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HOLA441
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HOLA442

mitchel not for rolling over

http://www.bbc.co.uk/news/uk-northern-ireland-politics-11225902

well just maybe after next mays elections

rock on!

I despair!

If the muppets on the Hill cant even agree that NI is getting these cuts how on earth are they to agree which departments need cut?

Is McLaughlin serious when he thinks NI should be exempt from these cuts!

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HOLA446

http://www.bbc.co.uk/iplayer/episode/b00tjg1m/The_Nolan_Show_08_09_2010/

Go to 57 mins into todays show for the admission that prices have dropped 50% and that it is hoped we are NEAR the bottom.B)

I liked the quote from Peter Curistan on residential property prices which have "fallen because there's no money available". I don't see that changing anytime soon and in fact wouldn't be surprised if another liquidity crisis hit like in 2008. :ph34r:

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HOLA447

looking back to April 2007 on the old NI thread I predicted 60% drop - I wonder if we will see it?

http://www.housepricecrash.co.uk/forum/index.php?showtopic=37941&view=findpost&p=611710

I have to say that I doubted you back then (although there was never any doubt of big drops). The only thing I would say is that the properties I was considering have definitely not dropped that much. So in this area of east belfast, the properties were never really beyond £200k and many are still sitting at £160k+. Of course I appreciate that these are not sale prices but it would take an even greater change than already seen for these properties to be probing down to £100k or close.

What are your thoughts? It does seem that these headline drops are far from the norm...

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HOLA448

looking back to April 2007 on the old NI thread I predicted 60% drop - I wonder if we will see it?

http://www.housepricecrash.co.uk/forum/index.php?showtopic=37941&view=findpost&p=611710

I had a letter in the Belfast Telegraph - claiming half to two thirds fall at around that same time - let's not get into HPC sabre-rattling here guys! :unsure:

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HOLA449

Round about where I am looking in County Down most of the detached houses have not dropped a penny since the 2007 prices. Some have sat empty for 3 years going sale agreed and then back for sale time and again. I don't know if they are waiting for the second coming of HPI but I fear they will have a long wait. I put that old post up for a laugh.

We are still waiting for the better areas to drop even 30% to more realistic levels. It won't be until vendors can no longer hold out that we will get these prices.

I just wonder whether we are going to find this ever happen. Are the owners of these types of properties perhaps going to be well enough set to wait it out.... My feeling is that, unless IRs get a shift on, no one is really suffering by staying put...

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HOLA4410

I suppose its a minority of people that bought at stupidly high prices. So sellers are trying to get the £150k or whatever, but are happy enough to wait as their mortgage is 'only' £80k.

I suspect its people selling new-ish houses that would be harder pushed, as they likely have bought it recently at high prices.

I know when I look around at normal 3bed semis in my area, you wouldnt get much for under £140k, but even if it was £200k + a few years back, £140k to me still sounds expensive.

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HOLA4411

Round about where I am looking in County Down most of the detached houses have not dropped a penny since the 2007 prices. Some have sat empty for 3 years going sale agreed and then back for sale time and again. I don't know if they are waiting for the second coming of HPI but I fear they will have a long wait. I put that old post up for a laugh.

We are still waiting for the better areas to drop even 30% to more realistic levels. It won't be until vendors can no longer hold out that we will get these prices.

hi doccyboy

lots off drops around the south down area , plenty off sites and large detached houses are down 50% ,though as we all know only fools and gamblers paid those 2007 bubble prices.

s,down is full of builders going bust, and public sector types about to lose their jobs so plenty off bargins for those willing to wait

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HOLA4412

http://www.bbc.co.uk/news/uk-northern-ireland-11250279

The Department of Agriculture has begun the huge task of re-mapping every field in Northern Ireland.

The £4.8m exercise will involve the use of specialised aerial photographs.

The move follows fines imposed by the European Commission over mistakes in agricultural subsidy claims.

The Agriculture Minister Michelle Gildernew said 60 staff had been redeployed from the planning service to help improve the situation as quickly as possible.

:angry: :angry:

The whole CAP, grants culture really really p*sses me off

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HOLA4413

I'm just waiting for the ones who took out the big euro mortgages to start squealing. I can afford to wait a little longer - renting is just so much less hassle and rents are really low compared with UK mainland.

yip you,d be a mug to buy now. eg my brothers renting a lovely house for 500 quid per month , lovely sea/mountain views ,beaut garden , in a nice residential area, the landlords getting 2% yield with all the hassle

on a depreciating asset . who,s the mug?

i,m a bit slow here who took out the euro mortages, is it the canny mc savvys from down south?

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HOLA4414

I may be wrong here but I spend a lot of time looking at houses online and I get the feeling the current market is like walking across a pond covered in ice and you can hear ominous cracks but don't know when the ice will finally break.

I think we are at the top of next step down and this winter will break the standoff that currently exists.

I hope you are right! I have not paid a whole load of attention because frankly I am not too fussed at the moment. However that does not stop me wanting to find a nice spot when prices (hopefully) get to a sensible level.

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HOLA4415

Yes a lot of the cannys bought houses in Newry and surrounding area with MEWing and cheap euro mortgages. Now their mewed houses are worth a lot less and the mortgage still needs to be paid. Their new assets in Ni have a poor yield and a rapidly decreasing value in sterling.

But I have also heard of many who crossed the border and got their mortgages over there when they were cheap to buy their houses in NI. Money was awash in the banks down south at the time.

So they are living in Ni with Ni sterling wages and paying the euro mortgage with the differing exchange rates over the last 2 years.

Mortgage rates are now a lot higher at the struggling banks down south. Also they are having the house drop in value in sterling.

I hope this makes sense p.p. could explain it better. Basically they are NI people who thought they were going to win out of ROI mortgages.

I remember Foreign Currency mortgages over twenty years ago when our rates were high. Back then I think you borrowed German Marks.

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HOLA4416

Yes a lot of the cannys bought houses in Newry and surrounding area with MEWing and cheap euro mortgages. Now their mewed houses are worth a lot less and the mortgage still needs to be paid. Their new assets in Ni have a poor yield and a rapidly decreasing value in sterling.

But I have also heard of many who crossed the border and got their mortgages over there when they were cheap to buy their houses in NI. Money was awash in the banks down south at the time.

So they are living in Ni with Ni sterling wages and paying the euro mortgage with the differing exchange rates over the last 2 years.

Mortgage rates are now a lot higher at the struggling banks down south. Also they are having the house drop in value in sterling.

I hope this makes sense p.p. could explain it better. Basically they are NI people who thought they were going to win out of ROI mortgages.

a friend was a foreman on several newry building schemes around 2006-2007 he told me that canny was buying around 25% of their houses, hopefully the tory,s will reduce the housing benefit prop to landlords,and the low IR crutch will be removed given the impending high inflation we should have another 50% correction from todays prices.

slowly slowly catch the monkey .

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HOLA4418

For me yesterday was a day of change. Propertypal started showing propertybee type drops, how long houses were on the market, and how many views they were getting. (see separate thread) No EA would have allowed this in the past. The tide is turning now in our favour.

The EAs need us to be out there buying. Just wait for the trolls to come on board telling us there's never been a better time to buy.

too late for another ea

whoops

http://www.bbc.co.uk/news/uk-northern-ireland-11266924

rock on

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HOLA4420

I am no expert in bankruptcy but that read to me that 2 similar companies were continuing at the same address although Mr kernan and part of his family had all been declared bankrupt.

Did I read that correctly?

Yep, personal insolvency does not automatically mean corporate insolvency and vice versa. Though in practice for small businesses the two are often hand in hand. Also just because the companies have been incorporated it does not necessarily mean they are trading.

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HOLA4421

yip you,d be a mug to buy now. eg my brothers renting a lovely house for 500 quid per month , lovely sea/mountain views ,beaut garden , in a nice residential area, the landlords getting 2% yield with all the hassle

on a depreciating asset . who,s the mug?

i,m a bit slow here who took out the euro mortages, is it the canny mc savvys from down south?

Yep renting is nice, we pay 550pm for a £250k house. I wrongly said to the mrs about buying cos we're unsure how much longer our LL will let us stay here. Although I was hoping to see out until next March before buying, but shes looking already.

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HOLA4425

http://www.bbc.co.uk/news/uk-northern-ireland-politics-11384655

He said the current budget, which funds ongoing government programmes, would be cut by over £1.5bn, more than 10%.

The capital budget, which funds roads and buildings will be cut by more than 30% or £500m.

Fairly easy to achieve imho , not so easy for our politicians to drop their pet projects and prejudices though :ph34r:

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