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Sour Mash

Anyone Think There's A New Bubble Developing?

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Certainly seems to be that way in Belfast. Lots of stuff coming on the market and quickly going 'Sale Agreed' plus asking prices seem to be rising steadily.

A bit premature from the public given the likely impact of UK government spending spending cuts on the NI economy in the near future but you never know how long this rubbish can go for before it pops.

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Noticed recently new properties were coming to market with very aspirational asking prices but they appear to be sitting and are inevitably reduced - where the vendor is willing to drop that is.

However, I'm having trouble finding a good one priced at RV (or thereabouts)

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Actually, I'm having difficulty finding a good house full stop. There's lots of rubbish out there which is almost w/o fail, well overpriced.

Yes, I'm seeing the same thing... about 80% of the market consists of cheap shabby houses in grotty areas, the other 20% is aspitational houses with VERY aspirational prices, there just doesn't seem to be anything in the middle ground at all... just an average house in average condition for an average price.

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Only just realised this is in the N.I. thread... (I clicked on it via the 'recent topics' section)

I'm actually looking in Wales or Derbyshire but my point still stands!

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Can only comment on North Belfast / Newtownabbey but like 2buy there is next to nothing happening. Lower end seems busy but I don't know where they are moving to as middle is stagnant

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All in all I don't think the asking prices in the better areas of nb ever got realistic, asking prices are high given the land registry survey. I am seein houses 60k above Rv that need work to modernise.

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As pointed out, the houses are not just overpriced, many/most are old with really bad EPC ratings (an important consideration in a country with this kind of weather!).

A lot of these houses look like money pits even before you add the massive mortgage you'd have to take out.

Couple of years ago a flat near me was repo'ed and on for £90K - now it's offers OVER £120K.

Relatives bought a house a year and a half ago for £180K, virtually identical house now on for £220K.

I looked at a house that was on for £225K that was about £850 a month to rent. At those prices I think renting (and not having a rates bill or any maintenance cost) starts to become more attractive?

Edited by JoeDavola

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Definately something strange going on in BT9

A couple of months ago there was a real buzz with what I would say was properties selling for 30% above the "bottom".

There are three homes for sale within a few doors of my house

1) apartment sold for a very high price a few months ago ( 30%+ above what the bank sold them for ) . Sale now fell thru

2) house asking 30%+ more than sold for 2 years ago . was told an offer of asking price had been received but couple of months later still for sale

3) Big house sold within couple of weeks. has now reappeared for sale again and think is asking 10% less than previously.

bank funding issues ? some other factor ?

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Definately something strange going on in BT9

A couple of months ago there was a real buzz with what I would say was properties selling for 30% above the "bottom".

There are three homes for sale within a few doors of my house

1) apartment sold for a very high price a few months ago ( 30%+ above what the bank sold them for ) . Sale now fell thru

2) house asking 30%+ more than sold for 2 years ago . was told an offer of asking price had been received but couple of months later still for sale

3) Big house sold within couple of weeks. has now reappeared for sale again and think is asking 10% less than previously.

bank funding issues ? some other factor ?

I have no idea what's going on. Could be valuations maybe. Or the froth getting blown off.

Could also be agents making up offers. I know one particular agent that's very fond of making offers up, getting caught out and relisting for less.

I can see transaction numbers dropping again in South Belfast.

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bank funding issues ? some other factor ?

Spring bounce? I noticed last year lots of sales in the spring. This year it appeared to be much more subdued (as mentioned in the UUJ report). Then again the properties on offer weren't really up to scratch as others have also mentioned above.

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Spring bounce? I noticed last year lots of sales in the spring. This year it appeared to be much more subdued (as mentioned in the UUJ report). Then again the properties on offer weren't really up to scratch as others have also mentioned above.

I think this is a area thing. I've had no problem with the quality of the stock in SB.

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I think this is a area thing. I've had no problem with the quality of the stock in SB.

I took a look around Stranmillis near cutters wharf and the few houses available seem small, overpriced and very old & in a bad state of repair - look like total money pits.

The houses in question have been on for months and I can see why they're not selling - no sign of price reductions though.

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I took a look around Stranmillis near cutters wharf and the few houses available seem small, overpriced and very old & in a bad state of repair - look like total money pits.

The houses in question have been on for months and I can see why they're not selling - no sign of price reductions though.

I've seen decent stock coming up in Stranmillis tbh. Loads up for sale here. Granted they'll need modernisation but I wouldn't say money pits. Ones with extensions don't really sit long. It's quiet at the minute but lots of recent listing.

You're gonna have to spend money on a 1950s semi no matter where it is I guess.

Edited by 2buyornot2buy

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Been contracting over in Northern Ireland and housing stock is terrible - worse than Wales and that's saying something - grotty, poorly built, damp and so on - I try and rent at luxury end of market but it sure ain't luxury! Grot, grot, grot - the other thing that's shocked me is price of stuff - eating out is double the cost in Wales (in a good restaurant in Wales, with prof chefs v some 80s steakhouse thing in some hell hole like Banbridge) - so not a great fan of the place to be honest - at least in the south the architects are often better!

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the other thing is the broadband - how the hell do people cope with it - Belfast OK in the main - 2 miles out and ye could be in a black hole - further out than that - totally hit and miss - Fermanagh? Forget it and use a carrier pigeon!

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Been contracting over in Northern Ireland and housing stock is terrible - worse than Wales and that's saying something - grotty, poorly built, damp and so on - I try and rent at luxury end of market but it sure ain't luxury! Grot, grot, grot - the other thing that's shocked me is price of stuff - eating out is double the cost in Wales (in a good restaurant in Wales, with prof chefs v some 80s steakhouse thing in some hell hole like Banbridge) - so not a great fan of the place to be honest - at least in the south the architects are often better!

Yep. You think in a country where it's cold and rains all the time, they'd build good houses. Noooope.

Many houses that I see fall into one of two categories:

- old, damp ridden, falling apart

- new but microscopic

...and in both cases, overpriced.

I've been renting a flat for 5 years - it's a small flat but it's in a modern well built block that is so well insulated that I basically don't have a heating bill. In a country like this, we need more places like that built, only about 2 or 3 times bigger.

But it'll never happen - they'll just build more slave boxes.

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Yep. You think in a country where it's cold and rains all the time, they'd build good houses. Noooope.

Many houses that I see fall into one of two categories:

- old, damp ridden, falling apart

- new but microscopic

...and in both cases, overpriced.

I've been renting a flat for 5 years - it's a small flat but it's in a modern well built block that is so well insulated that I basically don't have a heating bill. In a country like this, we need more places like that built, only about 2 or 3 times bigger.

But it'll never happen - they'll just build more slave boxes.

Cause it's so much better in Wales?

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Cause it's so much better in Wales?

Wales is very odd - my part, anyway - seems to have been take over by super wealthy yahs from London with a smattering of white flight/international business types - the housing is overvalued and shite, generally. But the demand from away seems strong - the London market seems very connected to parts of rural Wales these days.

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