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  • FIRST POST
    • funkey_monkey
    • By funkey_monkey 24th Feb 17, 10:10 PM
    • 286Posts
    • 24Thanks
    funkey_monkey
    Renting vs buying in 2017
    • #1
    • 24th Feb 17, 10:10 PM
    Renting vs buying in 2017 24th Feb 17 at 10:10 PM
    Hi,

    I've been looking at purchasing a property a number of times, but due to fear and then job security woes (which ended with being made redundant) I have never yet bought.

    I'm now thankfully back in work but just renting a room with a friend whilst I get back on my feet again.

    I'm now looking to move onwards into my own place. I've been looking to rent somewhere in Belfast (I work in the city centre) but I've found that the rental prices make a mortgage a cheaper option for me. (got ~£120k set aside for a place).

    I'm just wondering with Trump, Brexit, folk on the hill, etc where is our property market going - especially in Belfast.

    Am I best to go and rent for 6 - 12 months (costing approx £4,800 in rent - assuming £800pcm for a decent city centre apartment rented for 6 months - although it will more likely be a 12month contract which relieve me of £9,600) or should I start now looking for a property to purchase?

    I'm a single person. I would be looking in S/SE Belfast - as being an ex uni student its the only area I know in the city where I'd be comfortable enough to drop anchor and >£150,000.

    What is currently happening on our local market - are they going above/below asking? Staying on long? Bidding wars?

    I've read that a shortage of supply is maintaining high prices. However, with the uncertainity of Brexit looming in the distance is there any scope for a downturn? I'm aware though that the BoE gov has recently upgraded his outlook on Brexit effects.

    So should I rent or buy?
Page 8
    • motorguy
    • By motorguy 9th Nov 17, 8:28 AM
    • 15,673 Posts
    • 8,983 Thanks
    motorguy
    Carrick, but I got the date wrong... think it was actually 2013/14:
    http://www.rightmove.co.uk/property-for-sale/property-38188811.html
    Went to auction, with a guide price of 275k, iirc...
    Originally posted by RikM


    Thats mad for the size of the house.
    You are not special. You are not a beautiful and unique snowflake.
    • qwert yuiop
    • By qwert yuiop 9th Nov 17, 8:43 AM
    • 2,096 Posts
    • 1,216 Thanks
    qwert yuiop
    Didsbury....
    Originally posted by motorguy
    That’s the wealthy area, isn’t it? A bit cultra/ helens bay/craigavad?

    Not oldham anyway.
    Last edited by qwert yuiop; 09-11-2017 at 8:46 AM.
    • ballyblack
    • By ballyblack 9th Nov 17, 8:50 AM
    • 3,438 Posts
    • 1,768 Thanks
    ballyblack
    Northern Ireland house prices 'could rise even further'

    https://www.belfasttelegraph.co.uk/business/northern-ireland/northern-ireland-house-prices-could-rise-even-further-36302105.html
    • qwert yuiop
    • By qwert yuiop 9th Nov 17, 9:34 AM
    • 2,096 Posts
    • 1,216 Thanks
    qwert yuiop
    Says an estate agent. In other news, barber tells man he needs a haircut.
    • motorguy
    • By motorguy 9th Nov 17, 9:51 AM
    • 15,673 Posts
    • 8,983 Thanks
    motorguy
    Thatís the wealthy area, isnít it? A bit cultra/ helens bay/craigavad?

    Not oldham anyway.
    Originally posted by qwert yuiop
    Yes, absolutely. Conversely you could buy a semi detached in Gorton for £100,000. Massive price swings depending on area.

    Didsbury apparently varies greatly even between East and West Didsbury and also even a particular street can cost significantly more than one next to it for a seemingly similar house.

    Theres a semi for sale in Didsbury at the minute asking for "offers over £1 million"

    http://www.rightmove.co.uk/property-for-sale/property-49876113.html

    Seems nuts to me, but puts prices in Northern Ireland in perspective i guess - wages here arent that much higher either. Maybe 25% tops in the areas i'm engaging with.
    You are not special. You are not a beautiful and unique snowflake.
    • motorguy
    • By motorguy 9th Nov 17, 9:52 AM
    • 15,673 Posts
    • 8,983 Thanks
    motorguy
    Says an estate agent. In other news, barber tells man he needs a haircut.
    Originally posted by qwert yuiop
    Yes, its not like they have a vested interest in drumming up sales / prices increasing or anything.
    You are not special. You are not a beautiful and unique snowflake.
    • qwert yuiop
    • By qwert yuiop 9th Nov 17, 11:41 AM
    • 2,096 Posts
    • 1,216 Thanks
    qwert yuiop
    Yes, absolutely. Conversely you could buy a semi detached in Gorton for £100,000. Massive price swings depending on area.

    Didsbury apparently varies greatly even between East and West Didsbury and also even a particular street can cost significantly more than one next to it for a seemingly similar house.

    Theres a semi for sale in Didsbury at the minute asking for "offers over £1 million"

    http://www.rightmove.co.uk/property-for-sale/property-49876113.html

    Seems nuts to me, but puts prices in Northern Ireland in perspective i guess - wages here arent that much higher either. Maybe 25% tops in the areas i'm engaging with.
    Originally posted by motorguy
    And not a sea view anywhere.

    Yes that is nuts.
    Last edited by qwert yuiop; 09-11-2017 at 1:42 PM.
    • qwert yuiop
    • By qwert yuiop 11th Nov 17, 11:38 AM
    • 2,096 Posts
    • 1,216 Thanks
    qwert yuiop
    wages here arent that much higher either. Maybe 25% tops in the areas i'm engaging with.
    Originally posted by motorguy
    It must be those City and United players.
    • saverbuyer
    • By saverbuyer 12th Nov 17, 9:58 AM
    • 2,459 Posts
    • 1,408 Thanks
    saverbuyer
    Yes, absolutely. Conversely you could buy a semi detached in Gorton for £100,000. Massive price swings depending on area.

    Didsbury apparently varies greatly even between East and West Didsbury and also even a particular street can cost significantly more than one next to it for a seemingly similar house.

    Theres a semi for sale in Didsbury at the minute asking for "offers over £1 million"

    http://www.rightmove.co.uk/property-for-sale/property-49876113.html

    Seems nuts to me, but puts prices in Northern Ireland in perspective i guess - wages here arent that much higher either. Maybe 25% tops in the areas i'm engaging with.
    Originally posted by motorguy
    So Manchester is like Belfast then. A semi about that size up from me "sold" for 750k a few weeks back. Belfast has equally mental areas. Bubblicious.
    • funkey_monkey
    • By funkey_monkey 14th Nov 17, 2:06 PM
    • 286 Posts
    • 24 Thanks
    funkey_monkey
    Expected a bit more chat on here since NIRPPI is stating 6%yoy increasing.
    • RikM
    • By RikM 15th Nov 17, 3:52 PM
    • 566 Posts
    • 301 Thanks
    RikM
    For, ahem, contrast...
    http://www.rightmove.co.uk/property-for-sale/property-51620616.html?utm_content=v2-ealertspropertyimage&utm_medium=email&utm_source=e mailupdates&utm_campaign=emailupdates1day&utm_term =buying&sc_id=23977624&onetime_FromEmail=true
    • saverbuyer
    • By saverbuyer 15th Nov 17, 5:03 PM
    • 2,459 Posts
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    saverbuyer
    Hackney prices look to be dropping.
    • motorguy
    • By motorguy 15th Nov 17, 6:19 PM
    • 15,673 Posts
    • 8,983 Thanks
    motorguy
    So Manchester is like Belfast then. A semi about that size up from me "sold" for 750k a few weeks back. Belfast has equally mental areas. Bubblicious.
    Originally posted by saverbuyer
    I guess all main cities have their "areas".

    Crazy money...
    You are not special. You are not a beautiful and unique snowflake.
    • Tammykitty
    • By Tammykitty 16th Nov 17, 2:38 PM
    • 534 Posts
    • 1,156 Thanks
    Tammykitty
    Yes, absolutely. Conversely you could buy a semi detached in Gorton for £100,000. Massive price swings depending on area.

    Didsbury apparently varies greatly even between East and West Didsbury and also even a particular street can cost significantly more than one next to it for a seemingly similar house.

    Theres a semi for sale in Didsbury at the minute asking for "offers over £1 million"

    http://www.rightmove.co.uk/property-for-sale/property-49876113.html

    Seems nuts to me, but puts prices in Northern Ireland in perspective i guess - wages here arent that much higher either. Maybe 25% tops in the areas i'm engaging with.
    Originally posted by motorguy

    In my experience wages are a lot higher


    In my field (Accountancy) Graduatate schemes in England pay £20k+, whereas its around £14k in Northern Ireland.


    Same for experienced accountants in business - about £35k in NI and possibly £50k in England.


    Even 25% wages increase is very significant - a wage of £30k in NI would be equivalent to £37.5k in Manchester - and the cost of living (other than housing) isn't much different - in fact I find England can be a lot cheaper for a lot of things. For a yound person living a home or house sharing - that extra £7.5k per year, should be an extra £7.5k saved, meaning its much quicker to build up a deposit.


    For comparisons - there are 4 bed semi detached new builds for sale for £500k in Holywood


    https://www.propertypal.com/28-alexandra-park-holywood/475478
    Last edited by Tammykitty; 16-11-2017 at 2:43 PM.
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    • guiriman
    • By guiriman 16th Nov 17, 2:44 PM
    • 353 Posts
    • 205 Thanks
    guiriman
    In my field (Accountancy) Graduatate schemes in England pay £20k+, whereas its around £14k in Northern Ireland.
    Originally posted by Tammykitty
    When I was leaving university (2001) there were some graduate schemes in London offering £35k starting salary for CIMA, highest paying in NI was £15.5k
    • motorguy
    • By motorguy 16th Nov 17, 3:44 PM
    • 15,673 Posts
    • 8,983 Thanks
    motorguy
    In my experience wages are a lot higher


    In my field (Accountancy) Graduatate schemes in England pay £20k+, whereas its around £14k in Northern Ireland.


    Same for experienced accountants in business - about £35k in NI and possibly £50k in England.


    Even 25% wages increase is very significant - a wage of £30k in NI would be equivalent to £37.5k in Manchester - and the cost of living (other than housing) isn't much different - in fact I find England can be a lot cheaper for a lot of things. For a yound person living a home or house sharing - that extra £7.5k per year, should be an extra £7.5k saved, meaning its much quicker to build up a deposit.


    For comparisons - there are 4 bed semi detached new builds for sale for £500k in Holywood


    https://www.propertypal.com/28-alexandra-park-holywood/475478
    Originally posted by Tammykitty
    I'm not in disagreement with you in any of that, and i did say in the area i am engaging with here in Manchester.

    It was just an observation of what i'm seeing / hearing around the office here.
    You are not special. You are not a beautiful and unique snowflake.
    • saverbuyer
    • By saverbuyer 16th Nov 17, 4:49 PM
    • 2,459 Posts
    • 1,408 Thanks
    saverbuyer
    I'm not in disagreement with you in any of that, and i did say in the area i am engaging with here in Manchester.

    It was just an observation of what i'm seeing / hearing around the office here.
    Originally posted by motorguy
    You should tell the ones around the office the Belfast market is mental. A semi sold for 750k and the wages are 25% lower there. Show them the link below and tell them it actually sold so puts Manchester prices in perspective.

    https://www.propertypal.com/verona-6-deramore-drive-malone-road-belfast/366641/photo-6
    • motorguy
    • By motorguy 17th Nov 17, 9:55 AM
    • 15,673 Posts
    • 8,983 Thanks
    motorguy
    You should tell the ones around the office the Belfast market is mental. A semi sold for 750k and the wages are 25% lower there. Show them the link below and tell them it actually sold so puts Manchester prices in perspective.

    https://www.propertypal.com/verona-6-deramore-drive-malone-road-belfast/366641/photo-6
    Originally posted by saverbuyer
    Yes, as i said earlier it does seem that all major cities have their hotspots for pricing - even Belfast it seems.

    I guess with Greater Manchester those hotspots are more prevalent and stretch out further from the city centre given the sheer size of the area (something like 2.6m people now).

    I wouldnt like to have to pay £500,000+ for a semi detached anywhere (let alone in Belfast) and fortunately here in NI you can buy something an awful lot better / bigger for less outside the capital city.
    You are not special. You are not a beautiful and unique snowflake.
    • saverbuyer
    • By saverbuyer 17th Nov 17, 1:21 PM
    • 2,459 Posts
    • 1,408 Thanks
    saverbuyer

    I wouldnt like to have to pay £500,000+ for a semi detached anywhere (let alone in Belfast) and fortunately here in NI you can buy something an awful lot better / bigger for less outside the capital city.
    Originally posted by motorguy
    That's very true. But the majority of jobs are in greater Belfast. For me, I'd rather sink an extra 300k and see the kids an extra 1-2 hours a day times 2 parents. Well worth it.
    • motorguy
    • By motorguy 17th Nov 17, 6:53 PM
    • 15,673 Posts
    • 8,983 Thanks
    motorguy
    That's very true. But the majority of jobs are in greater Belfast. For me, I'd rather sink an extra 300k and see the kids an extra 1-2 hours a day times 2 parents. Well worth it.
    Originally posted by saverbuyer
    Indeed. If you've children still living at home and your job role is in Belfast i can see why that would be a constraint

    Fortunately neither applies to my wife and i so all good.

    Happy to neither have to commute to nor live in Belfast however that's just what works for us and our lifestyle choices.
    Last edited by motorguy; 17-11-2017 at 9:30 PM.
    You are not special. You are not a beautiful and unique snowflake.
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