Northern Ireland Residential Property Price Index

steveymp

Nice to see prices on the up, but I don't think we have seen austerity in NI It will come kicking and screaming eventually :eek: The English will only support us for so long.

Today we see unemployment fall again yet number of people employed fell and economic inactivity increased

Spin can be put on any facts and figures, but you still can't polish a turd

motorguy

marathonic wrote: »

Hi,

Here we are, one year later.

http://www.dfpni.gov.uk/lps/ni_rppi_statistical_report_q4_2014.pdf

Over the past year, prices have rose 8% and there was a 22% increase in volumes of sales.

I imagine the next report will show a reduction in sales at the £120K-£125K level due to the stamp duty changes made recently.

My purchase in Q4 2012, together with capital payments on my mortgage and increased values in properties has allowed me to take advantage of the really good 60% LTV mortgages on the market at the moment - with a choice of 5-years fixed at 2.59% or 10-years fixed at 2.89% with my bank (lower available elsewhere).

I don't see prices as overpriced at the moment and still see 2015 showing some increases in prices - albeit, probably slightly below the 8% recorded in 2014.

Indeed.

And we're in the throws of selling our house at the moment. Got an offer which works out at 6.5% over RV within 5 weeks of putting it on the market - which we're well pleased with given we're well outside belfast. We're in week 3 of the six week completion timescale the buyer has asked for. Survey was done yesterday.

Looks like we're £30,000 up on what we'll get after fees compared to what we owe. :beer:

Wont be counting on the money until its in the bank though so probably another 3 or so weeks yet.

Glad we didnt take some of the advice on here of disposing of the house at the bottom of the market some years ago. :eek:

Interesting to hear back from those who hadnt yet bought a year ago as to what they've been doing. Hopefully things have turned out as positively for them as it has for us. :T

qwert_yuiop

Well I bought the neighbouring farm with a run down house on it late last year for no other reason than I've wanted it since I was ten. (Thou shalt not covet thy neighbour's house?). We'll eventually fix the house up.

Yea, probably paid far too much for it but we wanted it. So I will not be performing repeated mathematical speculations in an attempt to convince myself of my own brilliance - some kind of Donald trump with less obtrusive hair.

qwert_yuiop

motorguy wrote: »

Indeed.

And we're in the throws of selling our house at the moment. Got an offer which works out at 6.5% over RV within 5 weeks of putting it on the market - which we're well pleased with given we're well outside belfast. We're in week 3 of the six week completion timescale the buyer has asked for. Survey was done yesterday.

Looks like we're £30,000 up on what we'll get after fees compared to what we owe. :beer:

Wont be counting on the money until its in the bank though so probably another 3 or so weeks yet.

Glad we didnt take some of the advice on here of disposing of the house at the bottom of the market some years ago. :eek:

Interesting to hear back from those who hadnt yet bought a year ago as to what they've been doing. Hopefully things have turned out as positively for them as it has for us. :T

Did anyone tell you to sell your house? The most extreme remark I remember was that the idea of an estate agent telling you a house would take a year to sell was an absurdity, since prices continued to go down throughout that year. Which was indeed an absurdity.

Congrats on getting a sale.

Mistral001

Someone mentioned buy to lets.


Why does it matter to the buy-to-let landlords what price the houses are, after all they are just there to be responsible landlords giving hard-working families who cannot afford to buy a house a roof over their head. They would like to see the value of their houses keep pace with the 0.3% inflation of course but above that it does not matter much.

qwert_yuiop

Indeed. Big hearted providers of an inestimable social service to the less fortunate members of the community, probably. And not taking advantage of tax deductibility on everything from interest payments to furniture, either. Subsidised to prevent the lower orders from buying a house. What a mess.

motorguy

qwert_yuiop wrote: »

Did anyone tell you to sell your house? The most extreme remark I remember was that the idea of an estate agent telling you a house would take a year to sell was an absurdity, since prices continued to go down throughout that year. Which was indeed an absurdity.

Congrats on getting a sale.

There were remarks made to me and to others that we had "missed the boat" in terms of getting "out" and should have sold when we werent going to have lost too much. Comments about how property was now a millstone around peoples necks, etc, etc.

Usual doom and gloom merchants

Interesting to hear back from those who were confident in remaining in the rental market at the time and how they faired with buying a property, given the market bottomed out 2+ years ago now.

qwert_yuiop

I think they can chill for a while yet if they intend buying. I wouldn't think any boat has been missed. Who knows what happens next?
Renting has served us very well indeed over the last few years. The farm was a big expenditure, and with the house on it we will move there eventually, but if it hadn't come up for sale, we'd have been quite happy to stay here. Buying houses is seriously over rated, as evidenced by the contrived arithmetic demonstrated to justify it on this site.

Well done. Isn't it a great feeling when you turn the brute into money?

qwert_yuiop

motorguy wrote: »

Usual doom and gloom merchants

.

Sorry can't buy this at all - how about delighted enthusiasts, revelling at their new found ability to buy a house for half nothing. That was me anyway.

warmhands.coldheart

qwert_yuiop wrote: »

Indeed. Big hearted providers of an inestimable social service to the less fortunate members of the community, probably. And not taking advantage of tax deductibility on everything from interest payments to furniture, either. Subsidised to prevent the lower orders from buying a house. What a mess.

Now Now...... do not tar all landlords like they are all renting houses to students or Roma families in the Holylands !! They are providing a service in sorts while investing their wealth for the future like any investment....

You cannot say everyone has a "right" to own a house..... yes to have a suitable roof over their head but not own a house....

And as far as "taking advantage of tax deductibility on everything from interest payments to furniture"..... the system is there so why would you not use it.... it's like all this talk of Tax dodging recently. By all means clamp down on those who are illegally dodging tax but if they are doing something that is NOT against the law, ethical or not, if it is not a crime it is the system that is to blame... and who sets up these systems??? Government !! Who can fix these systems.... Government...... so who's to really blame.... ????