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Gametheory

Belfast City Centre Apartment

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Just looking at some of the apartment prices and they seem reasonable (20-30%+ below RV). Would you buy a city centre apartment? Any blocks in particular that you would avoid/represent good value for money?

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Just looking at some of the apartment prices and they seem reasonable (20-30%+ below RV). Would you buy a city centre apartment? Any blocks in particular that you would avoid/represent good value for money?

I'd never buy anything that was leasehold.

Lots of people have been stung by rising maintenance costs on leasehold apartments.

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I'd never buy anything that was leasehold.

Lots of people have been stung by rising maintenance costs on leasehold apartments.

That's a good point. How much do apartments generally pay for the lease? I would have thought the lease price was fixed for a long term period of 10+ years, or to move in line with inflation, no?

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That's a good point. How much do apartments generally pay for the lease? I would have thought the lease price was fixed for a long term period of 10+ years, or to move in line with inflation, no?

No the management company sets the annual service charge.

Expect to pay £100 plus a month for a two bed. Rising by RPI+ every year.

Not worth it in my opinion.

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No the management company sets the annual service charge.

Expect to pay £100 plus a month for a two bed. Rising by RPI+ every year.

Not worth it in my opinion.

Yeah, at some point, I would like to predict, maintenance costs of these flats will be more than people are willing to pay to rent them !!!

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Yeah, at some point, I would like to predict, maintenance costs of these flats will be more than people are willing to pay to rent them !!!

At some point you could be right.

Well depending on the LHA levels for the area.

Some of the newer city centre blocks will cost £2500 plus a year before the mortgage is even paid.

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At some point you could be right.

Well depending on the LHA levels for the area.

Some of the newer city centre blocks will cost £2500 plus a year before the mortgage is even paid.

I can believe that, there was a block in Northampton which was 2500 a year.

What's £200 a month on top of everything else. Total joke.

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I can believe that, there was a block in Northampton which was 2500 a year.

What's £200 a month on top of everything else. Total joke.

2500 will be the norm for most of the Belfast blocks.

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This is yet another annoying thing that Estate agents don't often included in the advert for the property. I have given below some service charge costs for the popular apartment developments (taken from propertynews) - Obviously rates would also have to paid as well and some have ground rent payable as well

university court 1 bed £700 per year

college gate 3 bed £1300 per year

custom house 1 bed 372 per year

custom house 1 bed 765 per year

custom house 2 bed 1161 per year

custom house 2 bed 1300 per year

victoria place 2 bed 760 per year

bass buildings 2 bed 1330 per year

tyrone house 2 bed 840 per year

st johns wharf 3 bed 1080 per year

margarita plaza 3 bed 1100 per year

st georges harbour 2 bed 1400 per year

Don't understand why a 1 bed apartment in custom house vary so much unless it is an error in one of the ads. From my experience in my 20s it was great when working in the city centre. Could wake up at 8:45 and be in work at 9:00 - no buses or train fares to pay for. If I went out a night didn't have to pay 20,30, 50 to get a taxi home. Once you get older the problems would become more obvious - get a car - expect it to be broken into often (even in the "secure parking") - rooms in an apartment are absolutely tiny - problem neighbours - waffle thin walls (newer developments) - service charge will not cover everything that goes wrong (ie lift needs replaced that could cost £100k divided by 40 owners that 2.5k each owner has to pay).

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This is yet another annoying thing that Estate agents don't often included in the advert for the property. I have given below some service charge costs for the popular apartment developments (taken from propertynews) - Obviously rates would also have to paid as well and some have ground rent payable as well

university court 1 bed £700 per year

college gate 3 bed £1300 per year

custom house 1 bed 372 per year

custom house 1 bed 765 per year

custom house 2 bed 1161 per year

custom house 2 bed 1300 per year

victoria place 2 bed 760 per year

bass buildings 2 bed 1330 per year

tyrone house 2 bed 840 per year

st johns wharf 3 bed 1080 per year

margarita plaza 3 bed 1100 per year

st georges harbour 2 bed 1400 per year

Don't understand why a 1 bed apartment in custom house vary so much unless it is an error in one of the ads. From my experience in my 20s it was great when working in the city centre. Could wake up at 8:45 and be in work at 9:00 - no buses or train fares to pay for. If I went out a night didn't have to pay 20,30, 50 to get a taxi home. Once you get older the problems would become more obvious - get a car - expect it to be broken into often (even in the "secure parking") - rooms in an apartment are absolutely tiny - problem neighbours - waffle thin walls (newer developments) - service charge will not cover everything that goes wrong (ie lift needs replaced that could cost £100k divided by 40 owners that 2.5k each owner has to pay).

I agree, I loved living in a city centre apartment. It was good for renting; I'd never buy and pay the management charges, rates and ground rent. Crazy.

The Custom House 1 bed is 530sq ft. That's £1.5 per sq. ft. per year management charges. :o

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  • 246 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% +
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      • Even
      • up 2.5%
      • up 5%



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