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Cornona Effects on House Prices


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3 hours ago, Ausdave said:

Buy it, live in it, enjoy it and live life.

Money does not buy you happiness, but it sure helps.

Buying a house at the wrong time costs a lot more money.

I bought a house at the right time. I still remember having little money to spend and not being very happy about it.

I currently don't own a house and I've never been happier.

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1 hour ago, Belfast Boy said:

Money does not buy you happiness, but it sure helps.

Buying a house at the wrong time costs a lot more money.

I bought a house at the right time. I still remember having little money to spend and not being very happy about it.

I currently don't own a house and I've never been happier.

Agree totally with you, it's horses for courses.

I bought at a time that everyone told me was wrong.  It wasn't.  It was a wise move and never regretted it.

It could be argued that buying at the wrong time only costs you money if you sell at an equally incorrect time.  But that's not a debate I wish to start.

Just suggesting having read the emotional struggles of the OP,  that if they wish they complete the purchase, close their laptop and relax...

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1 hour ago, Ausdave said:

Agree totally with you, it's horses for courses.

I bought at a time that everyone told me was wrong.  It wasn't.  It was a wise move and never regretted it.

It could be argued that buying at the wrong time only costs you money if you sell at an equally incorrect time.  But that's not a debate I wish to start.

Just suggesting having read the emotional struggles of the OP,  that if they wish they complete the purchase, close their laptop and relax...

So we had the meeting with the solicitor yesterday evening and decided to sign and move forward with the house. 

As you are all well aware, I have been weighing up the pro's and con's constantly over the last few weeks. Now may well not be a good time to buy (from a financial point of view) and I am totally aware of that and the reasons why ... On the other hand,

Our current living situation cannot continue (with family), the age of my daughter (starting school soon) and the hope of growing our family. We have good savings, work in school/social care and live quite a modest lifestyle - month to month affordability has always been my highest priority. 

We plan on staying in this house for 10+ years (probably forever if I'm honest) and I hope that I have at least been thorough in weighing everything up (probably way more than most would) ... First and foremost it will be a home for us and that's what I am focusing on ... Those benefits are intangible, as silly as that might sound. 

Genuinely thank you to everyone for listening to me ramble on over the last week or so - and for providing your insights and opinions. I really appreciate it! 

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1 hour ago, Ausdave said:

Agree totally with you, it's horses for courses.

I bought at a time that everyone told me was wrong.  It wasn't.  It was a wise move and never regretted it.

It could be argued that buying at the wrong time only costs you money if you sell at an equally incorrect time.  But that's not a debate I wish to start.

Just suggesting having read the emotional struggles of the OP,  that if they wish they complete the purchase, close their laptop and relax...

Buying, selling, right time or wrong time. It's all relative. Anyone buying in the last 13 years made a poor choice relative to some who bought in the 90s. Someone who bought in the mid 00' made a poor choice relative to someone after 2012. You really don't know how good a decision, at least financially, buying was until you exit the market. 

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25 minutes ago, sp84 said:

So we had the meeting with the solicitor yesterday evening and decided to sign and move forward with the house

Congratulations, hope you’ve many happy years in the house!

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1 hour ago, sp84 said:

So we had the meeting with the solicitor yesterday evening and decided to sign and move forward with the house. 

As you are all well aware, I have been weighing up the pro's and con's constantly over the last few weeks. Now may well not be a good time to buy (from a financial point of view) and I am totally aware of that and the reasons why ... On the other hand,

Our current living situation cannot continue (with family), the age of my daughter (starting school soon) and the hope of growing our family. We have good savings, work in school/social care and live quite a modest lifestyle - month to month affordability has always been my highest priority. 

We plan on staying in this house for 10+ years (probably forever if I'm honest) and I hope that I have at least been thorough in weighing everything up (probably way more than most would) ... First and foremost it will be a home for us and that's what I am focusing on ... Those benefits are intangible, as silly as that might sound. 

Genuinely thank you to everyone for listening to me ramble on over the last week or so - and for providing your insights and opinions. I really appreciate it! 

Good luck with everything 

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1 hour ago, Ausdave said:

What are the thoughts on the North Coast Market, are we going to see a Corona effect here?

There seems to be a lot of activity.

Is it just the BTLers purchasing? 

Doubt its BTL, if it is is going to be under the tax radar BTL. Probably what all the north coast is, retired boomers in the houses and younger ones in caravans. The North coast ( Portrush and stewart) will IMO tank eventually. Ballycastle hasn't really recovered. 

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12 hours ago, JoeDavola 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.. 

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15 hours ago, 2buyornot2buy said:

Doubt its BTL, if it is is going to be under the tax radar BTL. Probably what all the north coast is, retired boomers in the houses and younger ones in caravans. The North coast ( Portrush and stewart) will IMO tank eventually. Ballycastle hasn't really recovered. 

It’s pretty busy there at the moment with staycations and is the only outlet for a lot of people.  I’d say they will do alright unless the banks tighten lending, in that case places will still move but the pool of buyer will be small, most people buying there are mortgaged up to the ears 

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10 hours ago, satsuma said:

It’s pretty busy there at the moment with staycations and is the only outlet for a lot of people.  I’d say they will do alright unless the banks tighten lending, in that case places will still move but the pool of buyer will be small, most people buying there are mortgaged up to the ears 

The vast majority of the apartments and houses on the north coast have no mortgage on them, the main buyers are people who have inherited money, sold a larger house to downsize etc, this is the more expensive properties, don’t know about the cheaper properties with no views 

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13 hours ago, stingray192 said:

The vast majority of the apartments and houses on the north coast have no mortgage on them, the main buyers are people who have inherited money, sold a larger house to downsize etc, this is the more expensive properties, don’t know about the cheaper properties with no views 

Interesting you believe that. I still have a few connections with a couple of solicitors based in the North Coast and Coleraine. I'll make some enquiries to see if there's any actually basis in fact rather than an assertion.

 

Personally I think "vast majority" is an exaggeration, the reality is probably closer to sizable minority. 

Edited by 2buyornot2buy
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1 hour ago, stingray192 said:

the development I’ve an apartment in has two apartments with a mortgage in the entire block. Both of them are for fairly small amounts, there is 14 apartments in total, none would go for less than £400k

You should really stop opening other people's mail. 

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5 minutes ago, stingray192 said:

 I sold the entire block, that’s how I know ! 

Recently? Last year there were 81 sales (total) in Portrush, average sale price for flats were 170k. Must have been a serious amount of <100k property sold. 

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19 hours ago, 2buyornot2buy said:

Recently? Last year there were 81 sales (total) in Portrush, average sale price for flats were 170k. Must have been a serious amount of <100k property sold. 

I haven't worked as an estate agent in years, this was years ago

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On 03/08/2020 at 17:14, stingray192 said:

the development I’ve an apartment in has two apartments with a mortgage in the entire block. Both of them are for fairly small amounts, there is 14 apartments in total, none would go for less than £400k

 

2 hours ago, stingray192 said:

I haven't worked as an estate agent in years, this was years ago

Not sure if this would represent the average purchase?

Perhaps a small portion of the market?

I’ve just been looking at established and new developments and cross-referencing these sold properties with houses then appearing for let.

Was surprised by the numbers.

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36 minutes ago, Ausdave said:

 

Not sure if this would represent the average purchase?

Perhaps a small portion of the market?

I’ve just been looking at established and new developments and cross-referencing these sold properties with houses then appearing for let.

Was surprised by the numbers.

Surprised as in the numbers that are subsequently advertised to let? 

 

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2 hours ago, Ausdave said:

 

Not sure if this would represent the average purchase?

Perhaps a small portion of the market?

I’ve just been looking at established and new developments and cross-referencing these sold properties with houses then appearing for let.

Was surprised by the numbers.

There is several different markets in the north coast with  very different price points, mainly down to view, within the portstewart, portrush, Bushmills and portballintrae area, there is some very large houses with stunning views with prices around the £700,000- £1,000,000+ mark, these are nearly all holiday homes and most are only used occasionally, there is the high end apartment developments with top of the range kitchens, bathrooms etc again all with stunning views and some of these can be very large, these can vary from £400-£700+ and again are mainly used by weekenders or retirees, very few of these would ever be let out. Virtually none of these would have mortgages etc on them. The exception is probably currangate in Portrush, this ranged from£295k-£550k very high end apartments released last year, this was set up for the golf rental market, these are rented out by the night and start around £300 a night low season to £600+ a night high season.

another market round the north coast is the older more basic apartment developments, some with views some not, mainly priced from £120-£200k these are generally smaller and are bought for holiday homes or retired homes, there is literally several hundred of these and at a guess at least half of these are let out, some by the week for holiday makers, some by the month and the more basic ones are let out to students etc.

there is also a lot of student houses at the back of portstewart, some of these are let out as holiday lets in the summer and to students the rest of the year, these tend to be very basic and poorly maintained.

there is also all the people who live and work up that direction who are buying everything from starter homes to family houses and again the price point of these vary hugely depending on location

its probably the most complex market in Northern Ireland as it’s catering  to so many different buyers in such a small area especially Portstewart  to Portrush, I know a fair bit about the precrash market as I worked up there for 18 months and still know a lot of the agents and builders, obviously as I’m on this site I still have a keen interest in the property market as well

 

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12 hours ago, stingray192 said:

There is several different markets in the north coast with  very different price points, mainly down to view, within the portstewart, portrush, Bushmills and portballintrae area, there is some very large houses with stunning views with prices around the £700,000- £1,000,000+ mark, these are nearly all holiday homes and most are only used occasionally, there is the high end apartment developments with top of the range kitchens, bathrooms etc again all with stunning views and some of these can be very large, these can vary from £400-£700+ and again are mainly used by weekenders or retirees, very few of these would ever be let out. Virtually none of these would have mortgages etc on them. The exception is probably currangate in Portrush, this ranged from£295k-£550k very high end apartments released last year, this was set up for the golf rental market, these are rented out by the night and start around £300 a night low season to £600+ a night high season.

another market round the north coast is the older more basic apartment developments, some with views some not, mainly priced from £120-£200k these are generally smaller and are bought for holiday homes or retired homes, there is literally several hundred of these and at a guess at least half of these are let out, some by the week for holiday makers, some by the month and the more basic ones are let out to students etc.

there is also a lot of student houses at the back of portstewart, some of these are let out as holiday lets in the summer and to students the rest of the year, these tend to be very basic and poorly maintained.

there is also all the people who live and work up that direction who are buying everything from starter homes to family houses and again the price point of these vary hugely depending on location

its probably the most complex market in Northern Ireland as it’s catering  to so many different buyers in such a small area especially Portstewart  to Portrush, I know a fair bit about the precrash market as I worked up there for 18 months and still know a lot of the agents and builders, obviously as I’m on this site I still have a keen interest in the property market as well

 

I'd be interested in a single example of a property in the area selling for £1 million plus. Just one example. Not saying they don't exist, but you could probably count on one hand the number even ever listed anywhere near that price bracket. Ditto the 700k+ bracket, maybe 2 hands if you're lucky. 

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7 hours ago, 2buyornot2buy said:

I'd be interested in a single example of a property in the area selling for £1 million plus. Just one example. Not saying they don't exist, but you could probably count on one hand the number even ever listed anywhere near that price bracket. Ditto the 700k+ bracket, maybe 2 hands if you're lucky. 

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 ..

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  • 415 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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