When Will Northern Ireland Property Prices Stop Falling?

[HERMY]

don't try and turn it round

find me a 'bargain'

the point is I want to know what you think a bargain is

Picked at random

Is this a bargain at say 150 ? ? ?

http://www.propertynews.com/brochure.php?r...=1&sort=h2l

what u think

[VedantaTrader]

value this

This one is in county antrim. Pattons are the builder, so the walls wont be straight and build quality wont be great to start with...

It is on at £470,000...Infact all houses I see on propertynews, right now tonight I think are at least 50% over valued, and in some cases more...

I would bring this price down to perhaps £185,000-200,000,who knows what it will be in 3 years, perhaps less again than £180,000...so more than 50% from the marked price. Yep,certainly plenty of bargains to be had on property news...

Edited December 4, 2008 by VedantaTrader

[VedantaTrader]

Picked at random

Is this a bargain at say 150 ? ? ?

http://www.propertynews.com/brochure.php?r...=1&sort=h2l

what u think

That house needs at least 60% knocked off it. Its a terribly pocky looking house for the money. A bargain would be £60,000, fair value of course is above that.

[HERMY]

value this

This one is in county antrim. Pattons are the builder, so the walls and build quality wont be great to start with...

It is on at £470,000...Infact all houses I see on propertynews, right now tonight I think are at least 50% over valued, and in some cases more...

I would bring this price down to perhaps £185,000-200,000...so more than 50% from the marked price. Yep,certainly plenty of bargains to be had on property news...

Nice to see we can agree on something...... your possibly not far off in todays market 185 - 200 possibly normal 235- 250 or thereabouts. Not on its own in the country which brings price down a little

A management company will be formed between the 5 residents to organise the upkeep and well being of the development (a moderate service charge will apply)

[MISS JONES]

THANK GOODNESS its not just me thinking that................

By the way you fancy a 3 bed semi in Lisburn for a goat and a loaf of bread.

Have to give them something to moan about for another day......................

Sorry Hermy I only have half a loaf but you know the saying.

Half a loaf is better than no loaf !!

A BULL'S POAM TO CHEER UP HERMY AND MY HERD OF GOATS

Hello sir remember me, I'm the boy you said would never be

The boy you said look don't touch, the boy who wouldn't amount to much

That's right my name's Bob the one who landed the builder's job

The boy you like to reduce to tears, the boy you suppressed for five whole years

Yes sir now I'm here and your still there with your fake sports car and receeding hair,

Wearing farah trousers you think are smart married to the woman who teaches art,

Married to the life married to the school. Be a developer now who's the fool.

Buying houses you thought I was barmy, go out thingy join the army

There again I suppose it would do for the negative dick$$$ds just like you

As for me bargains beckon, houses to buy in a recession

Here I sit in first class, so fu$k off sir, kiss my ass !!

MISS JONES

[paul65]

Picked at random

Is this a bargain at say 150 ? ? ?

http://www.propertynews.com/brochure.php?r...=1&sort=h2l

what u think

Hermy,

I'd value that place at 110k and it is on the market for 220k

It is basically a two (small) bedder - and tiny 2 main bedrooms at that. Where would your bedroom furniture go? Take a look at the specs:

Bedroom 1

11’10” x 9’9”

Picture rail; cornice ceiling; double panel radiator.

Bedroom 2

9’5” x 8’8”

Single panel radiator; picture rail; built-in hotpress and storage shelving; built-in shelving.

Bedroom 3

6’8” x 5’9”

Solid wood flooring; picture rail; single panel radiator.

Edited December 4, 2008 by paul65

[HERMY]

That house needs at least 60% knocked off it. Its a terribly pocky looking house for the money. A bargain would be £60,000, fair value of course is above that.

......... some EA's are Stupid no other word for it. I dont know area at all at all so really cant put finger on it but Estate Agents need to learn to stay in business they need to reduce prices and wake up......... They really are stupid

Im sure you will all agree with that

[HERMY]

Hermy,

I'd value that place at 110k and it is on the market for 220k

It is basically a two (small) bedder. Take a look at the specs:

Paul to me that sounds ok........ I wanted to test reactions with my first figure, obviously not knowing area etc

When i look at your auction results things are dire because i believe there is no confidence, there or people who want to buy.

Which makes me believe if you have the money and the right property is there, there is every reason to believe now is the time to buy. Would have expected more sale agreed at auction. Although historically December is always a bad month for house sales and this year will be no exception ......... Im not making excuses for lack of interest but a little bit of confidence may start to appear shortly from banks and buyers alike.

Only thing about auction hard to find the dream house on it cos there arent that many available etc

How do u see current position in market paul after attending auction ....... Thanks for posting results

Edited December 4, 2008 by HERMY

[mr slump]

......... some EA's are Stupid no other word for it. I dont know area at all at all so really cant put finger on it but Estate Agents need to learn to stay in business they need to reduce prices and wake up......... They really are stupid

Im sure you will all agree with that

you didn't find me a bargain

you fail

that house is too small 84 sq m

so its ruled out

to be fair I'd like 95+sqm

with that asking price

theres no way they'd accept £150000

otherwise it would be on at 165-175k

because no one prices at what they'd accept now

they expect at least 10% off

the rateable value is £130000 from 2005

thats purely because its in the ballyholme district

so you haven't even estimated it at the price that is expected now

you picked a good area

but on everything else you fail

I have no bargain

I am deeply disapointed and youve proven that the main jist of your buy now argument is fantasy

but I'l lgive yo uanother try to redeem yourself

[HERMY]

Sorry Hermy I only have half a loaf but you know the saying.

Half a loaf is better than no loaf !!

A BULL'S POAM TO CHEER UP HERMY AND MY HERD OF GOATS

Here I sit in first class, so fu$k off sir, kiss my ass !!

MISS JONES

NICE

I liked that last line................. Miss Jones you seem like a MILF

[paul65]

......... some EA's are Stupid no other word for it. I dont know area at all at all so really cant put finger on it but Estate Agents need to learn to stay in business they need to reduce prices and wake up......... They really are stupid

Im sure you will all agree with that

The thing is though that it is now immensely hard for most EA's to convince vendors when putting their house on the market that their house might now be worth only 110k (as that is what the market will part with) when just 18 months ago that exact same EA was convincing the potential buyer and eventual owner to up their offers for the property (as there was undoubtedly incredible interest from other parties - allegedly) and part with 220k or else risk missing the boat and not get on the property ladder.

It makes the EA look a tad foolish now don't you think? Still you reap what you sow. See where I'm coming from?

Edited December 4, 2008 by paul65

[paul65]

I liked that last line................. Miss Jones you seem like a MILF

Classic - that has to be your best line yet Hermy. I know you are new and all that but you really should do some reading of what has gone before on these boards before typing away willy nilly.

Just for the record Miss Jones is male.

I guess you'll come back at me and claim that you already knew that and were only making a joke and now the jokes on me?

[HERMY]

The thing is though that it is now immensely hard for most EA's to convince vendors when putting their house on the market that their house might now be worth only 110k (as that is what the market will part with) when just 18 months ago that exact same EA was convincing the potential buyer and eventual owner to up their offers for the property (as there was undoubtedly incredible interest from other parties - allegedly) and part with 220k or else risk missing the boat and not get on the property ladder.

It makes the EA a tad foolish now don't you think? Still you reap what you sow. See where I'm coming from?

TOTALLY

Im not an estate agent but believe it or not I am friendly with quite a few and to be honest those that are fairly honest will get through the others will FAIL

Best Buys are from distressed Builders and Investors who need cash to keep the banks happy pure and simply and those who want to reinvest into bigger and better things,

Contary to belief I wouldnt expect to get great bargains from the more traditional housing market i.e. the ordinary decent person who has owned the house for a life time. I wouldnt imagine they will take really bad money cos more than likely if they have been there for a while they will have little or no loan / mortgage and hence can afford to hold off. Unless they have to sell in a distressed state. Divorce, Death, the like

Thats my thinking anyway

BEST BUYS ARE NEW BUILDS - NO SURPRISES THERE I GUESS

Edited December 5, 2008 by HERMY

[mr slump]

Doccyboy I'm shocked and you are here to moderate the forum !!

If you read this thread Bomeran sorry belfast boy started the insults by calling a new member "ramping troll" and other posters jumped in like a pack of wolves. A moderator is suppossed to be neutral ??

MISS JONES

a moderator is supposed to protect the best interests of the site

[HERMY]

Classic - that has to be your best line yet Hermy. I know you are new and all that but you really should do some reading of what has gone before on these boards before typing away willy nilly.

Just for the record Miss Jones is male.

I guess you'll come back at me and claim that you already knew that and were only making a joke and now the jokes on me?

Dont think so was thinking fu8k me

[mr slump]

BEST BUYS ARE NEW BUILDS - NO SURPRISES THERE I GUESS

not if you don't like new builds

and thier crappy little squares of grass, horrible paper walls and windows looking straight through each others houses

not to mention they are so close togeth that even the streets are far too skinny

souless boxes

if its the best buy you awnt then by your logic its the cheapest

and therefore its some ex council crap

no thanks

now weres my pre 1960 character filled spacious bargain?

[HERMY]

Doccyboy I'm shocked and you are here to moderate the forum !!

If you read this thread Bomeran sorry belfast boy started the insults by calling a new member "ramping troll" and other posters jumped in like a pack of wolves. A moderator is suppossed to be neutral ??

MISS JONES

Thank you MISS JONES or MR JONES (AS PAUL SAID MAYBE HE IS REFERRING TO LAP DANCING POST)

I still like do think of u as my MILF especially after the above........ Brilliant

I guess I said things your not supposed to say on a website called House Price Crash thats why I think it should now be called House Price Recovery.

I got some serious abuse tonight but I am thick skinned and will fight on for another day. I can give as good as I get

[mr slump]

I guess I said things your not supposed to say on a website called House Price Crash thats why I think it should now be called House Price Recovery.

its not a matter of what you say

you can say pink is blue if you can back it up

your problem is substance

you fail

you fail until you find me my bargain

[HERMY]

not if you don't like new builds

and thier crappy little squares of grass, horrible paper walls and windows looking straight through each others houses

not to mention they are so close togeth that even the streets are far too skinny

souless boxes

if its the best buy you awnt then by your logic its the cheapest

and therefore its some ex council crap

no thanks

now weres my pre 1960 character filled spacious bargain?

People die in 1960's housing quite often so auctions could be a good enough place to get one. Dont think we will see them in the Estate Agents Bargain Basement category though

Quite often you can get them with the persons furniture and personal belongings in them cos the families sometimes dont want to clear them out after death.

[Traktion]

Picked at random

Is this a bargain at say 150 ? ? ?

http://www.propertynews.com/brochure.php?r...=1&sort=h2l

what u think

A 3 bed semi is essentially a starter home for a would be family. At 220k, it's over 9 times the average NI salary, which is truly awful value for money. At 150k, it's still over 6 times the average NI salary, which is still far too expensive. 150k seems to be what many new build 3 bed semis are going for too.

The house I live in is now selling for 149k, with all the trimmings (best kitchen, bathroom etc) as they're still building and trying to sell them. When we moved in, they were 195k in basic spec. We rent it for £440 per month, which is about half of what it would cost for a 25 year repayment mortgage (even at current, low interest rates).

If the price fell to about 80k, after a 10% deposit, the mortgage repayments would about match the rental costs. £72k divided between 23k (iirc, about NI average salary), you get about 3.1x mortgage multiple, which sounds about right and close to the long term average. It also sounds like a debt which will be repayable and maintainable, even if economic circumstances change. Focusing on low interest rates remaining is a disaster waiting to happen.

This "they won't sell their house cheap" stuff is rubbish too - most people will be happy enough if the house their moving into is of similar value. Only people with second houses, investments and such who were relying on capital gains. Your average mortgage re-payer just wants a reasonable house, which they can afford to repay the mortgage on. Shrinking house prices makes buying a bigger house cheaper, which is of more importance to home owners.

People may chat about house prices, but I think much of it is vanity. Most people only own a single house and they won't sell it, because they want to live in it. While some may have withdrawn equity, thinking house price will 'only go up', many people just want to get the thing paid off. Families with young adult children would also quite likely want cheaper houses, so their children can afford to buy their own home.

This thread seems to be turning into a bull/troll feeding frenzy, just like the ones last week. I hope it improves.

[mr slump]

People die in 1960's housing quite often so auctions could be a good enough place to get one. Dont think we will see them in the Estate Agents Bargain Basement category though

Quite often you can get them with the persons furniture and personal belongings in them cos the families sometimes dont want to clear them out after death.

plenty of probate properties go through EAs

very few go to auction round here

hardly a big secret, been in quite a few

bid on a couple

hardly the point

not asking for advice on how to find one

you say there are bargains i want to see you produce them

you fail

[wayoutwest]

Thank you MISS JONES or MR JONES (AS PAUL SAID MAYBE HE IS REFERRING TO LAP DANCING POST)

I still like do think of u as my MILF especially after the above........ Brilliant

I guess I said things your not supposed to say on a website called House Price Crash thats why I think it should now be called House Price Recovery.

I got some serious abuse tonight but I am thick skinned and will fight on for another day. I can give as good as I get

I have to agree with some of what you say.

[HERMY]

plenty of probate properties go through EAs

very few go to auction round here

hardly a big secret, been in quite a few

bid on a couple

hardly the point

not asking for advice on how to find one

you say there are bargains i want to see you produce them

you fail

Mr Slump

I am not a property finder I will never find your perfect house only you can do that but watch and see........ Usually these probate houses can be sold through an EA however Solicitors and Sellers or inheritance people know that Estate Agents not doin a great job shifting them........ i will never find one in bangor cos i dont know it but check this out........ i think this is brilliant value maybe need a little work but nothing 10 - 20k wouldnt sort

http://www.propertynews.com/brochure.php?r...=1&sort=h2l

This is in an area I know. It is a decent area and a decent house in my eyes........ peak price would have been 250k plus

I know certain areas inside out and know a bargain when i see it.............. what u think........

i know you wont live there but they do exist so I would give myself a BIG PASS

SO THERE U GO

[HERMY]

I have to agree with some of what you say.

wayoutwest some times you got to read between the lines

Edited December 5, 2008 by HERMY

[mr slump]

Mr Slump

I am not a property finder I will never find your perfect house only you can do that but watch and see........ Usually these probate houses can be sold through an EA however Solicitors and Sellers or inheritance people know that Estate Agents not doin a great job shifting them........ i will never find one in bangor cos i dont know it but check this out........ i think this is brilliant value maybe need a little work but nothing 10 - 20k wouldnt sort

http://www.propertynews.com/brochure.php?r...=1&sort=h2l

This is in an area I know. It is a decent area and a decent house in my eyes........ peak price would have been 250k plus

I know certain areas inside out and know a bargain when i see it.............. what u think........

i know you wont live there but they do exist so I would give myself a BIG PASS

SO THERE U GO

not bad, but that house would not be that price in bangor yet

nowhere near

the capital value is £80k in good area of bangor it would about £100K ballyholme £120k

i'd say 15k for the work, needs new heating etc

I'd offer 75k on it

estimating with work to be £90, 10 over rv to allow for inflation

is a good price- for them -

but they'll be expecting 90k

the fact is my area (north down)

is wrong in the head

and its going to need to see some real fear + horror

before more than the small minority catch a grip and try and chase the

snake down, they don't seem to understand being ahead of the game and making a small loss

is better than hanging on and then having to lose more

I'd rather buy sooner than later just to be settled

but I don't want to settle for less than I'll get in 6-7 months

a year if need be

the time is not now

Edited December 5, 2008 by mr slump