Cornona Effects on House Prices

[2buyornot2buy]

2 hours ago, stingray192 said:

There was four on the strand  road portstewart that were on the market last year at various times all sold for over  the million pound mark, all sold extremly quickly, there was two houses in portballintrae last year at £695k and £850k, I don’t know if the sold but one of them is currently getting a huge extension. A house was recently sold by Templeton Robinson in the last month or two for around a million on the ballymacrea road. Another house was sold earlier in the year further along the ballymacrea road at £750k.Two of the penthouses in the montagu portstewart were sold for £750K, there has also been several of the large houses on the main portstewart to Portrush  road at prices varying from £600-£950k, one of the houses in Portrush west strand went for £1.6 million although I imagine it will be redeveloped into apartments or townhouses at some point, this is only the ones I remember in the last year. this isn’t counting the number of large houses being built on various site on the coast by private developers some of the sites were over £500k for individual sites, incredible views

I could go on but really don’t need to ..

Just one link that's all I'm asking. 

[stingray192]

How can I link to sold houses? 

 

[JoeDavola]

On 02/08/2020 at 08:30, Thunderstruck said:

JoeDavola, interesting. From memory the Arc 3 beds originally at release in 2007 were priced from around £695k to £850k.

I see the rates for the Obel Apt is £1600 & Service Charge is £2000 so £3600 per year running costs before any mortgage etc.. 

Had no idea the service charge in Obel was so high.

Why anyone would buy an apartmwent in Obel, at any price, is beyond me....

[nozzadabest]

Hi There

Its been a long time since I posted on this forum- which helped me a great deal when we were looking for a home (which we eventually found)

The reason for posting is that a friend contacted me as they are thinking about buying in East Belfast (around Grosvenor school area). 

I have noticed lots of houses going for sale, but have seen on some social media chats that there is huge demand at moment, bidding wars etc- which I find all the more crazy with COVID. 

I was wondering - what are everyones thoughts on the price rises? Do you think they will continue or is there an impending crash to come (which to me seems likely as we havent even hit Brexit yet)?

We bought our home 10 years ago for below rateable value, in a nice area ( BT4)-so have no idea what the market is like now.

Thanks for any help:)

[2buyornot2buy]

38 minutes ago, nozzadabest said:

Hi There

Its been a long time since I posted on this forum- which helped me a great deal when we were looking for a home (which we eventually found)

The reason for posting is that a friend contacted me as they are thinking about buying in East Belfast (around Grosvenor school area). 

I have noticed lots of houses going for sale, but have seen on some social media chats that there is huge demand at moment, bidding wars etc- which I find all the more crazy with COVID. 

I was wondering - what are everyones thoughts on the price rises? Do you think they will continue or is there an impending crash to come (which to me seems likely as we havent even hit Brexit yet)?

We bought our home 10 years ago for below rateable value, in a nice area ( BT4)-so have no idea what the market is like now.

Thanks for any help:)

I personally think this is an absolutely fantastic time to sell. I personally think it's an awful time to buy. What I'm seeing here (BT9) is 350k going for IMO crazy money but houses >500k sitting. Looks to me to be a great time to trade up but probably only if you can step out of the market for 12 months. The next few months are going to be crucial. If anyone is trying to sell now, they need to complete in the next 8 -10 weeks. 

[nozzadabest]

47 minutes ago, 2buyornot2buy said:

I personally think this is an absolutely fantastic time to sell. I personally think it's an awful time to buy. What I'm seeing here (BT9) is 350k going for IMO crazy money but houses >500k sitting. Looks to me to be a great time to trade up but probably only if you can step out of the market for 12 months. The next few months are going to be crucial. If anyone is trying to sell now, they need to complete in the next 8 -10 weeks. 

Yes, this is a very good take on it- house on our street went on for crazy money- 420k and has gone sale agreed. Will be an interesting period for sure.

[BelfastVI]

5 hours ago, nozzadabest said:

Hi There

Its been a long time since I posted on this forum- which helped me a great deal when we were looking for a home (which we eventually found)

The reason for posting is that a friend contacted me as they are thinking about buying in East Belfast (around Grosvenor school area). 

I have noticed lots of houses going for sale, but have seen on some social media chats that there is huge demand at moment, bidding wars etc- which I find all the more crazy with COVID. 

I was wondering - what are everyones thoughts on the price rises? Do you think they will continue or is there an impending crash to come (which to me seems likely as we havent even hit Brexit yet)?

We bought our home 10 years ago for below rateable value, in a nice area ( BT4)-so have no idea what the market is like now.

Thanks for any help:)

Strange times and what has happened has surprised me.

People have lived through a lockdown and have had time to reassess their living accomidation. We have seen a strong increase in demand for housing. We dont do much in the way of apartments but I imagine that demand in that area will not be seeing the same reaction. As discussed before mortgages are an issue. Unless you have at least a 15% deposit you can't enter the market. Many will say 15% is what should be expected in the market. Its hard to argue against that as it keeps a lid on price inflation.

[satsuma]

Seems to be lots shifting, why not, people have made a fortune and the government mood music is “just call me Mr Mac Printalot”.  To be honest it’s a lottery as to what happens next.  I can see a window of opportunity but not sure if it’s a bear trap.  

[nigooner]

1 hour ago, satsuma said:

Seems to be lots shifting, why not, people have made a fortune and the government mood music is “just call me Mr Mac Printalot”.  To be honest it’s a lottery as to what happens next.  I can see a window of opportunity but not sure if it’s a bear trap.  

Can you explain how people have made a fortune?

[2buyornot2buy]

2 minutes ago, nigooner said:

Can you explain how people have made a fortune?

Buying in 2012 and selling today I assume. Obviously only if you expect prices to fall and get back in after they drop. 

[satsuma]

If you bought in parts of bt9 or bt15 you made a fortune in the last 8 years. 

[nigooner]

12 minutes ago, satsuma said:

If you bought in parts of bt9 or bt15 you made a fortune in the last 8 years. 

Ok thanks, didn’t know if you were talking about house price inflation, wages or whatever. Technically they haven’t made anything until they sale their house though!

[2buyornot2buy]

46 minutes ago, satsuma said:

If you bought in parts of bt9 or bt15 you made a fortune in the last 8 years. 

Yep. Literally hundreds of thousands for doing absolutely nothing. That's a dysfunctional economy. 

[satsuma]

1 hour ago, 2buyornot2buy said:

Yep. Literally hundreds of thousands for doing absolutely nothing. That's a dysfunctional economy. 

look it’s what happens when you do quantitative easing for decades, money goes to the top and then into assets.  Personally I have saved my cash and what a big mistake it was, the walking dead could have made a killing by virtue of being able to sign their name on mortgage documents on BTLs

Edited August 18, 2020 by satsuma

[timeToBuy??]

Hi there folks...Ive been lurking for a while thought I'd show my face.  Thanks to all keeping this forum going.

As someone looking to buy I've been keeping a close eye on the usual property sites.  Have I noticed (or it could be wishful thinking!) that there appears to be more ex-rentals on the market.  Some are a dead giveaway, beds stripped and poor quality furniture etc.  Id be interested on what other folks thoughts are

[JoeDavola]

An anecdotal report from a FTB I know suggests that FTB's need 20% deposits now, which you'd think would put the brakes on things a bit, but the prices certainly don't reflect that.

Personally I've lost faith that there will be any real drop. I'll be buying something next spring either way before my current rental contract expires. Just to stop me paying rent. I'm starting the process of doing a clear out of all the crap I've accumulated in all these years renting to cut my possessions down to only the essentials in case I need to move back in with the folks for a few months after my rental contract expires.

I'm getting poorer every year via a mixture of paying rent and endless HPI even with a crippled economy.

[satsuma]

1 hour ago, JoeDavola said:

An anecdotal report from a FTB I know suggests that FTB's need 20% deposits now, which you'd think would put the brakes on things a bit, but the prices certainly don't reflect that.

Personally I've lost faith that there will be any real drop. I'll be buying something next spring either way before my current rental contract expires. Just to stop me paying rent. I'm starting the process of doing a clear out of all the crap I've accumulated in all these years renting to cut my possessions down to only the essentials in case I need to move back in with the folks for a few months after my rental contract expires.

I'm getting poorer every year via a mixture of paying rent and endless HPI even with a crippled economy.

Good luck with it, the spives and bankers and bent politicians have won hands down 

[2buyornot2buy]

8 hours ago, JoeDavola said:

An anecdotal report from a FTB I know suggests that FTB's need 20% deposits now, which you'd think would put the brakes on things a bit, but the prices certainly don't reflect that.

Personally I've lost faith that there will be any real drop. I'll be buying something next spring either way before my current rental contract expires. Just to stop me paying rent. I'm starting the process of doing a clear out of all the crap I've accumulated in all these years renting to cut my possessions down to only the essentials in case I need to move back in with the folks for a few months after my rental contract expires.

I'm getting poorer every year via a mixture of paying rent and endless HPI even with a crippled economy.

20% clearly isn't the norm, if it was the vast majority of transactions would be stopped now. I think it's around 65% of all transactions are FTBers in NI. Add in chains, at 20% the market would grind to a halt. It's more likely 5% LTV are gone, 10% much harder to get, 15% common and 20% as normal. 

[satsuma]

I’m keeping a note of the number of properties for sale in a few areas, at the moment it looks like houses are turning over and getting sold

[2buyornot2buy]

8 minutes ago, satsuma said:

I’m keeping a note of the number of properties for sale in a few areas, at the moment it looks like houses are turning over and getting sold

Undoubtedly lots are going agreed. It'll be 8-12 weeks until we are sure they're sold. Some of the prices are shocking. Now is the time to sell IMO

Edited August 22, 2020 by 2buyornot2buy

[satsuma]

Agreed, good time to sell

[JoeDavola]

4 hours ago, 2buyornot2buy said:

20% clearly isn't the norm, if it was the vast majority of transactions would be stopped now. I think it's around 65% of all transactions are FTBers in NI. Add in chains, at 20% the market would grind to a halt. It's more likely 5% LTV are gone, 10% much harder to get, 15% common and 20% as normal. 

What I was told was that Nationwide and HSBC are the only ones offering 10%, and both have very strict criteria to the point where most people have no chance, a few others are offering 15% and the rest are 20%.

Bear in mind this is only anecdotal! But it's what my mate was told recently by a financial advisor who may or may not be talking rubbish.

[satsuma]

2 minutes ago, JoeDavola said:

What I was told was that Nationwide and HSBC are the only ones offering 10%, and both have very strict criteria to the point where most people have no chance, a few others are offering 15% and the rest are 20%.

Bear in mind this is only anecdotal! But it's what my mate was told recently by a financial advisor who may or may not be talking rubbish.

Are you still planning to buy in the new year?

[JoeDavola]

42 minutes ago, 2buyornot2buy said:

Undoubtedly lots are going agreed. It'll be 8-12 weeks until we are sure they're sold. Some of the prices are shocking. Now is the time to sell IMO

I'd be interested to know if most of the mania and rapid sales are concentrated in the usual areas of Belfast.

I know a bloke selling a lovely house further out in NI, who I assumed was going to get a bidding war, who only had one offer slightly under asking, which then fell through after he went sale agreed cause the guy couldn't get finance.

[JoeDavola]

Just now, satsuma said:

Are you still planning to buy in the new year?

I'm planning to stop paying rent when my contract expires next June. Plug the hole in my finances that renting is causing. Which wouldn't actually be a massive hole if I wasn't having to keep up with HPI which is rising far faster than wage inflation.

I'm hoping to start looking seriously by about April/March of next year.