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Where Are We With New Build Developments?


lightning
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So another year is heading out and where does that leave us? I'm from the moira area, married 2 years ago, been renting for 6+ years now since finishing uni in the same house, pretty settled but have a decent deposit built up and could be tempted soon.....

New builds in my area seem to be about the 160-180k mark for nice 5 bed detached with garage and 120k ish for semi's, all well kitted out. Do people reckon it's starting to become sensible or is there another 25% to come over the next couple of years?

This forum has saved me from myself a few years back, much appreciated.

Cheers

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Just remember, like a new car, a new build will lose value as soon at you buy it. That's why nearly ever bank limits the LTV on new builds.

I don't think you have any proof for that.

New cars do drop in value as there is VAT on new cars and not on resales. However, new build and say one year, or 5 year old houses don not move at different levels. There is a slower reaction in the resale market to property drops as they are not business decisions.

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Cant exactly remember the figures but there are around 4,000 new build a year. However a fair share of these are social housing. But there still is activity out there.

New build will also be constructed to higher building control standards and therefore should be cheaper to run. In Moira there were a number of good schemes with Henry Price, Lagans and Dingles all building, but they are probably all finished now. I cant remember if there was any new zoning in the area plan for Moria (don't think there was) however there were a few sites purchased out the portadown road. Not sure what state they are in now.

Lovely town, normally slightly above Lisburn in price, but perhaps worth it. Getting into the town at 5 in the evening is a problem but if you already live there you will be used to that.

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I don't think you have any proof for that.

New cars do drop in value as there is VAT on new cars and not on resales. However, new build and say one year, or 5 year old houses don not move at different levels. There is a slower reaction in the resale market to property drops as they are not business decisions.

Take a look at some of the sites with multiple phases. Compare the resales to the developer prices for new phases. It is face. I'm sure other posters have seen this.

One thing to mention about new builds. Sound proofing is usually awful.

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Cheers for the advice....Want to stick around the moira/ballinderry area as it's half way between our parents and 10 mins from both our work's.

With regards to quality/soundproofing etc by sticking to a well regarded builder such as henry price/quality taylored homes/bill porter etc there won't be any problem....I've seen a lot of their work first hand and it's very good.

The thing that hold's me back are a lot of people telling me property prices are going to drop off a cliff next year....worked too hard to save up a good deposit to throw it away and get trapped. I guess all life's a risk tho.

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No I'm very much talking about the general public. Every other customer I talk to says worse to come with one particular one from fermanagh yesterday saying how the steady decline won't be so steady next year. Sentiment is almost the opposite as it was 5-7 years ago. The optimists say it's bottomed out, even they don't predict a rise.

In saying that we're in the tool/garden equipment wholesale business and we've never been busier. Farmers are doing very well as are mechanics etc so there will always be people to support the bottom of the housing market. I don't think there's any way of predicting how things are going to pan out next year.

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I don't think we'll be seeing any new builds for quite some time. Banks have been so badly shook by the property crash that they won't want to go anywhere near new development stuff unless they get a massive margin of safety in the numbers.

plenty going on in S wales ...and tens of thousands in the pipeline

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No I'm very much talking about the general public. Every other customer I talk to says worse to come with one particular one from fermanagh yesterday saying how the steady decline won't be so steady next year. Sentiment is almost the opposite as it was 5-7 years ago. The optimists say it's bottomed out, even they don't predict a rise.

We were driving along the coast road between Portrush and Portstewart yesterday. There are currently 3 new houses being built this year. All 3 are being built on sites that had bungalows on them. I'm waiting to see if they were bought by developers for resale. I would doubt it. However, some people are prepaired to pay a premium for a sea view.

They will print the entire national debt to finance government deficit spending to prevent things falling off a clif. This could buy the economy another 4 years of steady decline. Of course once they start printing more things will get interesting.

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Take a look at some of the sites with multiple phases. Compare the resales to the developer prices for new phases. It is face. I'm sure other posters have seen this.

One thing to mention about new builds. Sound proofing is usually awful.

So sound proof improves with aging?

I all new build, party walls have a clear cavity which helps immensely with sound proofing. Older properties have solid party wally and this causes problems with transmission.

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  • 3 years later...

Flicking thru the forum and thought I'd update the thread.

We took the plunge and moved in start of April 2013. We bought off quality tailored homes in their maghaberry site. Couldn't be happier with the house, location and service we received from them.

We were able to have a large input to the house along the way right down to room sizes, we got a garage and sun room included at a very resonanle cost, and all the houses comes well specced with brick drives, electric gates and a bit of thatch.

Any small issues were addressed promptly and we would recommend these guys to anyone.

Working hard now to pay the mortgage down before the rates go up!

image.jpg

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