House Buying Advice - Belfast

funkey_monkey

saverbuyer wrote: »

The cost of house ownership isn't just the mortgage payment. There are many many other costs to ownership.

The opportunity costs of buying the house with your 180K is going to be around £600 per month (more if invested well). Does your share room cost £600 per month?

I’m not saying don’t buy but be prepared for further falls. You’ve worked hard no doubt to save that money – why throw it away when effectively your savings interest pays the rent.

My room share cost me £270pcm inc bills. However, the place is not as sociable or friendly as I would like so I I am not going to make myself miserable to save some money.

funkey_monkey

steveymp wrote: »

Indeed you are, I sold last year and bought this year after renting for 11 months, having a large cash deposit and no chain certainly helped us.

I'd be shocked if you needed a mortgage with that size of a wad to be honest, I got a 4 bed detached, completely renovated, new kitchen, Bathrooms, floor coverings and internal and external doors, with massive private, south facing garden for 130,000 in March. It was still a few quid over the rateable value, but OH loved it and it was perfect location for work, schools and kids friends. I know it is worth less now, but I intend it to be my box home so its value is irrelevant to me

I take it you're not in Belfast with that deal!

leftieM

I saw this on Property News. It is a good house in a good area that was not flooded during the June Monsoon. I know it's mixed and the transport links are really great.

wanchai_2

At last, some clarity on the NI housing market and a reliable statistical report!

7% fall in the first 3 months of this year alone, WOO HOO : beer:

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http://www.dfpni.gov.uk/lps/statistics-and-research-publications.htm

Subject: DFP News Release - NORTHERN IRELAND RESIDENTIAL PROPERTY PRICE INDEX - NEW PUBLICATION - WILSON

DEPARTMENT OF FINANCE AND PERSONNEL

23 May 2012

Northern Ireland Residential Property Price Index - New publication - Wilson

Finance Minister Sammy Wilson today welcomed a new Official Statistics publication that will provide a benchmark for the performance of the residential property market in Northern Ireland, using information on all sales from Land & Property Services and HMRC data sources.

The new Northern Ireland Residential Property Price Index (NI RPPI) is produced by Land & Property Services in conjunction with the Northern Ireland Statistics & Research Agency and will be published on a quarterly basis.

The NI RPPI will provide all those interested in the local housing market with Northern Ireland specific information on the change in residential property prices.

Sammy Wilson said: “Given the current difficult economic climate this new Residential Property Price Index will provide valuable information on a regular basis about our local property market.

“These statistics include analysis of the first three months of this year and show that residential prices have continued to fall, with an overall 7% in the first quarter of 2012.

“The Index also clearly shows that the rapid house price inflation which occurred between 2005 and 2007, when property prices nearly doubled, has now been rebalanced with house prices typically returning to pre 2005 levels. Whilst I appreciate the concern of some who purchased at the peak of the market, it is good news now for first time purchasers and those wishing to move up in a much more affordable housing market in Northern Ireland.”

The NI RPPI has been developed using recognised methodologies, and using the most complete and accurate data available on all property sales in Northern Ireland. The housing market analysis will be based on data relating to house sales on the open market in Northern Ireland from 1 January 2005 onwards. It is produced to the Code of Practice for Official Statistics standards.

Notes to editors:

1. Northern Ireland Residential Property Price Index (NI RPPI) was published on 23 May 2012 and can be access via the LPS section of the DFP website: http://www.dfpni.gov...ublications.htm

2. The NI RPPI provides information covering the period 2005 to date.

3. The NI RPPI provides information across a range of types of properties and geographical areas.

4. The statistics are produced in compliance with the Code of Practice for Official Statistics standards ensuring that they are produced to high professional standards and free from political interference.


This is an automated distribution service - please do not reply to this email address.

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Forwarded message

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From: <EIS.Newsservice@ofmdfmni.gov.uk>
To: <EIS.Newsservice@ofmdfmni.gov.uk>
Cc:
Date: Wed, 23 May 2012 09:38:41 +0100
Subject: DFP News Release - STATISTICS PRESS NOTICE - NORTHERN IRELAND RESIDENTIAL PROPERTY PRICE INDEX: QUARTER 1 - 2012

DEPARTMENT OF FINANCE AND PERSONNEL

23 May 2012

Northern Ireland Residential Property Price Index: Quarter 1 - 2012

The Land & Property Services, assisted by the Northern Ireland Statistics & Research Agency, today released the first Residential Property Price Index report for Northern Ireland.

The Index measures change in the price of residential property sold in Northern Ireland. The Index uses stamp duty information on residential property sales recorded by Her Majesty’s Revenue & Customs.

Results from the report show that:
over the 12 months from the first quarter of 2011 to the first quarter of 2012, prices of residential property sold fell by 13%;
between the last three months of 2011 and the first three months of 2012, prices of residential property sold fell by 7%;
looking further back the Residential Property Price Index for Northern Ireland peaked in the third quarter of 2007 (July – September 2007);
prices of residential property sold today are now just under half of their peak value; and
whilst sales prices are falling, the overall number of properties sold is increasing. Around 2,600 verified residential Northern Ireland properties were recorded by Her Majesty’s Revenue & Customs in the first quarter of 2012. This is a 9% increase over the number recorded in the first quarter of 2011.

Notes to editors:

1. This is a new official statistics publication. The Northern Ireland Residential Property Price Index is a quarterly index and will be published in February, May, August and November each year, around eight weeks after the end of each quarter.

2. Results for the second quarter of 2012 will be published on 22 August 2012.

3. The detailed statistics report is available at: http://www.dfpni.gov...eIndex/hpi.html. Further statistics by area and property type (detached, semi-detached, terraced, apartment) are available on the website.

4. The contents of this report will be of interest to government policy makers, Members of the Legislative Assembly, the business community, property professionals, economic commentators, academics and members of the general public with an interest in the NI residential property market.

5. The statistics are based on property sales recorded by Her Majesty’s Revenues & Customs. Under statute all property transactions must be notified to HMRC for stamp duty purposes, excepting a small number of transfers which are exempt from duty (e.g. property transfer due to probate, divorce etc.).

6. The performance of the residential property market is measured using the price of a standardised property. A detailed paper on the methodology used is available on the LPS/NISRA websites at: http://www.dfpni.gov...eIndex/hpi.html

7. As this is the first release, users’ comments or any issues relating to the statistics are particularly welcomed and encouraged. Responses should be addressed to:

wanchai_2

p.s. sorry that I missed this, was busy with wedding stuff

steveymp

funkey_monkey wrote: »

I take it you're not in Belfast with that deal!

Ahh no… and no offense to the big smoke residents, but you would need to pay me to live there :rotfl:The world doesn't end at Glengormley… honest :rotfl:

I know a lot of people are stuck with no alternative due to work and family etc… but prices in Belfast are also dropping drastically. If you find the home you love and intend to be there for a while, go for it is what I say, and don't be afraid or shy when it comes to making cash offers well below asking price.

funkey_monkey

wanchai wrote: »

p.s. sorry that I missed this, was busy with wedding stuff

I think the next report is already out - 22nd Aug. It was down by a further 3%.:beer: :T

funkey_monkey

steveymp wrote: »

Ahh no… and no offense to the big smoke residents, but you would need to pay me to live there :rotfl:The world doesn't end at Glengormley… honest :rotfl:

I know a lot of people are stuck with no alternative due to work and family etc… but prices in Belfast are also dropping drastically. If you find the home you love and intend to be there for a while, go for it is what I say, and don't be afraid or shy when it comes to making cash offers well below asking price.

Yes, my situation is that I have to be in Belfast for work reasons. Otherwise, it would be easier for me to buy at home. The commute would be the killer for me. At present I've got a 10 minute cycle into work on the towpath. If my commute stretched out to 30 minutes I would be as well living at home and driving for the extra 45 minutes.

wanchai_2

funkey_monkey wrote: »

I think the next report is already out - 22nd Aug. It was down by a further 3%.:beer: :T

Just realised that today! :beer::beer::beer::beer:

funkey_monkey wrote: »

Yes, my situation is that I have to be in Belfast for work reasons. Otherwise, it would be easier for me to buy at home. The commute would be the killer for me. At present I've got a 10 minute cycle into work on the towpath. If my commute stretched out to 30 minutes I would be as well living at home and driving for the extra 45 minutes.

Same here... :cool:

funkey_monkey

Is there much stock in 3 bed detached in S/SE Belfast? I've looked at a few but they are mostly out beside FourWinds. A nice area, but I'd prefer to be slightly closer to the city centre.

Looking to get a detached as it will hopefully negate most of the issues with neighbours (i.e. noise).