 9, 2011 I have paid rather limited attention to houses for the last while and have to admit I splashed cash on fun instead of this stupid waiting game... but having had a bit of a look I see some properties agreed and sold but there are still many out there which do not appear to be selling and there is no real sign that prices are doing anything better than staying stable. Quote Link to comment Share on other sites More sharing options...
tinbin Posted May 9, 2011 Share Posted May 9, 2011 There have been quite a few drops in my area. Vendors have dropped the asking prices on average by around £10k. TBH I still think they are over priced even with these reductions however I take some comfort that things are moving in the right direction. I have also heard that EA's have been making phone calls and sending letters out to clients advising them to drop their asking prices. From what I have heard it is more the vendors reluctance to drop asking prices that is maintaining a lot of the stalemate in the market. Realistic EA has posted similar points. The more EA's who do this the better as it would clear out the rubbish from their listings and will avoid misleading vendors. When someone decides they want to put their house up for sale I would guarantee that one of the first things they do is look up property news/property pal and search for houses in their area. Once they see houses up at a certain value then it must be a battle for an EA to get them to believe that their house is worth anything less. I am also aware of surveyors disagreeing with EA's valuations (apart from the ones who get backhanders) and one of our local banks has recently reviewed how they assess their own valuations and this has seen values reducing province wide. This means that if the amount of the loan application is out of sync with this and the surveyor ... then bye bye any hopes of a MTG. We are talking about approx 50% drops since the peak. This is accepted by Banks, surveyors & buyers. I think it is time for vendors to get real because these drops are still not reflected in the asking prices. What frustrates me no end is that some EA's will still put houses up at these prices even though they know it wont sell. Quote Link to comment Share on other sites More sharing options...
BelfastVI Posted May 9, 2011 Share Posted May 9, 2011 I think the bit I have highlighted in bold is the change necessary for the final drop in the higher part of the market and the stubborn sellers. If you can't get a mortgage at the asking price then the asking price has to reduce or there will be no sale. I don't understand what change you are looking. We went through a period, a number of years ago now, where there was an issue in the definition of open market sale. I.e. if a property goes for sale and two people bid to a standstill then that is the value and no one could argue that it was or should be a figure higher than that. During the boon the RICS valuers were happy to add £x thousands to what I believed was the open market sale. This helped the purchaser to get a higher L2V. (It also happened with land purchases). However, around 2008, these same valuers done a complete turnaround and started to value property at below what people agreed to pay for them. The idea that two people were having a bidding war is a poor example, as this was rare and the occurance was more common in the new build sector where you (if you were lucky) would sell 3 similar houses in a short space of time at say £150k and two valuers would ok the first two but a third valuer would come in at £130 on the third. His excuse was that his BS had instructed him to disregard other new build sales on the development. This, as you could imagine caused all sorts of difficulties. However this has passed. You are absolutely right. If you cant get the banks valuer to agree with the sales price you will not get a mortgage. This has been the case since 2008. The valuers are only brought in after a sale has been agreed. They are not there to set the asking price (although that would be a good thing). I have been very critical of the role of the RICS valuers in the whole boom and bust and am far from their biggest fan. However I don't see what you are looking them to do here. Quote Link to comment Share on other sites More sharing options...
BelfastVI Posted May 9, 2011 Share Posted May 9, 2011 I was not referring to the middle market which is currently selling. I was referring to the asking prices of the deluded sellers who think that their house is worth the sum of their borrowings plus a bit more. If the banks were tighter with their valuations it would not be long before the surveyors , EAs and sellers realised that the peak is no longer here and prices have to reflect this. I dont think any bankers or valuers are in anyway still deluded about prices at any level of housing (unless they are currently selling their own house). The banks don't do valuations, they instruct the RICS valurers to do this on their behalf. I dont think there are any properties still on at anything near peak prices. The only question is; have the ones that are still on from that time been adjusted enough or more likely have the ones that have come on to the market since, been priced correctly (what ever that may be). The easy answer is if they have sold, they if they are priced correct, if they are still on the market, after 4 to 6 months something is wrng. That thing is normally the price. All the reports are showing that the houses that are currently selling, are, on average of averages 40% to 50% down on peak prices. None are selling at, or valued at anything close to peak prices. Quote Link to comment Share on other sites More sharing options...
Shotoflight Posted May 9, 2011 Share Posted May 9, 2011 I dont think any bankers or valuers are in anyway still deluded about prices at any level of housing (unless they are currently selling their own house). The banks don't do valuations, they instruct the RICS valurers to do this on their behalf. I dont think there are any properties still on at anything near peak prices. The only question is; have the ones that are still on from that time been adjusted enough or more likely have the ones that have come on to the market since, been priced correctly (what ever that may be). The easy answer is if they have sold, they if they are priced correct, if they are still on the market, after 4 to 6 months something is wrng. That thing is normally the price. All the reports are showing that the houses that are currently selling, are, on average of averages 40% to 50% down on peak prices. None are selling at, or valued at anything close to peak prices. Wonder what the average time on the market is in NI, currently? Quote Link to comment Share on other sites More sharing options...
BelfastVI Posted May 9, 2011 Share Posted May 9, 2011 Wonder what the average time on the market is in NI, currently? At a guess 12 months. I dont know if any of our more clever posters can work such things out from Property News. There may, at one time have been a graph on the TDGTTS website that give the average lenght of listing. We used to only post house types rather than individual house plots on PN. However, I notice that has changed recently and they are posting house numbers. Bit silly really posting 4 or the same house types, with same price and images, but I believe it is all automated now. Generally it takes about 5 or 6 months to build a house (could be done in 3 or 4 if we focused on it but we rotate traded and houses can sit for a week here and there). Generally they complete and are handed over in that 6 months timeframe. If there is more demand we increaqse the phase size, if it slows we reduce. But generally we sell within a month or so of listing and complete in 3 after booking. For larger and more expensive houses this process can take considerably longer. As a resuly we have reduced the size of the larger units. I imagine PN hass that sort of information at its fingertips, but I don't know if they will release it. Property Pal might. Quote Link to comment Share on other sites More sharing options...
Shotoflight Posted May 10, 2011 Share Posted May 10, 2011 Home.co.uk provide a lot of interesting information. This link shows the length of time on the market since 2009 of houses in BT26 http://www.home.co.uk/guides/time_on_market_report.htm?location=bt26&all=1 or BT29 http://www.home.co.uk/guides/time_on_market_report.htm?location=bt29&all=1 Just put in your own postcode. Something very wrong in BT30, it would appear http://www.home.co.uk/guides/time_on_market_report.htm?location=bt30&all=1 Quote Link to comment Share on other sites More sharing options...
Shotoflight Posted May 10, 2011 Share Posted May 10, 2011 Indeed that's what I was referring to in my previous post. There is still a lot of houses in County Down that have been on for years and have not dropped a penny. County down seems to be synonymous with deluded vendors. How do EA's survive/put their time in, in Co. Down then? Not by accurate valuations or house sale volumes, by the looks of it. Quote Link to comment Share on other sites More sharing options...
2buyornot2buy Posted May 10, 2011 Share Posted May 10, 2011 It looks like it only uses propertypal to collect the data. If you scroll down to total numbers in my area it falls from 280 in December 10 to less than 40 in January 11. Quote Link to comment Share on other sites More sharing options...
BelfastVI Posted May 10, 2011 Share Posted May 10, 2011 It looks like it only uses propertypal to collect the data. If you scroll down to total numbers in my area it falls from 280 in December 10 to less than 40 in January 11. Think there was legal action brought against Property Pal to stop it scraping other websites Quote Link to comment Share on other sites More sharing options...
BelfastVI Posted May 10, 2011 Share Posted May 10, 2011 Home.co.uk provide a lot of interesting information. This link shows the length of time on the market since 2009 of houses in BT26 http://www.home.co.uk/guides/time_on_market_report.htm?location=bt26&all=1 or BT29 http://www.home.co.uk/guides/time_on_market_report.htm?location=bt29&all=1 Just put in your own postcode. Thats a very interesting find. Did a search for Belfast. Looks like between 200 and 240 days - between 6 and 8 months. Thought it would have been more. Quote Link to comment Share on other sites More sharing options...
tinbin Posted May 10, 2011 Share Posted May 10, 2011 Banks have their own valuation databases which they use as an indicator of values for the different postcode areas. This is what they will use to re-evaluate the collateral/security held against their loan books. You are quite right, Banks & purchasers employ surveyors to validate the purchase price of a property. However, if this purchase price is validated by a surveyor and it is out of sync with the banks own indicative valuation for the area the reason for the difference would have to be justified and a problem could arise in this scenario for anyone looking to obtain a MTG. (I don’t think putting a new B&Q kitchen in will cut it!!) Referring back to the boom years when everything ‘only went up’ I can understand why some would take issue with surveyors because during this period these ‘so called experts’ were quite happy to validate purchase prices, now these same people are supporting downward trends. Banks in the meantime got battered for their irresponsible lending ... which for the most part was due to, and supposedly secured, by these perceived valuations. This boom period has been and gone and we can’t turn back time for those who have been bitten by it. Banks, EA’s and Surveyors all have blood on their hands. The interesting point made however is that surveyors are employed (for the most part) by Banks and purchasers. We want our Banks to lend responsibly therefore shouldn’t it be expected that if they are employing a surveyor to validate the purchase price of a property that the surveyor does his job and values the house accurately?? Surveyors should be in a better position to do this as they will have more exposure to actual purchase prices throughout the market. Who cares if this offends an EA who has overvalued a property and played on a purchasers emotions to encourage them to buy. We hear about the negative publicity about the restriction of credit for home buyers ... is this really a surprise?? So it has gone back to basic affordability, this can only be a good thing. If this prevents house sales then there can only be one reason ... the purchase price is out of sync with the affordability of the purchaser regardless of whether 40%,50% or 60% drops have taken place. EA’s should be held to ransom by the government for their part in the housing bubble, why are they not investigated and ripped to shreds for their part in it all?? Probably because so many politicians built up their own property portfolios and it isn’t in their interests to do so as it would be like pulling down their own pants and smacking themselves for being greedy morons. I for one am happy that lessons have been learnt from it all. If it means further drops in the housing market then I don’t see that as a bad thing. Quote Link to comment Share on other sites More sharing options...
OptimusSubPrime Posted May 10, 2011 Share Posted May 10, 2011 It looks like it only uses propertypal to collect the data. If you scroll down to total numbers in my area it falls from 280 in December 10 to less than 40 in January 11. they only have 38 properties for sale in BT48 in may 2011. so dont know how much insight can really be gained from these reports Quote Link to comment Share on other sites More sharing options...
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