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jay44

Gortland Park, East Belfast

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Looks well overpriced, could buy a house in the south east of England for that money. Belfast has more jobs than the rest of NI but not as much as in the SE England by any means. Don't understand the rise in prices in NI, you now have to dodge bullets there again now and ATMs being ripped out all over the shop, cars burnt out etc.

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On 03/05/2019 at 23:41, bear.getting.old said:

Looks well overpriced, could buy a house in the south east of England for that money. Belfast has more jobs than the rest of NI but not as much as in the SE England by any means. Don't understand the rise in prices in NI, you now have to dodge bullets there again now and ATMs being ripped out all over the shop, cars burnt out etc.

Agreed the rise in prices took me by surprise too but this is actually better value than a lot of what you see in Belfast these days, with semi-detached houses starting to come in at over a quarter of a million.

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I very much doubt you could buy a similar house in the South East for that money. £345K would get you a two bed house in an okay area in Zone 5/6. Now if you travelled the same distance out from Belfast (as Zone 5/6 is in London) you would be looking at £145K.

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On 5/3/2019 at 11:41 PM, bear.getting.old said:

Looks well overpriced, could buy a house in the south east of England for that money. Belfast has more jobs than the rest of NI but not as much as in the SE England by any means. Don't understand the rise in prices in NI, you now have to dodge bullets there again now and ATMs being ripped out all over the shop, cars burnt out etc.

Northern Ireland continues to have very sporadic and isolated public disorder, both crime and violent crime rates remain well below that of other regions. 

Could you point me towards the four bed three reception house to be had in a desirable area of SE for £345k?

I would imagine that a young professional family would be looking at a property like this, probably on a joint salary of at least £80k. If they have a 10-20% deposit, the mortgage is palatable.

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On 5/3/2019 at 11:41 PM, bear.getting.old said:

Looks well overpriced, could buy a house in the south east of England for that money. Belfast has more jobs than the rest of NI but not as much as in the SE England by any means. Don't understand the rise in prices in NI, you now have to dodge bullets there again now and ATMs being ripped out all over the shop, cars burnt out etc.

Northern Ireland continues to have very sporadic and isolated public disorder, both crime and violent crime rates remain well below that of other regions. 

Could you point me towards the four bed three reception house to be had in a desirable area of SE for £345k?

I would imagine that a young professional family would be looking at a property like this, probably on a joint salary of at least £80k. If they have a 10-20% deposit, the mortgage is palatable

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The prices in East Belfast are taking me a bit by surprise as its turns out 345k is a reasonable price for the home - its currently got bidded up to almost 380k.
300k isnt getting you much in some parts of South and East Belfast these days, seeing new builds regularly in the 400,500 and even 600k - dont understand how so many more folks are able to afford those prices

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2 hours ago, jay44 said:

The prices in East Belfast are taking me a bit by surprise as its turns out 345k is a reasonable price for the home - its currently got bidded up to almost 380k.
300k isnt getting you much in some parts of South and East Belfast these days, seeing new builds regularly in the 400,500 and even 600k - dont understand how so many more folks are able to afford those prices

I would have assumed it was a tiny percentage of the population could afford a 400K house - I'd guess there must be a lot of people who have inherited lots of money.

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2 hours ago, JoeDavola said:

I would have assumed it was a tiny percentage of the population could afford a 400K house - I'd guess there must be a lot of people who have inherited lots of money.

I think a lot of people are over stretching themselves at the moment, interest rates are incredibly low and some people don’t care how much debt they get into. I know a lot of people with £200-300k mortgages, scary amounts I think,  and these are people who are relying on two income students to pay the bills, I also think that the prices over here are getting to high again, great if you own a property but a nightmare if your starting out or trying to move up

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The house on this thread is a fairly decent size but is extremely dated, everything needs ripped out, whoever buys it is probably looking at spending another 100+k on it 

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59 minutes ago, stingray192 said:

I think a lot of people are over stretching themselves at the moment, interest rates are incredibly low and some people don’t care how much debt they get into. I know a lot of people with £200-300k mortgages, scary amounts I think,  and these are people who are relying on two income students to pay the bills, I also think that the prices over here are getting to high again, great if you own a property but a nightmare if your starting out or trying to move up

Yeah a 200K mortgage even is a scary amount for most earners - especially when you take into account that most people will have kids to pay for!

High prices don't even benefit most property owners as most of them aren't going to be selling.

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How they do it is average mortgage term of 30+ years, 2% mortgage rate and little or no pension saving. Probably driving PCP cars. A VW and a BMW on lease no doubt. I'd bet the majority of households with a 400k mortgage are sub 100k per annum too. The numbers are starting to get very scary. 

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It amazes me how much some people actually pay out each month on direct debits for mortgage, cars, credit cards, phones etc, one of my friends actually has direct debits of over £4700 a month going out, their household income isn’t much more than that, every couple of years they remortgage their home, clear the credit cards and starts again, I can’t understand how they get the credit in the first place or how they sleep, everything they spend is on credit of some sort and there is thosands more like them

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8 hours ago, stingray192 said:

It amazes me how much some people actually pay out each month on direct debits for mortgage, cars, credit cards, phones etc, one of my friends actually has direct debits of over £4700 a month going out, their household income isn’t much more than that, every couple of years they remortgage their home, clear the credit cards and starts again, I can’t understand how they get the credit in the first place or how they sleep, everything they spend is on credit of some sort and there is thosands more like them

Over 60% of the NI population have less than £100 in savings. Your friend is far far from the exception. They can look forward to no retirement. 

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13 hours ago, 2buyornot2buy said:

How they do it is average mortgage term of 30+ years, 2% mortgage rate and little or no pension saving. Probably driving PCP cars. A VW and a BMW on lease no doubt. I'd bet the majority of households with a 400k mortgage are sub 100k per annum too. The numbers are starting to get very scary. 

Aye now I think of it a mate of mine is on a 35 year mortgage and that's on a house that cost under 200K.

Another friend of mine lives opposite a 50 year old couple with a kid who are still only paying off the interest on their house which is still in negative equity from when they bought it. Every time they come into money they blow it on something other than actually paying off some of the mortgage.

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1 hour ago, JoeDavola said:

Aye now I think of it a mate of mine is on a 35 year mortgage and that's on a house that cost under 200K.

Another friend of mine lives opposite a 50 year old couple with a kid who are still only paying off the interest on their house which is still in negative equity from when they bought it. Every time they come into money they blow it on something other than actually paying off some of the mortgage.

It's what the government wants. Spend now, get GDP up. Debt is just spending brought forward  

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FWIW to the original poster, I think 14 Knockcastle Park offers much better value.  Currently at £220k, you could have it done up for £100k less than the one you were initially asking about.  Closer to the admittedly over-rated Ballyhackamore it's a better location than South Tullycarnet IMHO...

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59 minutes ago, CoopsNZ said:

FWIW to the original poster, I think 14 Knockcastle Park offers much better value.  Currently at £220k, you could have it done up for £100k less than the one you were initially asking about.  Closer to the admittedly over-rated Ballyhackamore it's a better location than South Tullycarnet IMHO...

Agreed.

I grew up in Ballyhack and it was a very ordinary working class place - I know it inside out and I don't get what all the fuss is about these days driving the HPI there.

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21 hours ago, JoeDavola said:

More East Belfast price ramping.... RV of 110K, on the market for 200K:

https://www.propertypal.com/34-clara-park-belfast/570381

But why is it price ramping? A long time has passed and the East Belfast market has moved on significantly. The house could have had extensive improvements in terms of decor in the interim period. At £200k I would see that as a pretty sound investment, it will probably go for 220ish though. Shortage of house in these areas and a great many of young professional persons/families in the market means price rises are inevitable. Especially given the interest rates banks are offering.

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18 hours ago, JoeDavola said:

Agreed.

I grew up in Ballyhack and it was a very ordinary working class place - I know it inside out and I don't get what all the fuss is about these days driving the HPI there.

Schools, transport links, coffee shops, proximity to the city, restaurants.

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47 minutes ago, FutureWhatFuture said:

But why is it price ramping? A long time has passed and the East Belfast market has moved on significantly. The house could have had extensive improvements in terms of decor in the interim period. At £200k I would see that as a pretty sound investment, it will probably go for 220ish though. Shortage of house in these areas and a great many of young professional persons/families in the market means price rises are inevitable. Especially given the interest rates banks are offering.

Perhaps ramping is the wrong word, I'm just shocked at how much people are willing to pay compared to say 5 years ago.

I don't know what you mean by a market 'moving on'.

Back of a fag packet calculation, say 10% deposit on a 200K house - 180K over 25 years at 3% works out 854 a month at these historically low interest rates.

Add your monthly rates bill and property maintenance costs and owning that house is costing you over a grand a month before you've paid any other bills like heating ect...

Now perhaps this is the new norm for the area, two people earning say 40K each with a couple of kids can probably afford that. But that's a far higher barrier to entry for that kind of house than there was a generation ago relative to earnings.

The idea that someone will pay £220K for a 3 bed terrace in East Belfast is incredible to me. I know many people disagree, that's fair enough.

I guess you'd agree though that given that this is actually 220K's worth of house, that the rateable value should be revised from 110K to 220K and the rates doubled to keep them in line with actual valuations?

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In terms of the market moving on I mean that it is very different to what it was twenty years ago. People a generation ago very much aimed for the suburban lifestyle but I think people are abandoning this ideal for city living. In terms of East Belfast specifically I can certainly see the appeal however it still lags behind areas of South Belfast and Ormeau. Ormeau is the area which most appeals to me, it won't happen for me though.

220k for a three bed end of terrace might seem ridiculous to you, but it is one of the best areas of a city which has very good wages in the professional services. What would the rent on a property like that be. What is the price like on a comparable property in somewhere like Glasgow or Leeds?

A couple on £80k joint income could easily afford it. A single person on £40-50k could afford it. 

Within the city there isn't an infinite amount of space, new builds (some with mental prices) fly off the shelves. Good properties in good areas with decent standards of finish often have bidding wars.

Why should rateable value be connected to actual property value? Are the two of them intrinsically linked?

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People are paying these prices because that's what banks are willing to lend. They've moved in the past 5 years because banks are more willing to lend. I'd say the majority will be on 2 x 30k rather than 40k. 2k each a month and mortgage rates etc are 25% of monthly outgoings. Memories are short so these buyers, banks and EAs see rates staying at the low rates because for the past 10 years they've been there, and they have goldfish memories. 

They don't see it's as 220k, they see it's as "I have 3k left after housing costs, which car can I "buy" on PCP now". 

Ballyhack is popular because it's cheaper than BT9 and Ormeau. It's a bit of an oasis in the East. I quite like it myself. Few good restaurants and pubs. Lots of young people about too. Tree lined streets. 

 

 

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  • 292 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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