new development is now wrong time to buy in Northern Ireland

Rainmaker_uk

tara747 wrote: »

Rents are definitely not going up lol. There is a massive oversupply of houses for sale and to let.

Asking rents may be going up but this is just optimism. We are paying less than last year in the same house, just negotiated down!

That may be the case in NI but in England rents are going through the roof.

steveymp

warmhands.coldheart wrote: »

On BBC Website today... Interesting though Rents are apparently going up..... Wonder if this is only in Belfast.... Certainly no shortage of housing around Craigavon!!

Yeah but there is a good reason for that:rotfl:

I'm only Sleeegin;) Rents are on the up, due to demand, I know a lot of people who sold out and moved to rent in the past 2 years, I only wish I had been as on the ball as them:o They are waiting for the market to bottom out and most of them have the full cash price for a new home when the price is right due to selling their previous home at a nice price:o Young people and the lack of mortgages have also driven up rent, this will only increase the buy to let squad swooping for more and more cheap and repossessed properties:o

tara747

steveymp wrote: »

Yeah but there is a good reason for that:rotfl:

I'm only Sleeegin;) Rents are on the up, due to demand, I know a lot of people who sold out and moved to rent in the past 2 years, I only wish I had been as on the ball as them:o They are waiting for the market to bottom out and most of them have the full cash price for a new home when the price is right due to selling their previous home at a nice price:o Young people and the lack of mortgages have also driven up rent, this will only increase the buy to let squad swooping for more and more cheap and repossessed properties:o

:rotfl::rotfl::rotfl:

Did you actually read the latest house price survey? Rents are going dooooown.

Don't forget all those accidental landlords who couldn't sell and have rented out their old place 'till the market recovers'. About 2025 then? :rotfl: Meanwhile they are responsible for two mortgages and likely in double negative equity. :eek:

p.s. your BTL claim is pure comedy!

facingthefuture

http://www.thepropertypin.com/

steveymp

tara747 wrote: »

:rotfl::rotfl::rotfl:

Did you actually read the latest house price survey? Rents are going dooooown.

Don't forget all those accidental landlords who couldn't sell and have rented out their old place 'till the market recovers'. About 2025 then? :rotfl: Meanwhile they are responsible for two mortgages and likely in double negative equity. :eek:

p.s. your BTL claim is pure comedy!

Glad to see I've brightened someone's day:rotfl:

But I do speak from personal experience, I am trying to sell for the past year, not much hope of selling now:o I have been enquiring as to rental prices over the year should by some miracle my house sold, rental prices for the type of property I wish to rent have gone up:o

I have also been interested in about 7 properties on the local market which were repossessions, the agents would not sell to me as I had a house to sell, they told me personally they were selling repo's to investors for cash to rent out. All 7 properties are now owned and furnished and 6 of them occupied:o

I am talking from actual personal experience in my area so please do not come on here quoting "Surveys" and dismissing other people like something you have trod on;)

facingthefuture

I can see house prices falling DRAMATICALLY...and of course rents will fall too.
In my crystal ball I see the euro going t@ts up, stock prices falling through the floor and a 1930's style depression...not a recession.

On the plus side it will mean our spoilt children who think life sucks if they don't have an iphone, will learn to be less selfish. Gardens will become sources of much needed food, we will recycle a hell of a lot more.

It won't be nice to go back to (I am a 60's child) but heck life is what you make of it.

All the fault of the banksters. You know if I stole £100 I would do time, they have stolen billions, impoverish all of us including future grandchildren...and they get a mega bonus. Why? Can we do anything about it?

tara747

facingthefuture wrote: »

http://www.thepropertypin.com/

Brilliant site, absolutely essential reading.

steveymp wrote: »

Glad to see I've brightened someone's day:rotfl:

But I do speak from personal experience, I am trying to sell for the past year, not much hope of selling now:o I have been enquiring as to rental prices over the year should by some miracle my house sold, rental prices for the type of property I wish to rent have gone up:o

I have also been interested in about 7 properties on the local market which were repossessions, the agents would not sell to me as I had a house to sell, they told me personally they were selling repo's to investors for cash to rent out. All 7 properties are now owned and furnished and 6 of them occupied:o

I am talking from actual personal experience in my area so please do not come on here quoting "Surveys" and dismissing other people like something you have trod on;)

Firstly, I didn't dismiss you. I merely laughed at your claims as there is nothing to back them up other than a sample of 7 repos.

Secondly, good luck selling and finding the right place to rent.

facingthefuture

Really, I wish everyone here well. Many are trapped in negative equity, debt or have seen their pensions all but disappear. It makes us worried, irrate and sometimes comments can be read more 'sharply' than intended. To be honest, at least we still have an NHS here, imagine being in a difficult situation in the US and having no private healthcare/house to sell.I only hope the politicians do not privatise it by the back door (ppi's etc) and we all keep a watch for this creeping privatisation.

To the original poster, just protect to the best of your abilities what you have and avoid debt if you can (I know first hand it's so hard to escape). Lower your exposure, if you can sell your house to achieve this then great. How to store money safely at the moment is anyones guess - the price of gold reflects this. No-one knows the answers but I can't help feeling there is a small group of 'elite' money men who have decided to take down the euro and possibly sterling. They have done it before and they just get richer. The names of some of these guys are well known, their control of the money markets is sadly breath taking.

x12yhp

Why do we feel sorry for those in big debt and negative equity? What about those of us who were prudent and have been left in the same 'limbo-land' thanks to those less prudent who forced the market upwards!? A bit of perspective is required. Whilst the OP doesn't seem to have been wreckless, many of those who now suffer the most are the ones who spent way more than they could afford and who enjoyed years of foreign holidays and new cars.

facingthefuture

x12yhp I understand what you are saying, it's a fair point. In our own case we incurred debt through doing work for people then not getting paid (we still had to pay our suppliers for their goods). Frankly I almost wish it had of been enjoyed in a holiday or new car. Still, we pay what we owe and will work hard to do so. Thankfully our being careful over the years has helped.
It does make me think that people can have debts for lots of reasonable reasons eg. a friend went in to debt recently to pay for a wheelchair for her son, an aunt spent her money on getting an op because the pain was unbearable and she just couldn't queue any longer. It's just too easy to judge, you don't know the backgrounds and sure some went crazy, others may have just been unlucky.
As for negative equity, I do feel sorry for people. I lived in London during the last crash (black Monday) and went to work by tube until I got sick of people jumping in front of them. Inevitably there were tales of negative equity behind them and often distraught children and parents left behind. So yes, people may have been foolish but my goodness the despair and havoc it can wreak on families is painful. Honestly, I ended up walking from Camden to Oxford Circus every morning instead.