Any other home buyers in NI?

tommie

GlynD wrote: »

The estate agents are saying it's bottomed out

an ideal opportunity for first timers to get on the property ladder.

If there was a prize for the worst piece of advice to give a young couple starting out then you win hands down, no arguments there..

total, total tosh on both counts,

and if you believe theres still a "property ladder" in the present housing market then you`re in cookoo land,

thats the sort of advice that sends many a family into negative equity these times,

believe me there will be plenty of repos and auctions to choose from in 2013, you`ll find value there

If you`re buying now take rateable/capital value less 20% as a guide

saverbuyer

If anyone can point me in the direction of one piece of evidence to suggest prices are bottoming I'll eat my hat.

I'm saving a deposit, looking around 30-40%. Can't see the falls stopping for at least 3 years. All good news for N.I.

Did anyone else see the Craigavon area dropped 18% in the last 12 months?

Forget about the EAs, they talk crap. As others say, they have been pointing to the bottom for 5 years. They got it spectacularly wrong.
Looks are Reeds Rains U turn; they can't wait to shut all their branches here.

warmhands.coldheart

The problem we have now in Northern Ireland is quite a complicated one. We are a very small piece of land in the grand scale of things and have a lot of properties which changed hands at massively inflated prices. We now also have a lot of Reposessions being Sold and Auctioned at massively knocked down prices. This in turn has made genuine sellers have to drop their prices a lot but they will never drop them below what they believe to be "reasonable". In a way it's like we have two different housing markets at the moment. The reposession housing market and the genuine upsizing/downsizing market. I suppose at the end of the day it all comes down to affordability. It doesn't really matter what the price the house you buy is, it a case of do you think it's a realistic and fair priceand can you afford it. Yeah you'll get loads repossessed houses at knock down prices, but how many are in a really lovely area where you would want to live or are not only half built.

saverbuyer

warmhands.coldheart wrote: »

The problem we have now in Northern Ireland is quite a complicated one. We are a very small piece of land in the grand scale of things and have a lot of properties which changed hands at massively inflated prices. We now also have a lot of Reposessions being Sold and Auctioned at massively knocked down prices. This in turn has made genuine sellers have to drop their prices a lot but they will never drop them below what they believe to be "reasonable". In a way it's like we have two different housing markets at the moment. The reposession housing market and the genuine upsizing/downsizing market. I suppose at the end of the day it all comes down to affordability. It doesn't really matter what the price the house you buy is, it a case of do you think it's a realistic and fair priceand can you afford it. Yeah you'll get loads repossessed houses at knock down prices, but how many are in a really lovely area where you would want to live or are not only half built.

If my area is typical (South Belfast) then there are plenty of repos in really good areas where people want to live. Prices are still down 55%. The thing is repos are a part of the market and always have been. Like you say, if people don't need to move they won't, but then they aren't really "real" sellers then. They are kite flyers. The market will move on without them.

There mustn't bee too many of those properties selling at massively inflated prices, because the average is still close to £90K.

I know people don't always have to sell, but then lots of people do. Thank God the banks usually won't lend on houses selling at over RV. People are protected from their own madness. People will borrow to the max to get the “dream” house. 2000 onwards has shown us that.

warmhands.coldheart

saverbuyer wrote: »

If my area is typical (South Belfast) then there are plenty of repos in really good areas where people want to live.

Wouldn't say the Holylands is a good area ?????? :rotfl::rotfl::rotfl:

saverbuyer

warmhands.coldheart wrote: »

Wouldn't say the Holylands is a good area ?????? :rotfl::rotfl::rotfl:

lol.:rotfl:Depends on what you're in to. If it's buckfast and white lightening...

Seriously though, I'm surprised at how many houses I've viewed off Malone/Lisburn Road and Lower Stranmillis that turn out to be repossessions. The EAs don't usually post it on the property sites, I think they should, would certainly drum up interest.

KiwiCoop

tommie wrote: »

If there was a prize for the worst piece of advice to give a young couple starting out then you win hands down, no arguments there..

total, total tosh on both counts,

and if you believe theres still a "property ladder" in the present housing market then you`re in cookoo land,

thats the sort of advice that sends many a family into negative equity these times,

believe me there will be plenty of repos and auctions to choose from in 2013, you`ll find value there

If you`re buying now take rateable/capital value less 20% as a guide

So the suggestion that there are opportunities is tosh yet there's value to be had in 2013? Helpful post that.

Don't know why advertising a property as being repossessed would change anything, the price is the price. I prefer buying through a private vendor than a receiver myself, it's not what it's cracked up to be. Auction is best as long as you fix your bid limit and do prior due diligence.

Do your research and back your own judgement. If the numbers work, go with it. Rest assured, if you wait for forums, friends, media, surveys etc to tell you it's a good time to buy you've missed the bottom.

tara747

warmhands.coldheart wrote: »

The problem we have now in Northern Ireland is quite a complicated one. We are a very small piece of land in the grand scale of things and have a lot of properties which changed hands at massively inflated prices. We now also have a lot of Reposessions being Sold and Auctioned at massively knocked down prices. This in turn has made genuine sellers have to drop their prices a lot but they will never drop them below what they believe to be "reasonable". In a way it's like we have two different housing markets at the moment. The reposession housing market and the genuine upsizing/downsizing market. I suppose at the end of the day it all comes down to affordability. It doesn't really matter what the price the house you buy is, it a case of do you think it's a realistic and fair priceand can you afford it. Yeah you'll get loads repossessed houses at knock down prices, but how many are in a really lovely area where you would want to live or are not only half built.

Small piece of land? Manchester has a bigger population and look at the size of it compared to NI!

We still have very low population density, and there *is* an oversupply of houses. So the supply/demand argument is a red herring. We are not SE England. And we don't have SE England salaries. There is nothing supporting house prices here.

Also, I'm sure that the half-built repos are priced accordingly. :cool:

leftieM

Prices appear to still be falling. In my area they are at least selling which is what I cling to!
We bought in mid 2011. 35% deposit and 3 times main salary for the mortgage.

warmhands.coldheart

tara747 wrote: »

Small piece of land? Manchester has a bigger population and look at the size of it compared to NI!

We still have very low population density, and there *is* an oversupply of houses. So the supply/demand argument is a red herring. We are not SE England. And we don't have SE England salaries. There is nothing supporting house prices here.

Also, I'm sure that the half-built repos are priced accordingly. :cool:

What I'm getting at is that in essence we are a "Country" the size of Yorkshire. The population in "GB" is more mobile than we are.
I agree, we do have an oversupply of houses but are they the right Type of houses. We don't have a massive supply of 1 or 2 bed smaller houses or appartments outside of Belfast or other major town or city. This will be an issue when the single person on Benefits is living in a 3 or 4 bed house and finds they are "not allowed" to be living in such a big house due to new Benefit rules so has their Benefits cut.
Heck I can remember when the bubble burst there was all this talk of the Housing associations etc buying entire developmenst at knock down prices. But Low and Behold, the houses were not built to their "Standard". Why would a housing associaton house be built to any different a Standard than any other normal house??

All I can say is it's going to be a VERY long time before there is any stabality returned to the Market.