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The "irish House Hunter" Report Sweepstake


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Thanks everyone for all their get well soon / good wishes. It is much appreciated and the NHS are really doing a great job to make me comfortable and get me back on my feet as soon as possible. If I master the crutches ok and the doc's, nurses and consultant's are happy I

may even be allowed home to start the r & r today. Keep your fingers crossed for me.

Paul

See if you can blag a wheelchair, you'll be able to go to the pub. ;)

Edited by headmelter
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join the club...auld injury prone Subby sliced through the gap inbetween my 4th and little finger with broken glass :( going to get my numerous stitches out tomrrow :(

Hope it's not too painful!

Now, can everyone stop hurting themselves please?! :lol:

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Im thinking some of these are starting to get to sensible/affordable prices, so im wondering are we starting to see some forced sales, or are people just fed up waiting and thinking, lets stick it on 50k less than we want, lets hope we get three people to come have a look, hopefully two of them will fall in love with it and bid it up above the asking?

I know folk will still say its twice the price four years ago or whatever... but I can see a situation where people will be able to buy something like these below if they save for two/three years at 3/4 times their salary.

My vested interest, would be FTB saving hard....

what do other people think?

decent little house in belfast, ok not the 'best' area and you wouldnt want to leave a shiny ferrari on the payment, but I could easily live here (I actually rent not that far from here)

http://www.propertynews.com/brochure.php?p=5526HF716956020

In my mind this is an ideal starter/family home, ok its out in a smallish village, but not everyone works in the city.

http://www.propertynews.com/brochure.php?p=PNC349510

Or this is a bit bigger, better finished etc at a bit more money, maybe nearer better jobs/city. Maybe a second step house.

http://www.propertynews.com/brochure.php?p=PNC286525

still some right dreamers though, in my opinion.

http://www.propertynews.com/brochure.php?p=PNC351473

(edit - my english is terrible)

Edited by northernbear
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Im thinking some of these are starting to get to sensible/affordable prices, so im wondering are we starting to see some forced sales, or are people just fed up waiting and thinking, lets stick it on 50k less than we want, lets hope we get three people to come have a look, hopefully two of them will fall in love with it and bid it up above the asking?

I know folk will still say its twice the price four years ago or whatever... but I can see a situation where people will be able to buy something like these below if they save for two/three years at 3/4 times their salary.

My vested interest, would be FTB saving hard....

what do other people think?

decent little house in belfast, ok not the 'best' area and you wouldnt want to leave a shiny ferrari on the payment, but I could easily live here (I actually rent not that far from here)

http://www.propertynews.com/brochure.php?p=5526HF716956020

In my mind this is an ideal starter/family home, ok its out in a smallish village, but not everyone works in the city.

http://www.propertynews.com/brochure.php?p=PNC349510

Or this is a bit bigger, better finished etc at a bit more money, maybe nearer better jobs/city. Maybe a second step house.

http://www.propertynews.com/brochure.php?p=PNC286525

still some right dreamers though, in my opinion.

http://www.propertynews.com/brochure.php?p=PNC351473

(edit - my english is terrible)

I think the only surprise will be how far the prices actually fall. If you look at the history of any asset bubble,or predictions of oil, or gold for example, the price that these things actually go to actually surprises the most pessimistic/optimistic predictions...

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I think the only surprise will be how far the prices actually fall. If you look at the history of any asset bubble,or predictions of oil, or gold for example, the price that these things actually go to actually surprises the most pessimistic/optimistic predictions...

Yup, Ive had a look for sure, overshoot on the upside, undershoot on the way down, not enough damping in the system and too much emotion.

in 2000/2001 I remember the likes of the first house I listed was selling for about 45k when fully modernised.

My point is just that where people can get jobs the price is headed towards a point where people could buy the things.

For those outside of the emotion, lets say the first house there rents out for 350 a month, I would have thought it not too hard to get that for it, I expect folk on benifits would get that kind of allowance, then at a 5% yield gives a value around 85k. To a professional landlord holding cash, thats not too scary a return. There has to be a floor there somewhere. Maybe the floor is 6%, 7% - I dont know.

At what % yield would we be happy with the government buying houses to rent to folk - rather than paying to private landlords?

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I think all those properties listed above are still horendouly overpriced.

A 2-up-2-down, the smallest type of house out there, in 'not the best area', for 5 times the average wage?

You wouldn't catch me paying that much in a million years. And if the market were to settle at that level, I just wouldn't buy a house at all.

Personally, I think that house is worth half what it's listed for, at the very most. People tend to forget how little houses like that actually cost a few years ago.

EDIT: Just checked, the rateable value of that house is £62K.

Edited by JoeDavola
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I'm with you Joe. If shelling out £100K for a mediocre terrace in Belfast is the price you must pay to enter the property market them I'm sorry but I'd rather rent and keep my cash. It still mystifies me how people can afford to pay even this? I'm lucky enough to have a decent job paying slightly above the average wage and I still consider prices to be an absolute rip-off. Looking through the window of Reed recruitment the other day I didn't see a single job paying more that £18000 (and you can bet they were the pick of the bunch!) So how can most folks manage to buy when even a 'starter' home is priced at £100K?

On a totally unrelated note, what this crash demonstrates above anything else is that property is just as likely to be a hugh millstone around your neck. I know of several folk who'd love to change direction and make different choices but they can't. Why? 'Cos they were suckered into buying property at the peak and now they're stuck living in house they don't even really like, which is losing them money hand over fist and which is seriously limiing their options for the forseeable future. And all for the privilage of paying a mammoth mortgage and the ability to say " I own my own home" when in fact the bank owns it (and them). It makes me SO mad.

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I'm with you Joe. If shelling out £100K for a mediocre terrace in Belfast is the price you must pay to enter the property market them I'm sorry but I'd rather rent and keep my cash. It still mystifies me how people can afford to pay even this? I'm lucky enough to have a decent job paying slightly above the average wage and I still consider prices to be an absolute rip-off. Looking through the window of Reed recruitment the other day I didn't see a single job paying more that £18000 (and you can bet they were the pick of the bunch!) So how can most folks manage to buy when even a 'starter' home is priced at £100K?

I agree - people seem to have lost all perspective of the fact that £100,000 is actually a lot of money.

And like you, I cannot fathom how anyone can afford a house at the moment. It's simple mathematics - when you look at what the take home pay of the average person actually is, there's no way they can pay mortgages this size.

The sad fact of the matter is that alot of young professional still just live like students, sharing houses with strangers because they cannot afford any better. On the other hand, I know of people who rent really nice two bedroom flats from the council for less than what alot of young people are paying for a single room in a shared house. It really pisses me off - I consider myself lucky that I really enjoy my job, because if I didn't, there wouldn't be much point in working in this country.

If things continue like this, I will be taking my savings and my skillset to a country where people with good jobs can actually afford something as basic as a house. I'm also toying with the idea of saying 'sod it' to housing and using my savings to travel the world for a few years - since I sometimes feel life is passing me by while I wait for sanity to return to the housing market.

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On a totally unrelated note, what this crash demonstrates above anything else is that property is just as likely to be a hugh millstone around your neck. I know of several folk who'd love to change direction and make different choices but they can't. Why? 'Cos they were suckered into buying property at the peak and now they're stuck living in house they don't even really like, which is losing them money hand over fist and which is seriously limiing their options for the forseeable future.

i have a friend who bought in 06. i thought he was lucky to get in on time. when i told him this recently he said he's beginning to regret it. he feels it is holding his life back. he'd love to go and work in london for a couple of yrs or spend a yr in NZ. but he cant cos the house is holding him back. he panicked and jumped onto the ladder before he was ready to settle down. there'll be loads of ppl in this position. its only now that the crazy boom has ended that they'll start to tell u the truth.

ps - i agree. everyones geting excited about 100k houses. its still a big whack of money to make payments on every month b4 u've put a scrap of food on the table.

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I agree - people seem to have lost all perspective of the fact that £100,000 is actually a lot of money.

And like you, I cannot fathom how anyone can afford a house at the moment. It's simple mathematics - when you look at what the take home pay of the average person actually is, there's no way they can pay mortgages this size.

The sad fact of the matter is that alot of young professional still just live like students, sharing houses with strangers because they cannot afford any better. On the other hand, I know of people who rent really nice two bedroom flats from the council for less than what alot of young people are paying for a single room in a shared house. It really pisses me off - I consider myself lucky that I really enjoy my job, because if I didn't, there wouldn't be much point in working in this country.

If things continue like this, I will be taking my savings and my skillset to a country where people with good jobs can actually afford something as basic as a house. I'm also toying with the idea of saying 'sod it' to housing and using my savings to travel the world for a few years - since I sometimes feel life is passing me by while I wait for sanity to return to the housing market.

Good idea. YOu should do that. Travel to other countries and see what else is out there. Best thing you ll ever do. I went away about 5 years ago, when I was 22, as I didnt know where I wanted to live. I wanted to travel as I d been in India for 5 months when I was 19/20, and it was absolutely great for me. I never felkt content when I came back here...the country just seems really sterile, the weather is terrible,the food is limited in range,the cities shut down at 2am,and everything is so expensive.

So I set off to look for a place to live. I knew Asia would be a place I loved, but I was keeping an open mind. I went to India again, Sinagpore, Malaysia, then Thailand, and wa splanning to go on to OZ and NZ. However, I got stuck in Thailand and have ended up living there for over 2 years, in Bangkok. However, I have been back here for in the inbetween years.

So, now I know I want to live in Thailand, and I love the whole region, Vietnam, Laos, Malaysia, Hong KOng etc etc...I m now working on the master plan that will enable me to set up in Bangkok. I Loved the travelling bit so much, that I figured I would find someway to make money using my laptop and internet. So I got interested in trading/investment,as I can do that from anywhere. I did well enough in foreign exchange, and some other futures, and indexes. However, the bright lights of Bangkok, where you could sit at street bars until 6 am playing guitar on the street and having sing alongs while drinking beer with ice, and eating great food, with pretty girls meant that more play went in than work...lol. I lived it up and didnt spend enough time building capital. So now I had to come back and start to save again, so I can trade and invest, and then go back out with a good cushion, and get a condo to rent.

My advise would be to just do it Joe. You obviously have some skills and you can take them somewhere. For me Asia is the up and coming place to be. I just find it boring here. I love the people here, I m not be critical. Just my opinion, and how I feel.

The other thing I was able to live a very healthy and balances life there.Spend the week in bangkok then go to beautiful Island beaches for the weekend and enjoy the seafood and have a cool beer or two. Had a studio room in a Bangkok condo,and the building had a sauna,steam room, jaccuzzi,2 swimming pools, a fantastic gym, under ground supermarket, and near all sorts of department stores, coffee shops, restauarants, transport systems...All this was quite cheap. You could get a real nice place for 200a month, and for 400--800 a month, a 2/3 bedroom (if sharing) luxury pad. The food is great, and the Thai girls are the the ultimate in feminity for me. I dont mean bar girls by the way :) The uni student etc etc.

I think it would be nice to come back here for 2months a year...around June,July time...

An example of Bangkok luxury condos...I stayed in the one bedroom version at reference CR 7777, President Park...Condo For me buying a little shoe box in Belfast for the same price you can get swimming pools, gyms, etc etc and a nice room doesnt make since.

The point I m trying to make is that when you see real estate in other countries, it makes you realise how over valued real estate is in NI. In Thailand you can opay anything from £5000 for a little house in the country to over a £1000,000 for a penthouse in Bangkom with private swimming pool and 6000 sq feet condo. However, if you pay 150,000 for a condo there you get liuxury where as here for the same money you get shoe box with no facilities.

Edited by VedantaTrader
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NI has just had an enormous boom so prices are obviously particularly ridiculous at the moment, but I don't think that houses are actually cheap anywhere in Europe. I've heard that Australia is also very expensive and Germany and France aren't cheap either, at least not in the cities. Rents in NI seem to be reasonable enough as far as I can see.

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Or this is a bit bigger, better finished etc at a bit more money, maybe nearer better jobs/city. Maybe a second step house.

http://www.propertynews.com/brochure.php?p=PNC286525

Hi Northernbear,

interesting find. I moved into a new build in Oakdene, round the corner from this house - exact same house but mine didnt have a garage and not as nice a garden as this one. Cost me 78,950,but to add in the kitchen,sanitation fireplace - all came to 85k. This was in '04. Now, that was a lot of money for my hubby and I at the time both just starting out on career paths! Interest rates then were alot lower and we were on a good first time buyer deal!!

I remember going to a few mortgage brokers looking to get a mortgage (we even had a deposit of 10%) to be told 'it will be tight!'..... My hubby and I both in tears feeling like total failures and then eventually we went to the Abbey and they gave us a loan- no problem.

We sold this house in May '05 for 102k (I think) so with a garage and nicer garden this one back in May '05 could probably go for 110k.

This is a lovely area just outside Larne town centre and if they dual that A8,it'll be much better to commute.

Just thought I'd write this to give you an idea of prices back then and how they compare to now,

Sophia

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