Housing Market

Cptralls

My partner and I are looking to buy a house in NI, however, what's on the market seems overpriced. Is there a boom going on at present? 

Mnoee

Doesnt seem like it to me, from a quick glance at property pal for the area I live in. Not a lot to choose from at the moment though. Bit more expensive than when we bought 18 months ago, but certainly in the same ballpark. Where are you looking, what sort/size of house and how much were you expecting to pay? 

dsab

I wouldn't call it a sudden boom, but prices have certainly gone up considerably in the last few years. We just remortgaged our house and the valuation came back more then 50% higher then what we paid when we bought it 8 years ago. Admittedly, we really bought at the bottom of the market, but since then there has been a steady increase of 4-5% a year.

RikM

I don't think you can call it a boom, when prices have been rising slowly, since the bottom fell out a few years back. The few years before that were a boom (driven by speculation), but nothing like that lately.

motorguy

Cptralls said:

My partner and I are looking to buy a house in NI, however, what's on the market seems overpriced. Is there a boom going on at present? 

Whats your basis for believing they are overpriced?

qwert_yuiop

motorguy said:

Cptralls said:

My partner and I are looking to buy a house in NI, however, what's on the market seems overpriced. Is there a boom going on at present? 

Whats your basis for believing they are overpriced?

Relationship between potential rent and purchase price is one gauge, admittedly not always reliable. 

Round here, the apparently reasonably priced (what constitutes reasonable?) seem to sell within weeks. Some fantasists who “know what their house is worth” have had fading signs hanging outside their houses for the last couple of years.

KiwiCoop

Anyone here tried to buy a house, been to a viewing or spoken to an agent recently?!  A sudden boom is exactly what it is.  Pent-up demand, reduced supply, monetary stimulus, govt props and curbed spending is driving it.  As those factors start to turn, sentiment will likely change and those buying in now might be overpaying - or not, who really knows?  

Cptralls

We're going into renting, most houses that we're interested in are out of reach. 

motorguy

qwert_yuiop said:

motorguy said:

Cptralls said:

My partner and I are looking to buy a house in NI, however, what's on the market seems overpriced. Is there a boom going on at present? 

Whats your basis for believing they are overpriced?

Relationship between potential rent and purchase price is one gauge, admittedly not always reliable. 

Round here, the apparently reasonably priced (what constitutes reasonable?) seem to sell within weeks. Some fantasists who “know what their house is worth” have had fading signs hanging outside their houses for the last couple of years.

Agreed.  It may well be that everything that was on the market had been on the market for a very long time and thus was overpriced.  However it seemed a bit of a broad brush to say "everything was overpriced".  It sounded to me like expectations might have been out of line with reality.

qwert_yuiop

According to this weekend’s Financial Times, house prices rose 4% here in 2020, which was the smallest rise in the U.K. No figures for 2121 yet of course.

qwert_yuiop

Or even 2021.