Where in belfast area for first time buyer?

The_Equalizer_3

No problem. There may well be money to be made yet, but the simple fact is that the figures don't add up. It's like playing the Lottery - yes there are winners, but on the whole most people will loose out.

Unfortunately, Northern Ireland has a high property snob factor. Renting is seen as a lower class, which makes me laugh. I know how long it takes to save cash so I'll not be throwing it at this smoke and mirrors scheme of forever win.

I'll repeat my simple statement. Can someone explain using real figures, how btl is any kind of sensible long term investment in Northern Ireland right now? It's like buying a business that's loosing money, but hoping that you can sell it at a higher price to someone else that thinks it's going to increase in value. It works for a while then suddenly everyone wises up.

The_Equalizer_3

There’s also a little mooted argument that is deeply unfashionable, but property speculation at it’s current level is about making money at vast cost to the next man. It’s amazing the outcry when fuel costs rise and imagine the upset if people started doing the same with food! But for some reason it’s seen as different with the housing stock. Also, speculative building is particularly bad looking. Most of it’s the equivalent of Tescos’ own brand.

The_Equalizer_3

Well I never. Sense at last from the Tele (and how strange it's not from Helen Carson):

Disenfranchised in housing

jetboy

you are quite correct..BTL figures no longer add up. That was my point several pages ago. This is where I see the market correction taking place. That doesn't necessarily mean a price crash. The BTL pandemic is done. There axle of this bandwagon is creaking and I see those with money to invest looking at other possibilites. Hopefully this will cool down the nonsense bidding going on and let more ftb's on the ladder.

fredy34

jetboy wrote:

you are quite correct..BTL figures no longer add up. That was my point several pages ago. This is where I see the market correction taking place. That doesn't necessarily mean a price crash. The BTL pandemic is done. There axle of this bandwagon is creaking and I see those with money to invest looking at other possibilites. Hopefully this will cool down the nonsense bidding going on and let more ftb's on the ladder.

BTL is a nightmare now. I looked into this about six months ago and found that only in parts of west/north belfast could i buy a house and actually break even. People are still doing it though in the hope that long term it will pay off, good luck!

Pythagorous

mirakl wrote: »

There's as much chance of a negative equity trap happening in this situation as there is of my pet doing becoming Northern Ireland's First Minister.

Found this old thread. Reading some comments in hindsight just shows how disillusioned some of us were!

mypie

Pythagorous wrote: »

Found this old thread. Reading some comments in hindsight just shows how disillusioned some of us were!

too true.

We have just sale agreed on a house and I am only too glad we weren't in the position to buy in 2006/07 as we would have paid prob 30% more.

caz2703

Hindsight is a great thing! My hubby bought our house 3 years ago at approx £170K. A lot of work needed done to it hence it was a lot less than others in the same area selling at £230K. Now, 3 years later, houses nearby have sold for £140K. We were lucky that the house was bought well under market value but no matter what, our mortgage is more than the value of the house, if we sell we'll be in negative equity but what can you do?