Is it too late to sell a house in Northern Ireland???

talksalot81

kgrant wrote: »

Any opinions on our situation (last page) anyone?

What offer would YOU put on a local property (re-wired 1900-1930's house) still sitting at £165,000 since September 2007?

Terrace? Semi? Garden? Garage? Area?

IvanOpinion

Some quotes from Belfast telegraph article .. only one article, but maybe it is not all doom and gloom for sellers.

'Average prices in Northern Ireland fell by 0.2% during the last three months of 2007, according to Nationwide, which led the lender to predict a 4% fall in prices over the coming year. '

'The province enjoyed the highest annual house price growth in the UK during 2007, at 24.2% - or £120 a day.'

'House sales in Northern Ireland are set to increase this year [2008]'


Who knows what is going to happen.

KGRANT, I would put an offer in of £150,000 and see what the reaction is (assuming it is in overall good condition and does not need any major work done on it).

ivan

ballyblack

Full Belfast Tele article


"House prices are going up"





The headline you thought you wouldn't see in 2008


Tuesday, January 15, 2008
By Helen Carson

House sales in Northern Ireland are set to increase this year - confounding predictions of a slump.

The Royal Institution of Chartered Surveyors (RICS) says there will be a resurgence in the province's housing market with property transactions set to rise.

And this is welcome news for beleaguered sellers who have witnessed a market dominated by price slashing and 'gazundering.'
Gazundering is the practice were a buyer agrees a price only to drop it before contracts are exchanged and has been rife in the past seven months.
In some cases properties were withdrawn from the market as buyers were offering less than the asking price - a total turnaround from the bidding wars and spiralling prices of 2006.
Some properties fell in price by up to £20,000 on their value at the peak of the house price boom in January 2007.
Average prices in Northern Ireland fell by 0.2% during the last three months of 2007, according to Nationwide, which led the lender to predict a 4% fall in prices over the coming year.
However, RICS now predicts the market will remain buoyant - with average prices expected to return to an upward trend in the next 12 months.
The province enjoyed the highest annual house price growth in the UK during 2007, at 24.2% - or £120 a day.
"Northern Ireland experienced massive house price growth in 2006 and 2007 driven by a perceived lack of supply, a burgeoning economy and investor enthusiasm," said Mr Tom McClelland, housing spokesperson for RICS Northern Ireland.
"House prices grew rapidly from a low base, supported by increasing confidence in a society more at peace with itself and a strong jobs market."
While growth is not expected to match the levels seen over the last two years, transactions will increase and the market will remain strong, according to RICS.
"The market changed considerably during the course of 2007 and the new reality is a market where agents have to work harder to achieve sales and sellers have to be more realistic about asking prices," added Mr McClelland.
He said: "We anticipate that transaction numbers will increase in the first half of 2008, supported by the recent interest rate cut and potential cuts in the coming months."
Indeed, a slowing of the market could prove beneficial to some groups.
"Ultimately first-time buyers could benefit from the change in the market. With investor activity having declined, there is less competition for properties in the sector of the market within the first-time buyer's budget."
And industry sources are still predicting interest rate drops for later in the year, despite the Bank of England freezing the base rate at 5.5% last week.

talksalot81

Lets face it, if you dont take that article with a spoonfull of salt, you deserve every financial misery you get.

IvanOpinion

talksalot81 wrote: »

Lets face it, if you dont take that article with a spoonfull of salt, you deserve every financial misery you get.

it is like EVERY single article I read in relation to whether house prices are going to go up and down, it is opinion, it is guesswork and it is wishful thinking.

Those looking to sell will wish the prices higher, those looking to buy will wish the prices lower, those looking to move will wish the price to be very high at point of sale and then suddenly drop the next day so that they can buy.

Ivan

championmongo1

Hi, sorry I haven't spoke publicly for a while-I have just been lurking recently. Anyway it's definately an interesting time in the Northern Ireland property market! Quarters 3 & 4 of 2007 had very low numbers transactions completed accompanied by some price reductions especially in Q4. Q1 2008-from what I can see more properties that have been slightly reduced are going sale agreed but there is just so many of them that it could be many months before the property market clears the backlog. Possible lower interest rates in the months ahead may have an impact but then so could inflation.

Interesting my brother, a loathed invester type, is currently looking at purchasing property because he feels he can get 'real value for money' now in a subdued market. He always takes the long term approach to property investment where the rent has to cover the mortgage, which he can do thanks to sizeable deposits, and plans to keep them until he retires or really needs to 'cash them in', because in the longer term he thinks prices will only ever go up!

In his opinion the market has fallen as far as it will go in terms of actual prices and any further price drops will be in 'real terms only', where the price stays the same but seems less as money is worth less, i.e. £100,000 in todays money may only be worth £97,000 in 12 months time, then £94,090 in 24 months, and so on. Until the market returns to 'normal' and prices begin to rise again albeit at much, much lower rate.

It's funny just how obsessed we all are with property and its value-I only look at it as somewhere to live and enjoy while others seem to think it's a sure fire way of printing cash. IMHO speculators will usually lose at some point as do 'real people' on the ground (overstretched FTB's etc.) but the clever few and the 'good' investors always get lucky.

People who want to and can afford to, should buy and enjoy their homes, I think it's a good time to buy as there is so much choice, with some prices reduced and in a climate where any decent offer is taken seriously. Those who cannot afford to or choose not to buy should rent and be happy-it is quite common throughout Europe that people rent and never buy and world keeps spinning!

P.S. I know it's late but happy 2008 to everyone!

leftieM

talksalot81 wrote: »

Lets face it, if you dont take that article with a spoonfull of salt, you deserve every financial misery you get.

The crux of the argument (taken from the comment piece) was that when transactions rise, prices rise. I'd imagine that if there is oversupply, as at present, then there isn't upward pressure on house prices but maybe common sense doesn't come into it. As someone said, the market can remain irrational longer than one can stay solvent.
When it comes to house price arguments, all of the answers are in the OECD housing report. So I'm going to sleep with that under my pillow and, as a home owner who hasn't 'enjoyed' one second of the boom, I'll sit tight until the day house prices fall.

talksalot81

leftieM wrote: »

I'd imagine that if there is oversupply, as at present, then there isn't upward pressure on house prices but maybe common sense doesn't come into it.

Oh how wrong you are. Undersupply is of course the main reason that prices cannot really fall, but oversupply will also stop prices from falling. Prices just cant fall, god will not allow it.

kgrant

talksalot81 wrote: »

Terrace? Semi? Garden? Garage? Area?

Terrace?
-Yes the property is a terrace

Garden?
- Yes the property has a small front garden but a concrete communal yard out the back

Garage?
- Yes the property has a rather hidden but fully equiped and large detached garage to the rear (sold the property to me)

Area?
- The property is an old property on a main street but it is in an area that both of us like and is reasonably quiet

So then....what would you put on the property? £135,000 sound an okay first offer?

leftieM

ballyblack wrote: »

Full Belfast Tele article


"House prices are going up"

It was actually 'house sales going up'.