Any other home buyers in NI?

motorguy

qwert_yuiop wrote: »

Is it? Unless we know the numbers we don't know if anyone made any money there. More likely to have lost a lot.

New builder who bought over the site in so yes, hes doing it to make money.

qwert_yuiop wrote: »

Anyway, if the houses sold mortgages were provided? You tell us however houses are not selling because the banks won't lend. Which is correct?

Read what i actually said, rather than what you want me to have said - there has historically been issues with the banks lending money, which has reduced the amount of viable customers which has been one of the contributing factors to prices going DOWN. However, as saverbuyer kindly pointed out, there are now more competitive mortgage products on the market, which does suggest that banks are starting to want to actively increase their market share in home mortgages.

qwert_yuiop

motorguy wrote: »

New builder who bought over the site in so yes, hes doing it to make money.

So someone made a cataclysmic loss

Read what i actually said, rather than what you want me to have said - there has historically been issues with the banks lending money, which has reduced the amount of viable customers which has been one of the contributing factors to prices going DOWN. However, as saverbuyer kindly pointed out, there are now more competitive mortgage products on the market, which does suggest that banks are starting to want to actively increase their market share in home mortgages.

I don't mind what you say. It's only contradiction and obvious whistling in the dark I'm commenting on.
My vested interest is this - I sold a house in Belfast 4 years ago and moved back to Co. Armagh and have been very happy and very relieved in a rented house ever since. When I see somewhere I like enough I'll buy it.

motorguy

qwert_yuiop wrote: »

So someone made a cataclysmic loss

Oh aye no doubt. that will be the trick now - those builders who 'survived' will no doubt make a fortune.

Even on a very local level to me, there was a field sold for development just down from me for something like £1.2m. The developer made a start, couldnt sell any and the bank repossessed the land. The original land owner just bought it back for £200,000 off the bank. So hes £1m up and still has his land

qwert_yuiop wrote: »

I don't mind what you say. It's only contradiction and obvious whistling in the dark I'm commenting on.
My vested interest is this - I sold a house in Belfast 4 years ago and moved back to Co. Armagh and have been very happy and very relieved in a rented house ever since. When I see somewhere I like enough I'll buy it.

Wasnt having a go at you - but there are a couple of die hards on here who have a particular mindset.

Sounds good and sounds like a plan. :beer:

And lets be honest, we're all whistling in the dark on here. Its an interesting debate on which we all have opinions but noone really has control over.

The next time theres 'evidence' of the market bombing further OR 'evidence' of market recovery there'll be someone resurrect the thread and claim how they were right all along

dsab

There is some money made available by Banks, but customers are now more choosy on how they are willing to spend that money.

It also always depends on how flexible the builders are. We bought about a year ago, and the Development that we bought in is actually built by 2 seperate builders.

1 builder has decided to stick to his original plans, has lowered his prices (but IMO not enough) and has as far as I can see shifted one house in the last year.

2nd builder went back to the drawing board, got planning permissions changed to actually build the houses that people were looking for (4BR Semis instead of 3 storey Twonhouses), priced them reasonably (IMO), is very flexible in the buyers requests regarding layout, fittings etc. That way he was able to sell about 10 houses, mostly off plan, in the same time, and has already buyers lined up for the next batch of houses that haven't even started yet. Same builder is running another Development and has no shortage of buyers there either. He just wants to finish these Developments without too much of a loss, and then start afresh with new Developments when the Market picks up.

qwert_yuiop

dsab wrote: »

then start afresh with new Developments when the Market picks up.

There is of course a possibility it may never pick up. Remember it's 6 years since this all started.

It's the new normal.

warmhands.coldheart

13 Year Cycles. that's the Magic Number according to someone I know who has an Economics Degree............

dsab

qwert_yuiop wrote: »

There is of course a possibility it may never pick up. Remember it's 6 years since this all started.

It's the new normal.

Yes, but the difference is that he paid big bucks for the sites of his current Developments, and at current prices is just about breaking even, if not running at a slight loss (obviously supported by the big profits he made with the first 20 houses he sold in this Development for double the current price).

His next Projects/Developments will be at an advantage as he bought the sites at current prices, and will make a decent profit even at current prices.

motorguy

dsab wrote: »

Yes, but the difference is that he paid big bucks for the sites of his current Developments, and at current prices is just about breaking even, if not running at a slight loss (obviously supported by the big profits he made with the first 20 houses he sold in this Development for double the current price).

His next Projects/Developments will be at an advantage as he bought the sites at current prices, and will make a decent profit even at current prices.

+1

Thats the problem at the moment and the conundrum to be resolved.

Banks / Builders have had to take their medicine and take huge loses on sites. The downside of this is that many builders went under. The benefit being that the next builder is then in a position to make a profit to make it worth his while, because hes bought the site and todays market value, not at what it was costing 6 years ago.

motorguy

dsab wrote: »

There is some money made available by Banks, but customers are now more choosy on how they are willing to spend that money.

Indeed, and likewise banks are far more choosy about who they are willing to lend the money too, and against what property / price.

motorguy

warmhands.coldheart wrote: »

13 Year Cycles. that's the Magic Number according to someone I know who has an Economics Degree............

Historically, it does always come back round again.

Of interest when you talk about a 13 year cycle, thats 'peak to peak' being one cycle.

If we're now 6.5 years since the last 'peak' of early 2007, then it should be bottoming out round about now....