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Northern Ireland House Prices up 14% YoY


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11 hours ago, JoeDavola said:

Another price level crossed...the £400K semi:

https://www.propertypal.com/11-st-johns-park-rosetta-belfast/703393

God I am glad i got my house at 2005 rateable value at start of 2019.

Rateable value of this is 235K lol.

https://lpsni.gov.uk/vListDCV/propertydetails.asp?di=07&dn=Belfast&wi=0000000488&wn=Rosetta&si=0000020498&sn=St+Johns+Park&display=254062&rn=11

Absolute chancers.

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Pricey? Yes. Chancers? No

That house is right in the sweet spot - handsome red brick semi, extended, well finished, good garden, great area.

In the current market i'd be surprised if it didn't sell for very close to that, it could go higher.

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  • 2 weeks later...
On 02/08/2021 at 18:30, upanddownagain said:

Joe, have a peek at my thread from 10 months ago - 'an economist writes' . I think it holds up pretty well... 

What thread are you referring to can you post a link please?

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reminds me of the last boom people have not learnt just talk to any ftb who bought in 2006/7 and still in serous negative equity.  My brother in law lives in cookstown and his 2 bed flat he bought for 30k in 2002 went up to 130k at the peak (his neighbour bought idential flat) around that time.

Today his neighbour had the flat repossessed in 2012 and sold at auction for 30k now worth 130k again.  He buggered off to Australia with no forwarding address and I think it was his cousin who bought it at auction for that price.

History repeating itself?

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Too much printy printy in the last few years ontop of too much printy printy in the last 30 years, 130k now is naughting at all, couple of years of this sh1t and we will be at 130k for a Renault Clio.  

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16 hours ago, coypondboy said:

reminds me of the last boom people have not learnt just talk to any ftb who bought in 2006/7 and still in serous negative equity.  My brother in law lives in cookstown and his 2 bed flat he bought for 30k in 2002 went up to 130k at the peak (his neighbour bought idential flat) around that time.

Today his neighbour had the flat repossessed in 2012 and sold at auction for 30k now worth 130k again.  He buggered off to Australia with no forwarding address and I think it was his cousin who bought it at auction for that price.

History repeating itself?

The 2007 crash was fueled by a credit boom with the banks pushing out debt with few questions asked with valuers egar to rubber stamp this. The price of property had little connection to the cost of construction.

The banks are certainly not doing that now and NI houseprices (thankfully) are no where near 2007 prices.

Prices today would have to grow by over 50% to reach 2007 levels.

What we have is a massive shortage of supply coupled with a boom in demand caused mainly by a change in lifestyle choices as a result of lockdown (my opinion). Low interest rates (10y fixed repayment at sub 4%) means the cost of ownership is much less than the cost of renting in many cases and this fuels decisions.

We are also seeing a massive increase in cost of construction. I am hoping some of this will ease but it will never return to where it was with the cost to construct increasing by around 10%.

 

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2 hours ago, BelfastVI said:

The 2007 crash was fueled by a credit boom with the banks pushing out debt with few questions asked with valuers egar to rubber stamp this. The price of property had little connection to the cost of construction.

The banks are certainly not doing that now and NI houseprices (thankfully) are no where near 2007 prices.

Prices today would have to grow by over 50% to reach 2007 levels.

What we have is a massive shortage of supply coupled with a boom in demand caused mainly by a change in lifestyle choices as a result of lockdown (my opinion). Low interest rates (10y fixed repayment at sub 4%) means the cost of ownership is much less than the cost of renting in many cases and this fuels decisions.

We are also seeing a massive increase in cost of construction. I am hoping some of this will ease but it will never return to where it was with the cost to construct increasing by around 10%.

Agree with the above - I think prices are ridiculous but also agree the situation isn't exactly the same as 2007.

I think effect of the massive shortage of properties coming on the market can't be underestimated as well. I imgaine anything half decent that comes on (i.e. something that isn't small and/or in a terrible state of repair) has an incredible amount of pent-up demand.

I don't know what these prices and the trajectory they're on mean for the young and those on low wages - probably being renters for life. I also suspec the housing 'ladder' is no longer as common as once was - most of the folk I know in their late 30's who bought their 'starter' home during the crash years have no intention of moving for the forseeable as they don't want to take on massive extra debt for slightly more room.

The fact that houses didn't come on in any great numbers over the summer period leads me to suspect that transaction volumes will remain low for the forseeable which will help push prices up perhaps even more.

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My general feeling is the but story here is that printy printy is the thing, too much funny money was created and handed out. So it’s a terrible mix of people having more cash while on Furlough or after getting grants etc. Lads retiring early after a pile of grants handed to them, lads mad busy with extensions as people are spending the funny money.  It’s inflation that’s coming or is here already.  Costs going up and we are back to something like the 80s boom.  Inflation will take us to the 200k+ semi being the norm in many towns.  It already nearly here.  

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  • 1 month later...

Article from Richard Ramsey in the Irish News:

https://www.irishnews.com/business/2021/09/07/news/richard-ramsey-the-northern-ireland-housing-market-is-becoming-survival-of-the-richest--2437007/?fbclid=IwAR1ksiKTj-WCx695KXllSi8OJ90elkGba0lq628SsGvntD3Fj_J_6prfkkQ

I know there was some discussion on here previously around the impact of GB sellers moving to NI.  He quotes a figure of 2000 transactions annually - seems high?

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That's actually quite a balanced rational article Cheeryvalley, thanks for posting it.

Anyway; I just wanted to post this for historical record - a flat in the Central Park block for £475K:

https://www.propertypal.com/e1-central-park-alfred-street-belfast/714000

Fair enough it's a big flat, but I was in this block a couple years back to view another apartment for sale and the communal areas i.e. hallways ect looked dated and run down to me.

 

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