An official house price index for Northern Ireland has revealed that prices are below 2005 levels.

The new Residential Property Price index is based on sale prices using stamp duty figures.

It found that prices have fallen 50% since the peak in 2007.

However, there has been a slight increase in the number of houses sold in the first quarter of this year compared to the same time last year.

In April, the Royal Institution of Chartered Surveyors said reduced household incomes and a growing number of house repossessions were to blame for the prolonged dip in the market.

In the last year, house prices have fallen 13% and have continued to fall by 7% in the first three months of this year.

The notional price of the average property in Northern Ireland is now £98,467.

Sales are still less than one third of their peak levels.

http://www.bbc.co.uk/news/uk-northern-ireland-18175464

i am not too clued up on how the system currently works.

this used to be a common topic when building was banned and sites in the middle of nowhere were 200k

now that the market has collapsed, people cant finance sites and that its perhaps cheaper to buy than build i'm not surprised its not much of a topic of conversation!

i would be interested in 2012/13 at looking at buying a site in Fermanagh while prices are depressed, preferably one where I could build something to my own spec rather than predetermined design. Also I would not want to actually build the property for about 4/5 years.

any thoughts much appreciated

Can anyone local explain why Belfast bucked the trend seen elsewhere in other cities? Most of the growth came in Q4 but prices remained stable/strong all throughout 2020

Graph below shows it against its peer areas:

Purchasing property is probably the largest expense in anyone's life. The data for NI should be reported like the rest of the UK so that people have the data there to make informed decisions.

With just 10,000 signatures it will ''get a response from the government'' [source: https://www.gov.uk/petition-government]

Any interest, do you think it feasible that we could get 10k signatures??

Dave

I know this isn't really a HPC type question but you've always been so much help in the past ;-)

I have trying to cut costs in all parts of the buying process and now thinking about, what if I actually move in. I was wondering if anyone has lived in or owns a solid walled house with no cavity wall? I have seen a beautiful, semi detached, house which ticks all the boxes apart from the lack of a cavity wall.

In the long run, I think cavity wall insulation would save me around £160 a year. Do you know of any methods of reducing heat loss in a house like this from experience. I know quite a few of you have owned a few properties over the years.

Many thanks,

C

And counting!!!!!!!

One example, a three bed semi-detached on York Corner was listed on 7th October, 2020 for £595,000. The house was relisted last week (even had the same pictures as last time) for £735,000.

Prices really increased that much?

I keep a wee eye on this forum as I'm really interested in this stuff but wanted to get your advice if possible on how to move forward with my first step into the world of buying. My wife and I have found a house we both think is near enough perfect and the asking price is within budget. It's in a popular area however where houses regularly go over asking so I think our chances are probably not the greatest unless we get a mortgage >90% which I'm reluctant to do. If we got it at asking, we could put 10% down. Is it worth throwing our hat into the ring as FTB's? We're obviously chain free and the house on sale is chain free so could that give us a bit more of a leg up?

The number of houses for sale in Belfast on propertypal dipped below 1200 this week. I'm pretty sure this is the lowest I have seen in the last few years. I know its seasonal as well.

Does anyone know the usual numbers for this time of year. When are highs and lows?

Also what were the numbers around 2006 to 2007?

And finally whats the driving force behind it? And the future?

Sorry just looking people's options and see where my own biases are in my thinking I currently have a deposit and I'm looking to buy.

I'm just wondering if anybody knows the score with the replacement of AMC cladding to apartments in NI? I know in England (following the Grenfell disaster) that there is a fund to cover replacement in blocks of apartments over 18m, but I am wondering if anything similar has been agreed in Northern Ireland?

Thanks in advance for any help or info!

a) buy a house now and travel down the line (in 1 year for 6 months- a year) while paying the mortgage. Would get me on housing ladder, downside would be it would be outgoings with no salary coming in. Could get a friend or family member in to live in it to pay rent-would there be legality issues?

b) continue to rent for another year and travel when allowed. Gives greater flexibility to do what I want but means I'm still not on housing ladder. Prices probably won't go down that much when I'm finished traveling for the price range I'm interested in (£120k).

Thoughts?

I would also like to say that this is the small picture stuff. We know the need is to protect the vulnerable and high risk individuals in any way. We will pick up the pieces.

I’m new on here , I have recently agreed to purchase a site with foundation’s , electricity supply & water supply. The house will be Approx 2800 Sq ft and I’m looking to get an estimated cost per SQ Ft for a reasonably Modern finish.

I am also weighing up whether to go traditional block or timber frame any pointers?

any advice or help would be much appreciated

Basically many of the apartments are being let out as Airbnb's, with the associated antisocial behavior that comes from people in Belfast for a few days to party.

He's also noticed several instances of one bedroom apartments that are housing families of 4+ people; one example was the apartment that his balcony looks over; it's a one-bed and he can clearly see a mattress in the living room with two grown men sleeping on it. From the people he sees regularly in the flat he reckon's there's 4 people and a baby living in a one bed apartment.

The management company are kicking up a stink about people littering the place by throwing their cigarette butts over the balcony's (mainly the Airbnb folk), and also the fact that there's too much waste being generated for the capacity of the bins (maybe something to do with 5 people living in a one bed apartment?).

Buyer beware.

https://www.bbc.co.uk/news/uk-northern-ireland-46456842

I've recently moved to NI and had sale agreed on a great 3 bed terrace house in ballyhack. Newly refurbished inside and in really great condition.

Sale agreed was for 152k. I've got my mortgage approved (pending valuation) so nearly set to go. I'm just a bit worried about the valuation from the bank...has anyone had any done in this area or any insight? House prices seem to be going for around 145-155 for 3 bed terraces in this area so i think we should be OK...just looking for some reassurance.

What's going on with the market? Seems to be really picking up, most properties around Belfast are Sale Agreed within three weeks. I'm looking to buy with my BF, three bed semi. We've looked Four Winds, Finaghy, Rosetta, Knockbracken Road ect. Asking prices usually 190-219k but going sale agreed closer to 230-250k. Alot of my friends are getting turnkeys as it's the only way they can get on the property ladder (ie. no bidding war). The only new development we considered was Castlehill, which is now in it's third phase but I don't like the idea of turning right out of it every morning!

So far only offered on one property in Finaghy. Bidding war lasted a few days and I called in and asked to see all the bids (great tip I got from this forum, so thankyou) . Our last bid was £225,000 EA said other bidder had offered £230,000 and we wished them luck in their new home lol. EA then rang back to say that they had decreased to £228,000? Is this normal or was the EA lying about the £230,000 bid hoping we'd offer more? Honestly, haven't bought my first home yet and feel that I have to second guess everything lol!!

Basically, are we better to look at properties around £170,000 to factor in our £225,000 limit?

Viewed property today in Upper Malone, EA really illusive about the seller and history of the property. I have a really vivid imagination and managed to convince myself during the viewing that they must be selling because they've had to go into witness protection. Asking price is around £193,000 which I think is overpriced because the house seems cold and the garden is waterlogged. Seemed to be damp on bathroom ceiling that had been painted over. Location must be everything though because about 40 viewings and only on the market for three days. EA said he was going to wait and see what bids came in before arranging any second viewings. Am I being too cautious, or is it not mad to make an offer after one viewing? Spoke to next door neighbour, she bought four years ago for £166,000.

2 bed apartment

newly listed today at 300k .

why is the EA bothering to list this at this price.............

yes we know there is there is a lot of pain to come paying back the debt , furloughed become unemployed , economic shock of no deal and also Covid is going to get ugly in Jan...But...

Obviously no deal Brexit is going to be a short/medium term hit to economy. But..... Don’t know if this has been fully grasped at this late stage esp by the average punter in GB but in a no deal Northern Ireland retains tariff & quota free access to the EU market (not just Ireland) while the rest of the UK does not.

If you manufacture a product in NI you continue to export to the EU without the need for customs forms / tariffs etc, in effect just like now whilst UK still in Single Market, manufacturers based in Eng / Scot / Wales will relocate to NI.

Property would outperform rest of UK....

Experts predict a buyers' market for property investors in 2008

Thursday, January 03, 2008

By Helen Carson

Northern Ireland first-time buyers and investors alike will have the pick of the properties with more stable prices in 2008, it was claimed today.

Housing experts say it is still a buyers' market, despite the quarter of a per cent interest rate drop at the end of last year.

Conor Mallon, director of Newry-based Best Property Services, said: "It is a buyers' market and this year could offer first-time buyers the chance to get their first set of keys in their hands."

Mr Mallon said many buyers have adopted a 'wait and see' approach while sellers are unsettled by the lack of demand and are willing to look at reasonable offers.

"The ball is in the buyer's court and those who can identify the right level at which to pitch an offer to interest the seller could grab a property at good value," he added.

And there could be opportunities for investors too. Letting specialist Belvoir! say the current market conditions mean canny investors could snap up properties for the right price.

Mr Mike Goddard, chief executive of Belvoir! - which has offices in Belfast - said high demand for rental properties falling interest rates and rising rents means now is the time to buy.

"The canny investor is, indeed, rubbing his hands together at present, as there has never been a better time to invest in buy to let if you get it right," said Mr Goddard.

Meanwhile, Braemore Property Management is urging sellers struggling to get offers to consider renting out their property rather than selling.

Jo Gavigan, branch manager for the company, said: "Letting the property still allows you to generate some income towards mortgage payments while it still gains in capital - until the time is right to selling again."

Ms Gavigan said property in Belfast is still a sound investment with the buy-to-let market helping to fuel growth.

Well, its starts well and gets more deluded as the article progresses.

https://www.propertypal.com/unit-7-one-sussex-place-belfast/626584/photo-8

I'm happy to see this.