Belfast Boy Posted December 28, 2007 Share Posted December 28, 2007 You won't get much for £27.50. Billy sold Uncle Andy's 2-up-2-down terraced house for £1 million pounds But Uncle Andy had re-mortgaged to put on an extension, underground parking and a heli-pad So they got £27-50 in the end. Quote Link to comment Share on other sites More sharing options...
Belfast Boy Posted December 28, 2007 Share Posted December 28, 2007 Report on NI housing market predicts hope for first time buyershttp://u.tv/newsroom/indepth.asp?id=86719&pt=n First time home-buyers should have a better chance to get their foot on the property ladder in 2008 than for years, it has been predicted. Conditions for Northern Ireland`s first timers promise to improve considerably in the first half of the year, according to the Royal Institution of Chartered Surveyors (RICS). It said with interest rates expected to be cut by the Bank of England in the first half of the year, coupled with the fallback in Northern Ireland property prices in the last quarter of 2007, first time buyers will be better placed than for a number of years. The RICS believes there is strong demand from first time buyers who have been waiting for an opportunity to get into the property market. Tom McClelland, the RICS Northern Ireland housing spokesman, said: "Asking prices are adjusting to the new reality and this will allow first time buyers to enter the market at more affordable levels and transaction numbers will increase. "The likely interest rate cuts and more realistic prices that we are now seeing, means that conditions for first time buyers will be significantly improved." Mr McClelland added: "Investor activity, which was at a peak early in 2007 is now greatly reduced and there is less competition for the purchase of properties in the sector of the market in which first time buyers are active." I really wonder do the public believe this spin anymore? I guess there maybe some fools left out there, who are blind to the forrest of for sale signs everywhere. '... it has been predicted.' PMSL I predict: Interest rate cuts will be canceled out by the world wide credit crunch. This means banks will be extremely careful who they lend money too. So many potential first time buyers will find it very difficult to get a mortgage at all. If they can get a mortgage, it will be for considerably less than the price of typical first time buyers house. I predict: Transaction numbers will not increase much from their current levels. The credit crunch again... I predict: Prices have along way to fall before they will be affordable to first time buyers again. I predict: There will be NO competition from investors. I predict: The press will continue to print total ballox about the property market. Quote Link to comment Share on other sites More sharing options...
Vespasian Posted December 29, 2007 Share Posted December 29, 2007 (edited) Vatican vows to fight Devil http://www.independent.ie/world-news/europ...il-1254504.html The Catholic Church has vowed to "fight the Devil head-on" by training hundreds of priests as exorcists. Do you think this includes EAs and VIs? Edited December 29, 2007 by Vespasian Quote Link to comment Share on other sites More sharing options...
Belfast Boy Posted December 29, 2007 Share Posted December 29, 2007 (edited) I predict : there will be a rush of BTLers leaving the market in February - March 2008I predict : there will be 24000 houses for sale by the end of March 2008 in propertynews I predict : that at least 2 more estate agents will amalgamate by June because of lack of business I predict : that we are going to have to suffer more trolls as the VI's try to sicken us off this thread. I predict : that we will see more property auctions and some of us will go to them to see what real prices are like I predict : that a big developer will go into administration and also several smaller ones. PropertyNews inventory was going up by 2000 in a month, at one stage last year, . Currently there are around 21,000 properties for sale. It has been sitting around 20K for several months. Estate agents have been telling several people I know - that autumn/winter is a bad time to sell. So there may be alot of desperate sellers who have been told to wait till spring time. Even at previous rates, 27,000 properties looks entirely possible, by the end of march. However, I predict more than 30,000 properties by April I wonder if they will try to fudge the numbers to prevent large increases in the figures from showing up? I think trolls are good for the forum. We can sharpen our teeth on them. There is alot of good information in this thread, but it is buried deep. Trolls give us a chance to bring the good information to the top again. Ultimately, trolling has the opposite effect, than is intended. People may start coming here for another reason. I think we are out of the denial stage and many are already in the fear stage. The next stage is anger. People will be looking for someone to blame for what is about to happen to them. They may come here and try to blame 'people like you...' We just have to make sure the right people get the blame for this. And no, I don't blame the estate agents (though many will). Ultimately, this mess was caused by the government, BoE, FSA, banks and peoples own greed. Edited December 29, 2007 by Belfast Boy Quote Link to comment Share on other sites More sharing options...
headmelter Posted December 29, 2007 Author Share Posted December 29, 2007 If I may join in?I predict : there will be a rush of BTLers leaving the market in February - March 2008 If I may just add one word to this prediction: There will be a rush of BTLers trying to leave the market February - March 2008. If and when they get out it will be with much reduced if any profit. Quote Link to comment Share on other sites More sharing options...
headmelter Posted December 29, 2007 Author Share Posted December 29, 2007 Billy sold Uncle Andy's 2-up-2-down terraced house for £1 million pounds But Uncle Andy had re-mortgaged to put on an extension, underground parking and a heli-pad So they got £27-50 in the end. I think he MEWed £10k to put on a nag at the races as well. Surprised he didn't invest in some tasteful sovereign rings. Quote Link to comment Share on other sites More sharing options...
pod Posted December 29, 2007 Share Posted December 29, 2007 http://www.belfasttelegraph.co.uk/breaking...icle3289718.ece Housing market in the North takes downturn But towards the end of the year, prices went into reverse and some investors were unable to let the houses bought on a buy to let basis.Speculative buyers from the Republic are now looking elsewhere for high returns Quote Link to comment Share on other sites More sharing options...
YoungFTB Posted December 29, 2007 Share Posted December 29, 2007 It's a pity this thread moves so fast, that alot of the things we discuss here - about the Northern Ireland housing market - are so easily missed. Previous topics :- >Why are NI prices so high? (answer: debt) >History of credit/housing bubbles. (all bubbles burst) >House price/earnings ratios. (historically house prices are 4 times incomes) >House price/rents ratios. >MEWing (Mortage Equity Withdrawl). >Northern Ireland's own subprime mortgage propblems (6x income, selfcert, 100%, interest only mortgages) >The effects of the credit crunch on Northern Ireland. >Buy-to-let portfolios and leveraging. >Other housing markets - RoI, America, Spain, France, Japan, etc. (again: all bubbles burst) >Bubble psychology (denial, fear, anger, dispair, acceptance). ... but you try finding them This thread's is a victim of it's own success. ... and I probably missed alot At the very least we need our own sub forum so all this important info can be pinned at the top of a sub forum so new visitors can read it all. What do you think? Perhaps we could ask the moderators if this could be done. For anyone new visiting this thread it's rather intimidating, no one is going to read 400 pages nor do they really need to because the important info probably takes up about 10 pages in total. Quote Link to comment Share on other sites More sharing options...
Belfast Boy Posted December 29, 2007 Share Posted December 29, 2007 (edited) Tom McClelland, the RICS Northern Ireland housing spokesman. This guy has been busy giving interviews - UTV yesterday, Belfast Telegraph and Newsletter today. Is he the same person as Thomas McClelland who is a partner in McClelland and Salter Estate Agents in Lisburn? NEWSFLASH: Estate Agent says it is a good time for first time buyers to get onto the property ladder! The spin factory is about to start full production. Though, I really doubt people will believe them. I liked that article doccyboy posted from the Irish Independent:- House prices keep tumbling as buyers opt to wait and see.By Treacy Hogan Friday December 28 2007 HOUSE prices are continuing to fall as far fewer people are prepared to take out crippling mortgages. ... due to the world wide credit crunch, banks are no longer able to offer everyone and their granny, crippling mortgages! Would that not be more accurate? Edited December 29, 2007 by Belfast Boy Quote Link to comment Share on other sites More sharing options...
Sour Mash Posted December 29, 2007 Share Posted December 29, 2007 ... due to the world wide credit crunch, banks are no longer able to offer everyone and their granny, crippling mortgages! Would that not be more accurate? I think it's a bit of both. Certainly just about everyone in NI knows that the housing game is well and truly up. Without the carrot of ever increasing house prices, most people really aren't willing to put themselves in debt slavery any more. It helps that for the truly clueless they can no longer get said mortgages from the banks too, though If by some miracle a round of severe interest rate slashing and wage inflation were to create the right conditions, I wouldn't be surprised to see people being dumb enough to get back onto the HPI bandwagon though. However, once this thing really starts to bite as it will in the coming year I'm pretty confident that we'll see an ingrained aversion to property speculation amongst the general population which will likely last a decade at least. Quote Link to comment Share on other sites More sharing options...
Vespasian Posted December 29, 2007 Share Posted December 29, 2007 Its certainly stand-off mode at the moment, but I get the feeling that the dam is beginning to crack. As soon as we head into Spring, the panic will start. There must be hundreds of flippers/speculators/developers who are having a very uncomfortable Christmas. I, for one am looking forward to watching what utter nonsense the VIs sprout when prices are in freefall. I just hope another interest rate cut doesn't steer Titanic off its course. Crippling debt is the last thing anyone needs Quote Link to comment Share on other sites More sharing options...
pod Posted December 29, 2007 Share Posted December 29, 2007 http://www.belfasttelegraph.co.uk/breaking...icle3271274.ece Increasing number of companies going into liquidation Most of the negative figures are being attributed to the construction industry which have accounted for three in every ten liquidations this year. Quote Link to comment Share on other sites More sharing options...
Vespasian Posted December 30, 2007 Share Posted December 30, 2007 NI thread gets mention in presshttp://www.lurganmail.co.uk/news/Family-hi...mear.3616702.jp Nice reading, Doccyboy. Damn, I missed those posts and their "alleged remarks" I do look forward to hearing more "factual discussion" in the future. A pity the housing situation has us whispering like this anyway. I was speaking to someone at work this week who also confirmed that the Balmoral clinic was allegedly in financial difficulties. Seems to be a bit of an open secret in some circles. I will make further enquiries Quote Link to comment Share on other sites More sharing options...
YoungFTB Posted December 30, 2007 Share Posted December 30, 2007 Just reading a thread on main board about houses dropping 70% in London. A friend told me that the house I mentioned a few posts ago was selling a few years ago at 55k. That would be about a 70% drop in prices here to bring it back to that level. Since wages in the area are about 16k then this would be 3.5 times average salary. Its a scary thought that prices could drop that much but is it insane that they rose so high in the first place? I think it is only a scary thought if you are a developer or an investor. A 70% drop in house prices would be welcomed by tens of thousands in Northern Ireland because it would given them a decent opportunity of owning their own home. NI thread gets mention in presshttp://www.lurganmail.co.uk/news/Family-hi...mear.3616702.jp It's probably for the best that we stick with the facts from now on. Got your wish then YoungFTB Excellent! Thanks HPC mods! It'll probably take a while for everyone to start using our new sub forum http://www.housepricecrash.co.uk/forum/ind...hp?showforum=52 I'll try and dig up all the important info in this thread over the next few days and hopefully we can make that info into seperate threads to be pinned at the top of the sub forum Quote Link to comment Share on other sites More sharing options...
Jacko79 Posted December 30, 2007 Share Posted December 30, 2007 Regarding the Titanic Quarter - I am sure that this development will be fine, after all, the NI housing market is totally unsinkable, we don't need to think about providing lifeboats in case it does!! In fact we dont need to concern ourselves with any of the underlying fundamentals at all, because, well - its UNSINKABLE stupid! And sure, nothing bad could ever happen to something called Titanic - could it?? Oh uh - did i just see an iceberg?? Quote Link to comment Share on other sites More sharing options...
headmelter Posted December 31, 2007 Author Share Posted December 31, 2007 Happy New Year everyone. Farewell main thread, we had a good run but all good things come to an end. It should be easier to keep track now if visiting less frequently. Quote Link to comment Share on other sites More sharing options...
redwing Posted December 31, 2007 Share Posted December 31, 2007 Happy New Year everyone.Farewell main thread, we had a good run but all good things come to an end. It should be easier to keep track now if visiting less frequently. I'll really miss you all. This is a fantastic thread which I'd look in on ocassionally when I was looking at other threads from nearer home (Cambridge). It's going to be really difficult keeping track of what's happening locally over the whole country now that we have to visit 12 different forums instead of 1. Quote Link to comment Share on other sites More sharing options...
pod Posted December 31, 2007 Share Posted December 31, 2007 treesdontgrowtothesky.com http://www.treesdontgrowtothesky.com/Prope...NI/29.12.07.htm Quote Link to comment Share on other sites More sharing options...
FrustratedFTB Posted December 31, 2007 Share Posted December 31, 2007 http://news.bbc.co.uk/1/hi/northern_ireland/7155674.stm Political drama and property boom Prospects for 2008 are clouded by the possible local impact of the wider credit crises and by the threat of a fall in residential property values. Well it always goes boom then bust! Quote Link to comment Share on other sites More sharing options...
YoungFTB Posted December 31, 2007 Share Posted December 31, 2007 Happy New Year everyone! Ok well it won't be a happy one but a very interesting one! Quote Link to comment Share on other sites More sharing options...
aidsy Posted December 31, 2007 Share Posted December 31, 2007 Yes Happy New Year to everyone and lets hope we all see house price increases like we all did in 2007 Aidsy Quote Link to comment Share on other sites More sharing options...
Belfast Boy Posted January 1, 2008 Share Posted January 1, 2008 and lets hope we all see house price increases like we all did in 2007 Do you really think that's going to happen? Or are you joking? Most people on here are hoping for prices to come down to affordable levels again. Prices are falling in America, Republic of Ireland and Spain. Their housing bubbles have burst. Our housing bubble will burst too. If investors avoid housing and prices stay out of reach of first time buyers; then we will have a house price crash. We should know by March exactly what is going to happen. Quote Link to comment Share on other sites More sharing options...
ravedave Posted January 2, 2008 Share Posted January 2, 2008 Did anyone see on BBC news reports that now is a god time to buy and that the lower house prices will attract workers back to NI? They interviewed two people who left NI and are now back working and saying that things are looking up - one was a SOLICITOR and the other was a DIRECTOR. Not exactly a balanced sample of the working population. Those pair must earn much much more that the majority of people so it was totally biased and yet more ridiculus crap from the BBC. Quote Link to comment Share on other sites More sharing options...
subby Posted January 2, 2008 Share Posted January 2, 2008 (edited) I read yesterday quotes from Grapevine, Sold to rent and Superbrugh discussing Derek Harrison and Joyce Estate Agents.You are completely wrong in the allegations that you say you can "confirm" - and the Police have been notified and presented with copies of your postings. Perhaps you should spend less time telling lies and spreading malicious rumours, and more time wondering when the police will come calling for you... :angry: Happy new year to you Lizzy....we all know you're still reading this thread was santa good to you this year...were you a good girl Edited January 2, 2008 by subby Quote Link to comment Share on other sites More sharing options...
pod Posted January 2, 2008 Share Posted January 2, 2008 http://u.tv/newsroom/indepth.asp?id=86791&pt=n NI divorces at all-time high Relate Northern Ireland chief executive Gerald Clarke said: "It is very widespread throughout the UK but Northern Ireland seems to have more than its fair share of it."There is a lot of economic hardship Quote Link to comment Share on other sites More sharing options...
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