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tara747

Northern Ireland For Sale Inventory Goes Through The Roof!

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Inventory for sale across NI on the main property website (propertynews.com) has gone up from c. 6,000 to c. 10,000 in less than three months! Scary stuff...

Edited by tara747

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Inventory for sale across NI on the main property website (propertynews.com) has gone up from c. 6,000 to c. 10,000 in less than three months! Scary stuff...

Sounds good, hopefully you'll have a rout on your hands before the summer's out! :P

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What percentage of HPI was NI contributing to the UK YoY figures as it has seriously boomed over the past few years and should this not impact the UK MoM figures we see from now on if (as this inventory would indicate) NI HPI comes to a screeching halt or retracts?

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What percentage of HPI was NI contributing to the UK YoY figures as it has seriously boomed over the past few years and should this not impact the UK MoM figures we see from now on if (as this inventory would indicate) NI HPI comes to a screeching halt or retracts?

It can't have been much as they only have around 2.5% of UK population. So even their 50% HPI over the past year would be seriously watered down to a contribution of just over 1% of UK HPI on that basis.

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It can't have been much as they only have around 2.5% of UK population. So even their 50% HPI over the past year would be seriously watered down to a contribution of just over 1% of UK HPI on that basis.

Depends how many were selling in NI in comparison to over here!

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You may be right but I was thinking, if the rest of the country has 'slowed or is at standstill' and NI goes negative then surely the only HPI is now London? Could London save Brown's miracle economy single handed??? :blink:

I'm sure it was up a bit, but not enough to change the small impact.

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You may be right but I was thinking, if the rest of the country has 'slowed or is at standstill' and NI goes negative then surely the only HPI is now London? Could London save Brown's miracle economy single handed??? :blink:

IIRC, Greater London is only 1/5 of the total UK population. So probably not.

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Oh and look at this little gem:

Woo hoo

:)

I enjoyed this from the article:

At the bottom end of the market, where investors were most active, sellers are now more reliant on first-time buyers who can’t afford to push the prices up in bidding wars.

So, that's the speculative factor leaving the market. Good.

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Have rental yields collapsed in NI ?

Of course they have, because HPI has been astronomic in the last 18 months. I would really be vvvvvv surprised if rents have been keeping pace. Therefore yields will have fallen, by definition.

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Have rental yields collapsed in NI ?

Gross yields are 2.5% - 2.9% of current prices.

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Do you know if rents been rising to reflect a shortage of supply ?

Do you mean shortage of supply of houses for rent or shortage of supply of houses for sale?

If you mean shortage of supply of houses for rent, I'm not aware of a shortage of supply of houses for rent as many houses over the last 18 months were purchased by speculators.

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I enjoyed this from the article:

So, that's the speculative factor leaving the market. Good.

Yes, and the FTBs will not be stepping in to replace them, thank you very much. After years of being shafted and outbid by specuvestors, we will make them weep by not buying till it hits rock bottom!

Have rental yields collapsed in NI ?

Yes, I pay £270pcm (BF and I pay £135 each) to live in a lovely flat in the nicest area of the city (Stranmillis), which is probably worth £270K. 1% yield anyone??

Do you know if rents been rising to reflect a shortage of supply ?

No rent rises here, sir. There is a huge oversupply of rental property in NI.

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NI for sale inventory is now approaching 11,000. Up from c. 6,000 in March!

Belfast inventory is over 2,500. Anyone know the inventory for Belfast over the last few months? I know the trend is up but can't find the exact figures.

Oh and there's this little gem:

NI house prices fall - report

Edited by tara747

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Tara:

How do you guys get a flat that cheaply in Stranmillis?!

I graduated from Queens recently and am working full time, and I'm looking to move out. The cheapest flats I found were £395 on the Lisburn road near the hospital. I never would have dreamed there was anything under £300!

Do you guys actually have a whole flat to yourselves for that price or are you sharing with another couple? (a friend of mine did this and was paying similar amounts to what you are currently paying)

At that price, you guys would be crazy to buy a house, unless there was a serious reduction in prices (and by that I mean 50%-ish).

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Tara:

How do you guys get a flat that cheaply in Stranmillis?!

I graduated from Queens recently and am working full time, and I'm looking to move out. The cheapest flats I found were £395 on the Lisburn road near the hospital. I never would have dreamed there was anything under £300!

Do you guys actually have a whole flat to yourselves for that price or are you sharing with another couple? (a friend of mine did this and was paying similar amounts to what you are currently paying)

At that price, you guys would be crazy to buy a house, unless there was a serious reduction in prices (and by that I mean 50%-ish).

I guess we're just lucky. The LL has owned the house for years and it's probably paid off. She likes us, we keep the place clean and tidy and are no bother. Although you can get flats to rent for £300pcm, £270pcm is an absolute bargain I know.

Are you wanting to live alone or share BTW?

We have the place all to ourselves, it's lovely and two minutes from the Botanic Gardens.

And yes, we would be mad to buy right now! We earn £50K between us and have substantial savings but would not dream of buying in this overpriced market. And 50% falls are not beyond belief. I reckon it'll happen easily. Just remember, 50% falls wipe out 100% rises.

:)

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Eire are 4 months in a row of falling prices. NI is 2 months:

http://www.themovechannel.com/News/2007/June/19g.asp

Tuesday, June 19, 2007
House prices in Northern Ireland have slowed for the second month in a row...
The latest figures from the Royal Institution of Chartered Surveyors (RICS) and Ulster Bank House Price Survey shows property price growth in May has gone down again as a succession of rising interest rates start to take their toll.

Its interesting to see Great Crash 2 spread. Strikes Eire first then whips around and has a go at Spain as it travels over France and back into the Emerald Isle. It just brushed the northern region on the UK mainland in the first Q while leaping into London to send more than 50% of the boroughs down in the last RM survey. Perhaps it is becoming more erratic as the crash gathers pace? Hard to predict where it might strike hardest next?

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NI for sale inventory is now approaching 11,000. Up from c. 6,000 in March!

and about 4,000 at the beginning of the year.

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I guess we're just lucky. The LL has owned the house for years and it's probably paid off. She likes us, we keep the place clean and tidy and are no bother. Although you can get flats to rent for £300pcm, £270pcm is an absolute bargain I know.

Are you wanting to live alone or share BTW?

We have the place all to ourselves, it's lovely and two minutes from the Botanic Gardens.

And yes, we would be mad to buy right now! We earn £50K between us and have substantial savings but would not dream of buying in this overpriced market. And 50% falls are not beyond belief. I reckon it'll happen easily. Just remember, 50% falls wipe out 100% rises.

:)

Wow - yeah you guys are incredibly lucky.

Its also a big relief to see two people who have their heads screwed on - I know a few couples the same age as myself (23) who have bought houses in the last year, overstretching themselves massively and they are all crapping themselves because a couple of more IR rises and they won't be able to afford the repayments.

Is it really worth living your life like that to own a house? (sorry, to pay back a massive loan so you will own a house in 25 years).

If I were you guys, I'd stay in that place for as long as the LL allows me; it's the best place in Belfast to live IMO, and what with it being unbelievably cheap and you both being on good salaries, you no doubt have loads of money to do whatever you want with at the end of every month.

I'm looking into moving into somewhere by myself, and therefore cost is an issue. I can't afford these £600 rents that I see advertised for flats in Belfast - I had no idea there was anything anywhere near the price you are paying.

What's the rental market like at the moment in Belfast, is it a fight to get something or is everyone still wanting to buy so you can maybe haggle and get a decent priced rent? Where did you find out about the place your renting? The only place I look is propertynews.com but there's bound to be other ways to find places to rent.

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The only place I look is propertynews.com but there's bound to be other ways to find places to rent.

Belfast Telegraph

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