Jump to content
House Price Crash Forum
Sign in to follow this  
Walter

Belfast Price Increases Going Mad

Recommended Posts

Luckily it doesn't seem to be as bad as the reports are trying to suggest. I know this as I am planning to sell my current 3 bed semi in Dunmurry and have been told my a few estate agents that I am likely to only achieve 90% of RV (around £150K). I am ok with this so long as the house I am attempting to buy is priced accordingly which seems to be the case as I have bid on a few houses recently and know what they went for. Estate agents do of course chance there arm by putting silly prices on crappy houses, but that's kinda of their job (not a job I would like to have) as their aim is to get the highest possible price for the seller and commission for themselves. So don't believe the hype and don't pay over the odds!

Share this post


Link to post
Share on other sites

Still looking here in BT7/8/9 and have noticed a sharp increase in asking prices.

TBH - I'm thinking about parking it again. Anything decent for a 3 bed semi is coming on at £175k+. Very average stuff is floating around £150k - £170k. It does seem like Belfast is booming once again.

Also got an email from Hampton via PropertyNews(?) looking for 3 bed houses for FTB demand. Just like the good old days again!

Share this post


Link to post
Share on other sites

Sit tight until the interest rates increase and reposessions increase. That'll knock the prices in the head. Just keep adding to your "war chest" fund and you'll be better off.

Share this post


Link to post
Share on other sites

Sit tight until the interest rates increase and reposessions increase. That'll knock the prices in the head. Just keep adding to your "war chest" fund and you'll be better off.

I'd like to think so. However, I have heard about bidding wars returning :-(

Share this post


Link to post
Share on other sites

Sit tight until the interest rates increase and reposessions increase. That'll knock the prices in the head. Just keep adding to your "war chest" fund and you'll be better off.

Do you think there's another crash on its way? I suspect London is going to pop soon and there'll be some fallout from that - interest rates to rise this time next year it seems.

No more able to see the future than you or anyone else of course.

Share this post


Link to post
Share on other sites

Do you think there's another crash on its way? I suspect London is going to pop soon and there'll be some fallout from that - interest rates to rise this time next year it seems.

No more able to see the future than you or anyone else of course.

I think a London crash is inevitable, the potential effect on NI lending is anyone's guess. What I do know is that Ulster Bank (RBS subsidiary) provides the majority/development of mortgage lending here.

Share this post


Link to post
Share on other sites

Prices for apartments seem to be tens of thousands more than they were a year ago.

Absolute hovels of houses going for stupid money.

So I say, if they're gonna try to force me to pay that much for so little, I aint playing:

- I've de-cluttered my apartment (which I rent) so it feels alot bigger - no need to cripple myself financially for more room

- I'm renewing my rent on this place for a 5th year - in the 4 years I've been here the rent hasn't gone up once, and it looks like it's probably not going up this year either

- as a result of renting this place, I have virtually no heating bills (great well insulated building), no rates/maintenance fees to pay (included in rent), no need to own a car and no commute costs (apartment is 10 minute walk from work)

My living costs are less than half my take home pay. And I'm by no means a high earner.

Ignore it all, let them fight over their overpriced sh*tholes, rent and be careful with your money, and you'll be able to lead a more interesting life than those who are fighting with each other to become debt slaves.

Share this post


Link to post
Share on other sites

[quote name='2buyornot2buy' timestamp='1397201079' post=' Ulster Bank (RBS subsidiary) provides the majority/development of mortgage lending here.

.....subsidiary of government.

Share this post


Link to post
Share on other sites

I had some sympathy with people who got 'caught out' spending more than they could realistically afford on housing last time. It was a new phenomena in NI. This time it's not new and I will have exactly zero sympathy for anybody foolish enough to play this game.

Sit back, chill out and watch. The games just starting and I have popcorn.

Edited by neontetra

Share this post


Link to post
Share on other sites

Not really sure about price increases but in my limited area of interest the number of available detached houses for sale in my area is dropping for the first time in years, not much coming on and what is reasonably priced is selling. What's more the ones that have been for sale for many years are all dropping off the watch list as sale agreed.

When I asked a couple of EA for whats happening I got the same response that they can't get enough detached houses to sell at realistic prices possibly due to NE.

I'd be lying if I said I wasn't concerned about the above, don't really have the time to wait for something to happen like IR rises, a generation or two shuffling off or a random crisis at some undetermined point in time in the future.

Edited by Sure thing!

Share this post


Link to post
Share on other sites

Sit back, chill out and watch. The games just starting and I have popcorn.

Depends where you want to buy as there can be very specific local demand. Try looking in Balmoral+Malone+Stranmillis for a detached house between £300k and £500k and you get 9 properties. Most of those need a fair amount of work. It may be a small area and a big price but no matter what way you look at it - a thin market.

http://www.propertynews.com/search/268561281/

Most are sale agreed in a few weeks and usually about 5-10% above RV. Certainly not the case last year.

The same way London is crazy - you can find pockets of NI that are selling fast.

Share this post


Link to post
Share on other sites

Depends where you want to buy as there can be very specific local demand. Try looking in Balmoral+Malone+Stranmillis for a detached house between £300k and £500k and you get 9 properties. Most of those need a fair amount of work. It may be a small area and a big price but no matter what way you look at it - a thin market.

http://www.propertynews.com/search/268561281/

Most are sale agreed in a few weeks and usually about 5-10% above RV. Certainly not the case last year.

The same way London is crazy - you can find pockets of NI that are selling fast.

Are most of those sale agreed not way below RV?

Share this post


Link to post
Share on other sites

Are most of those sale agreed not way below RV?

No. I have been buy and selling in the area recently and been tracking prices for a while.

Templeton Robinson also put the current offer on their website, but once Sale Agreed it is removed. The last flurry of bidding may not make it to the web so I use that as a guide only. I was bidding on a house at about RV and it was bid up by 3 people by £40k in 2 days. I walked away but it was sale agreed the next day.

Some houses are going on the market at well below the RV to get people through the doors then bid up above the RV, well above in most cases. Those priced to attract attention are Sale Agreed in 2 weeks usually. When selling, your EA will give you a steer on what has really been happening as they know who bids what & where.

This is my 5th move so not in the position of many on here who are FTB - just my experience of recently buying and selling in that price bracket in Malone.

Share this post


Link to post
Share on other sites

Looking at the underlying data Belfast has a big spread between median prices of detached and terrace, bearing in mind that there must be a large stock of terrace. £237k vs £65k.

North Down and Castlereagh detached at £185k.

£82k median price for an apt in Belfast!!

Share this post


Link to post
Share on other sites

No. I have been buy and selling in the area recently and been tracking prices for a while.

Templeton Robinson also put the current offer on their website, but once Sale Agreed it is removed. The last flurry of bidding may not make it to the web so I use that as a guide only. I was bidding on a house at about RV and it was bid up by 3 people by £40k in 2 days. I walked away but it was sale agreed the next day.

Some houses are going on the market at well below the RV to get people through the doors then bid up above the RV, well above in most cases. Those priced to attract attention are Sale Agreed in 2 weeks usually. When selling, your EA will give you a steer on what has really been happening as they know who bids what & where.

This is my 5th move so not in the position of many on here who are FTB - just my experience of recently buying and selling in that price bracket in Malone.

Cheers for the info. I think when I come to actually buying in BT9 I'll head down to the land registry and get the details of some of the sales in the last year or so.

I know two people who have downsized recently in Malone. One bought for 150 and sold for 500k+.

Edited by 2buyornot2buy

Share this post


Link to post
Share on other sites

With the longer evenings I've taken to cycling around a bit after work in Belfast and there are lots of 'sold/sale agreed' signs around, whereas in the last few years there have just been lots of 'for sale' signs which stayed up seemingly for months.

Whether you think it makes sense or is sustainable or not, I'd say that the Belfast market seems to be on the rise again. That will make it difficult to buy as people will hold out for higher prices if you ry to bid what you think is reasonable.

Given how the government is doubling down on low interest rates and various stimulii to pump asset prices (and is committed to keep doing so), it should be no surprise that prices are rising. IMO it'll take a black swan event to force tighter monetary policy and force prices down again.

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • The Prime Minister stated that there were three Brexit options available to the UK:   203 members have voted

    1. 1. Which of the Prime Minister's options would you choose?


      • Leave with the negotiated deal
      • Remain
      • Leave with no deal

    Please sign in or register to vote in this poll. View topic


×

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.