House prices....

qwert_yuiop

tara747 wrote: »

So, house prices...?

....can only go down.
Wouldn't it be nice to know what that house down the road went for? There doesn't seem to be any accurate way of finding out.

Strangely, in 2 minutes on the computer, I can learn what my former neighbour in London got for his house.

saverbuyer

qwert_yuiop wrote: »

....can only go down.
Wouldn't it be nice to know what that house down the road went for? There doesn't seem to be any accurate way of finding out.

Strangely, in 2 minutes on the computer, I can learn what my former neighbour in London got for his house.

Yeah it is strange that we have no access to land Registry data. But typically NI is always an afterthought.

I agree the only way is down.

Lots to go for the big houses as these are most out of line with average earning and were massively fuelled by the credit bubble.

The lower end will be supported to some extent (albeit temporarily) by housing benefit. How long can that continue? Repo prices are probably where this market is at.

The gap between low and mid will continue to narrow. Already seeing RV-15% in BT9. Much further to go.

qwert_yuiop

saverbuyer wrote: »

Yeah it is strange that we have no access to land Registry data. But typically NI is always an afterthought.

I agree the only way is down.

Lots to go for the big houses as these are most out of line with average earning and were massively fuelled by the credit bubble.

The lower end will be supported to some extent (albeit temporarily) by housing benefit. How long can that continue? Repo prices are probably where this market is at.

The gap between low and mid will continue to narrow. Already seeing RV-15% in BT9. Much further to go.

Have you been down Agincourt Avenue recently? I wonder why it all, and the rest of the Holy land, seems to be for sale. I suspect forced sales of someone's empire, but it could be a general panic related to lower applications for Queen's - could they be that astute?

saverbuyer

qwert_yuiop wrote: »

Have you been down Agincourt Avenue recently? I wonder why it all, and the rest of the Holy land, seems to be for sale. I suspect forced sales of someone's empire, but it could be a general panic related to lower applications for Queen's - could they be that astute?

I think you're seeing lots going in the Holy Lands for a few reasons

1: Plenty of Southern "Investors" buying the place up with cheap Euro mortgages. They are now crippled. In my student days they were all owned by builders. We all know how that’s working out for them.

2: I know plenty who bought for their student sons and daughters for "free" accommodation and to pay the "pension". Too late. They'll never sell.

3: Plenty of people got caught up in the boom especially with the student/ up and coming areas. Look all around Queen's. Half the place is up for sale. No hope of selling.

4: The holy Lands is a sh*t hole. Pure and simple.

5: People used these BTL places as cash machines on the way up. Lots of remortgaging to pay for the sons fees.

6: Oh and the 4K fees. Nowhere is further than 1 1/2 hours on the bus.

It’s not even just here, Take a look at the Ormeau, Wellington Square, The embankment, Lisburn Road, Stranmillis, Malone. Half the place is up for sale.

tara747

What saverbuyer said.

Plus, university applications are way down on this time last year - 15% lower, in fact. It's getting messy for the Canny McSavvys... :cool:

A.L.D.A

saverbuyer wrote: »

I think you're seeing lots going in the Holy Lands for a few reasons

1: Plenty of Southern "Investors" buying the place up with cheap Euro mortgages. They are now crippled. In my student days they were all owned by builders. We all know how that’s working out for them.

2: I know plenty who bought for their student sons and daughters for "free" accommodation and to pay the "pension". Too late. They'll never sell.

3: Plenty of people got caught up in the boom especially with the student/ up and coming areas. Look all around Queen's. Half the place is up for sale. No hope of selling.

4: The holy Lands is a sh*t hole. Pure and simple.

5: People used these BTL places as cash machines on the way up. Lots of remortgaging to pay for the sons fees.

6: Oh and the 4K fees. Nowhere is further than 1 1/2 hours on the bus.

It’s not even just here, Take a look at the Ormeau, Wellington Square, The embankment, Lisburn Road, Stranmillis, Malone. Half the place is up for sale.

I agree, house prices in that area never made any real sense as a rental investment and many of the houses were poorly built and need a lot of expenditure on basic repairs. I have always advised people to give the area a miss.

With student fees I can see a sustained drop in student numbers, and many more living at home.

By the way if any students are reading this, consider going to Universities elsewhere (outside UK) to reduce tuition fees and also to gain wider experience. Why not go to Trinity for less?

wanchai_2

I definitely think that more students will live at home and drive/get the train or bus to Belfast or wherever their campus is. It's far too dear with the fees these days!!! :eek:

warmhands.coldheart

wanchai wrote: »

I definitely think that more students will live at home and drive/get the train or bus to Belfast or wherever their campus is. It's far too dear with the fees these days!!! :eek:

Just look around the Holylands, students are moving out and the Romanians are moving in!! for sale and to let signs all over the place....

saverbuyer

A.L.D.A wrote: »

I agree, house prices in that area never made any real sense as a rental investment and many of the houses were poorly built and need a lot of expenditure on basic repairs. I have always advised people to give the area a miss.

With student fees I can see a sustained drop in student numbers, and many more living at home.

By the way if any students are reading this, consider going to Universities elsewhere (outside UK) to reduce tuition fees and also to gain wider experience. Why not go to Trinity for less?

I would have said, purely on yield, that the student areas would have looked like great investments in 2000. Unfortunately 10 years later in 2011 we now have a macro environment in which we see tripling university costs and high inflation.

One could also say that you advising a client to "invest" now based on continued HB yields would be equally short-sighted.

I do agree about the looking further afield. The only thing is the high cost of living in Dublin. I also think for certain courses Queen’s is really excellent.

A.L.D.A

saverbuyer wrote: »

I would have said, purely on yield, that the student areas would have looked like great investments in 2000.

Not really, unless you wanted to be a slum landlord. The problem with students is they depart over the summer.

saverbuyer wrote: »

One could also say that you advising a client to "invest" now based on continued HB yields would be equally short-sighted.

I am merely telling you what some are doing, and they are not amateurs. It would seem they see low cost homes as the place to be. Time will tell if they are right. Some are serving a useful long term purpose by buying very poor houses and fixing them. They are taking the risk and I think we all gain.

saverbuyer wrote: »

I do agree about the looking further afield. The only thing is the high cost of living in Dublin. I also think for certain courses Queen’s is really excellent.

Cost of rents in Dublin have dropped and the bus return fare is cheap. Apparently there are also Universities in Holland and Germany that teach in English according to daughter. If the pupil has good language skills they should give consideration to some of the European Universities generally. And then there is Scotland!