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RockyBalboa

Buying In Portstewart

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Hi all. Just looking for some opinions please.

My cousin who is 24 has just gotten engaged and is about to complete on a 3 bed house in Portstewart for which she thinks she has secured a 'great deal'. She is currently working in Belfast and therefore her fiancee and her do not actually intend to life there together yet. Her financee will live there and rent out the 2 spare rooms and eventually if she gets a job in the area she wil move in. Both are teachers.

Having been severely burned myself by buying a property knowing nothing about the housing market and without good advice I would like to stop her making any mistake she may come to regret. I don't have full details of the house but i think it is a 3 bed in Mill road area possibly for around 160K.

Could I have some general opinion on the market in Portstewart please. It is a lovely place to life but I've always wondered where all these people in large houses actually worked in order to pay for them. There is very little employment in the area, and Belfast is quite a commute. Am concerned what will happen to prices in interest rates go up.

Thanks!

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Hi all. Just looking for some opinions please.

My cousin who is 24 has just gotten engaged and is about to complete on a 3 bed house in Portstewart for which she thinks she has secured a 'great deal'. She is currently working in Belfast and therefore her fiancee and her do not actually intend to life there together yet. Her financee will live there and rent out the 2 spare rooms and eventually if she gets a job in the area she wil move in. Both are teachers.

Having been severely burned myself by buying a property knowing nothing about the housing market and without good advice I would like to stop her making any mistake she may come to regret. I don't have full details of the house but i think it is a 3 bed in Mill road area possibly for around 160K.

Could I have some general opinion on the market in Portstewart please. It is a lovely place to life but I've always wondered where all these people in large houses actually worked in order to pay for them. There is very little employment in the area, and Belfast is quite a commute. Am concerned what will happen to prices in interest rates go up.

Thanks!

I dont know much about the market in Portstewart at the moment but i did live there for 4 years will i attended Coleraine Uni.

The only lodgers i think she will attract are students. Its got a massive student population.

Has she checked out if the neigbouring houses will be let to students?

What happens if she cant get a job in one of the local schools?

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Don't really know the Portstewart market. Prices always seemed high there. You can read that as a good or bad thing.

In the current market £160 seems high. It may not be high for Portstewart but it seems high for that general area. I am assuming they are buying a new 3 bed semi. These are generally priced from £125 to £145, depending on location. In certain places you can justify a higher price. They will purchase cheaper in other locations and that is what they have to look at.

If they are working in two different locations should they not look at a cheaper location in-between and then move in 5 years when they have a better idea where they want to live.

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Hi all. Just looking for some opinions please.

My cousin who is 24 has just gotten engaged and is about to complete on a 3 bed house in Portstewart for which she thinks she has secured a 'great deal'. She is currently working in Belfast and therefore her fiancee and her do not actually intend to life there together yet. Her financee will live there and rent out the 2 spare rooms and eventually if she gets a job in the area she wil move in. Both are teachers.

Having been severely burned myself by buying a property knowing nothing about the housing market and without good advice I would like to stop her making any mistake she may come to regret. I don't have full details of the house but i think it is a 3 bed in Mill road area possibly for around 160K.

Could I have some general opinion on the market in Portstewart please. It is a lovely place to life but I've always wondered where all these people in large houses actually worked in order to pay for them. There is very little employment in the area, and Belfast is quite a commute. Am concerned what will happen to prices in interest rates go up.

Thanks!

Does the bloke live in Portstewart?

Most people buy a house becuase they need one - ie a HOME - and in that case the price is usually secondary to other factors.

This seems like an investment and as such I don't see it as a very good one. A 25yr repayment @ 4.5% is £889 a month.

It works for them on paper becuase they add in the renting of the two rooms etc.

They should probably try to rent somewhere for about £600 and save the rest for a rainy day. there is nothing like having a few ££ in the bank when you NEED to.

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I'd definitely check whether it was a student area, I know lots of students live in the newish housing developments, and like midweek parties.

Other than that I'd leave them to it. Their plan doesn't seem like a very good one but they're unlikely to appreciate your advice, even if you turn out to be right.

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Their plan doesn't seem like a very good one but they're unlikely to appreciate your advice, even ESPECIALLY if you turn out to be right.

From what I remember of my time at uni in the area, houses were expensive to buy but very cheap to rent. Landlords are also likely to prefer more settled professional types renting their properties than rowdy students which could be useful when negotiating rent.

Tell them to rent somewhere instead.

Edited by Diver Dan

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Was in Portstewart today.

Wonderful weather.

Hows the property market there now ?

Much the same as everywhere else I suspect - down by 53% (18% in the last year for this area), NAMA involvement, transactions down by 75% from 2006...............

See page16 of the report below

http://www.dfpni.gov.uk/lps/statistics-report-quarter-1-2012-published-23rd-may-2012-617kb.pdf

Funding facelift for north coast derelict buildings

http://www.bbc.co.uk/news/uk-northern-ireland-17336611

The Department of the Environment is providing £405,000 of funding to tackle dereliction in Portrush and Portstewart.

Minister Alex Attwood said the money would be used by Coleraine Borough Council to demolish buildings, repair, secure and paint others, and landscape a number of sites to create urban parks.

Mr Attwood said the scheme must not be a "short-term fix".

"What concerns me is that we have developers on the north coast with money to build and develop on the one hand, while on the other, letting sites that they own decay and scar the area.

"I will be calling these developers in, telling them to get their act together and deal with the eyesores they own. I am also calling in the NAMA advisory board in respect of their properties.

Mayor of Coleraine, Alderman Maurice Bradley, welcomed the funding boost.

"For over two years the council has been negotiating with administrators and property owners in the borough to make changes to minimise the unattractive appearance of dilapidated properties," he said.

"As part of the council's '2012 Clean-up our Borough' campaign, we are also supporting an initiative by local resident and community groups to paint and clean-up where they can.

Mr Bradley said many buildings were still privately-owned and legislation did not allow councils to make the necessary changes which residents wanted.

"We have appealed to owners on numerous occasions to repair the damage to their properties," he added.

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Was in Portstewart today.

Wonderful weather.

Hows the property market there now ?

It was very busy. I am there most weekends summer and winter. They have spent some money tarting up the place for the Irish Open Golf at the end of next month. However, if you have a close look, there is an awful lot of delelict property in Portrush and Portstewart. It's a real shame as the beaches in the area are excellent.

I doubt that the issues regarding property prices on he North Coast have changed much. The area benifited from the speculative feeding frenz during the boom. With a lack of investors, prices are way above what the locals can reasonably expect to afford. Demographics might even point to a increase in supply as the boomers try and cash in their pensions i.e. my holiday property is my pension. The University built new halls several years ago and student numbers are apparently in decline as fees increase. So Buy-to-Let is a risk. I expect prices in the area to grind lower for a long, long time.

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I was just going down memory lane on the NI thread. Here is an old quote of mine...

http://www.housepricecrash.co.uk/forum/index.php?showtopic=37941&st=6960

More of my thoughts on the North Coast...

As many of you know I am watching the North Coast for the first signs of the crash and expect to see the biggest falls in that area.

Basically I see the North Coast house prices collapsing due to 3 main reasons. These are the same 3 reasons that caused the prices in the area to get so far from fundamentals in the first place.

People poured money into the North Coast housing market because:-

1. Investment - properties were being bought to let to students/holiday makers.

2. Speculation - properties being bought for capital appreciation.

2. People retire to the North Coast. There will always be demand for this.

Now:-

1. The BTL market in the area is flooded. Any amature BTLer who bought recently may end up repo'd!

2. Speculators are not going to invest money in a depreciation asset class. Any amature speculator who bought recently may end up repo'd!

3. Most people who wish to retire to the North Coast (and this is the important point) need to sell their house first!

Has anything changed in the last 4 years? (apart from house prices!:D)

Edited by Belfast Boy

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i noticed an old post in Oct 07 showing there were 421 Portstewart properties for sale
Now a search of Propertynews/Propertypal returns 210 to 260 depending on search criiteria
Most property I am alerted to by email sells fairly quickly.
Would this suggest we are back to a fairly healthy market?
I have been staying in Portstewart for the last couple of weeks and was considering buying something for around £100k for somewhere to use at weekends (golf/surfing) and in summer and have seen half a dozen properties around RV that seem ok.
3 bed properties near the promenade - around Enfield Street , Old Coach rd, Enterprise Avenue , Central Avenue etc

Edited by willie

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Was in Portstewart for a few days there and popped in Armstrong Gordon . Me and my wife have always liked the idea of picking something up there like a wee terraced house in the town or an apartment. They seemed quite nice in there and they reckoned that they were finally at the point of working through almost all of the "old stock", bank stuff etc. There were about 5 in the office and all seemed very busy. I asked about a couple of properties behind the promenade and they said go take a look now if you want so I had a quick look ( one was empty so they gave me the key the other the tenant showed us round).

Looking back I can see the following stats:

Oct 07 - 421 Portstewart properties for sale on Propertynews

Aug 2013 - search of Propertynews/Propertypal returns 210 to 260 depending on search criteria

Today - 171 or 185 on PropertyPal or 155 to 158 on Propertynews depending on a search for "BT55" or "Portstewart"

Edited by getdoon_weebobby

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Oct 07 - 421 Portstewart properties for sale on Propertynews



Aug 2013 - search of Propertynews/Propertypal returns 210 to 260 depending on search criteria



July 14 - 171 or 185 on PropertyPal or 155 to 158 on Propertynews depending on a search for "BT55" or "Portstewart"



today - 132 or 151 on PropertyPal or 133 or 134 on Propertynews depending on a search for "BT55" or "Portstewart"



clearly a return to normality here in both inventory and prices


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  • 312 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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