Bluto Bites Posted November 6, 2022 Share Posted November 6, 2022 On 11/4/2022 at 9:08 PM, 2buyornot2buy said: Can see possibilities with both. The big inflation items effect someone earning 40k more than someone earning 240k. Savings levels here are dreadful on average and that will be concentrated in the mid to lower centiles A question: would you rent for £700 per month for a period of 6/12 months (in the hope that prices go down in 6 or 12 months) or buy a house now for £160k? Quote Link to comment Share on other sites More sharing options...
2buyornot2buy Posted November 6, 2022 Share Posted November 6, 2022 14 minutes ago, Bluto Bites said: A question: would you rent for £700 per month for a period of 6/12 months (in the hope that prices go down in 6 or 12 months) or buy a house now for £160k? Not much to lose renting in the above scenario. 160k mortgage with 10% deposit will be costing around £700 a month in interest alone now. Factor rates, insurance and maintenance and you're probably a couple of 00's a month better off. Best case RE prices at the moment is probably stagnation, Best case you save on the price and tens of thousands in interest over the term. Each to their own. I sold during covid so I've a clear bias. Quote Link to comment Share on other sites More sharing options...
Bluto Bites Posted November 6, 2022 Share Posted November 6, 2022 11 minutes ago, 2buyornot2buy said: Not much to lose renting in the above scenario. 160k mortgage with 10% deposit will be costing around £700 a month in interest alone now. Factor rates, insurance and maintenance and you're probably a couple of 00's a month better off. Best case RE prices at the moment is probably stagnation, Best case you save on the price and tens of thousands in interest over the term. Each to their own. I sold during covid so I've a clear bias. Thanks, some good points you have made. I hadn't focused on insurance, maintenance, rates but they do make a substantial difference. My only worry is I can't see prices dropping too much in NI. What with increase in migrants needing housed, people relocating from London, people moving up from the south in search of cheaper housing. I think I probably will rent for another 6 months. If no crash happens by April 2023, I will probably take the plunge and buy. Quote Link to comment Share on other sites More sharing options...
2buyornot2buy Posted November 6, 2022 Share Posted November 6, 2022 22 minutes ago, Bluto Bites said: My only worry is I can't see prices dropping too much in NI. What with increase in migrants needing housed, people relocating from London, people moving up from the south in search of cheaper housing. Not sure any of this will have a mitigating effect with regards to price drops. All will be negligible. Quote Link to comment Share on other sites More sharing options...
Noah Posted January 20 Share Posted January 20 On 9/14/2022 at 8:13 PM, Noah said: Just to give an update on the housing market in Belfast as I am currently selling two houses. It does appear that the market softened somewhat over the summer, weather this trend will reverse now we are into September remains to be seen. I have gone sale agreed on my first sale at a price that is about 95% of what I had expected, I'm a little disappointed as it didn't get the bidding interest I hoped for. There were 3 bidders, but they seemed cautious and not at all prepared to pay over the odds. At the end of the day the agreed price was around 10% over the asking price, no frenzy of buyers as has been reported earlier in the year. The second sale is now just going on the market but I was encouraged to set the asking price slightly lower than I had hoped. The aim is that this will get more interest. I'll let you know how this pans out as I am keen to provide accurate information free from the any desire to talk the market up or down. Ok I posted the above in September, I was selling two houses that are now both completed. I want to give an honest and unbiased opinion on the current market. Based on my experiences I agree with some here that prices have turned downwards in the last 6 months, but not by a great deal maybe around 5%. Both house were 3 bedroom semi-detached houses in Dunmurry. One of the houses was a 1200sq ft 1950s semi in good condition with a large rear garden in a quiet private street in an affluent area, it sold for £260k (rateable value of £175k). This was a little disappointing as earlier in 2022 a similar house in the area had sold for £275k and the process took 6 months from beginning to end which was longer than expected. Although there were two competing bidders neither lost their heads and bid up very carefully without any sense of panic, both gave the impression that they would drop out if bidding went too high, there was none of the frenzy reported in the immediate post pandemic period. The other house was a 1000sq ft 1970s semi in poor condition that needed modernising in a decent area that is a little unfashionable, but quiet, well located and safe. Bizarrely this house did quite well considering it's condition. It went for £190k (RV £130k), in good condition without need for refurb/modernisation it should have fetched around £225k, but you need to consider that it required at least £40k spent on it. This got more interest as many felt they were getting a bargain but appear not to have been able to estimate the costs accurately, anyway you need to be compensated for the ball ache involved in refurbing. Multiple bidders were interested and the house went up £30k on bidding, partly due to the low asking price. Can never understand why people bid up project houses, they are never cheap enough and always cost more and take longer than expected to refurb. Quote Link to comment Share on other sites More sharing options...
coypondboy Posted January 20 Share Posted January 20 do you think prices will crash in N Ireland if they don't sort out the politics in April with Biden coming over and the economy starting to collapse? My wife still wants to downsize and build a small bungalow on a plot where they had a mobile home in there side garden which has water and electrics all ready. I am waiting for a downturn in the building game so we can get it built but material costs still too expensive. Luckily we can bide our time before we get it built as don't have to pay for the plot of land just need to get planning permission which have been told is straightforward as she will act as her mums carer in later years. The area is Newcastle County Down which is very popular for retirees from Belfast (a bit like Bournemouth where we live is for Londoners). Do you think bulding materials and labour costs will fal next year if proeprty prices fall and less work for tradesman so a good time to get it built? Quote Link to comment Share on other sites More sharing options...
Noah Posted January 21 Share Posted January 21 I would assume we will remain in a period of high inflation which will mean building costs will keep rising. House prices will continue to soften this year, but nothing dramatic until we start to see widespread job losses which I would expect toward the end of the year moving into 2024. Companies seem to be having a hard time maintaining profits due to much higher input prices and customers reduced ability to pay. Quote Link to comment Share on other sites More sharing options...
fuzzy_bear Posted February 6 Share Posted February 6 On 20/01/2023 at 23:50, coypondboy said: do you think prices will crash in N Ireland if they don't sort out the politics in April with Biden coming over and the economy starting to collapse? My wife still wants to downsize and build a small bungalow on a plot where they had a mobile home in there side garden which has water and electrics all ready. I am waiting for a downturn in the building game so we can get it built but material costs still too expensive. Luckily we can bide our time before we get it built as don't have to pay for the plot of land just need to get planning permission which have been told is straightforward as she will act as her mums carer in later years. The area is Newcastle County Down which is very popular for retirees from Belfast (a bit like Bournemouth where we live is for Londoners). Do you think bulding materials and labour costs will fal next year if proeprty prices fall and less work for tradesman so a good time to get it built? If inflation falls to zero tomorrow, prices simply stay at the current elevated prices. Sounds like you're really hoping for deflation which isn't going to happen. Equally, with cost of living as it is, labourers are unlikely to settle for a pay-cut this year or next. Quote Link to comment Share on other sites More sharing options...
headmelter Posted February 15 Share Posted February 15 https://www.bbc.co.uk/news/uk-northern-ireland-64647565 Baby steps... But the direction is indicative... looking like a prices slow puncture... Quote Link to comment Share on other sites More sharing options...
subby Posted February 17 Share Posted February 17 Yep, looks like we're starting 2007 v2.0 Quote Link to comment Share on other sites More sharing options...
2buyornot2buy Posted February 27 Share Posted February 27 Feels very 2009 https://voguecompetitions.com/product/win-a-brand-new-taggart-showhome-or-170000-cash/ If you can't get any mugs to by it. Raffle it off. 30000 tickets at £15 a pop "half price" £450,000 would like to think their aren't that many mugs around by who knows. £900,000 at full price. Jesus wept. Quote Link to comment Share on other sites More sharing options...
Uchimata Posted March 11 Share Posted March 11 First Republic Bank could be next, its starting: https://www.theguardian.com/business/2023/mar/10/european-markets-spooked-by-us-bank-shares-sell-off Quote Link to comment Share on other sites More sharing options...
nigooner Posted March 15 Share Posted March 15 I presume he means house prices and not hose prices Quote Link to comment Share on other sites More sharing options...
headmelter Posted March 21 Share Posted March 21 Very low numbers of new instructions in the area I've been looking at... Remaining properties have been on for some time & would appear to be overpriced. It's looking like falls won't begin until previously fixed low IRs come to an end & there's no sign of any cuts on the horizon... Quote Link to comment Share on other sites More sharing options...
2buyornot2buy Posted March 22 Share Posted March 22 (edited) On 21/03/2023 at 08:43, headmelter said: Very low numbers of new instructions in the area I've been looking at... Remaining properties have been on for some time & would appear to be overpriced. It's looking like falls won't begin until previously fixed low IRs come to an end & there's no sign of any cuts on the horizon... Looks like transactions are starting to take a real hit now. HMRC January and February 2022 4230 transactions HMRC January and February 2023 3279 transactions Down 23%. That's bound to dent the BMW rental payment fund. Edited March 22 by 2buyornot2buy Quote Link to comment Share on other sites More sharing options...
headmelter Posted April 8 Share Posted April 8 Asking prices actually seem to be going up in the area I'm looking at... Let's see what the summer brings.. Quote Link to comment Share on other sites More sharing options...
satsuma Posted April 10 Share Posted April 10 On 08/04/2023 at 03:45, headmelter said: Asking prices actually seem to be going up in the area I'm looking at... Let's see what the summer brings.. I am seeing the same thing, I wonder what's happening Quote Link to comment Share on other sites More sharing options...
2buyornot2buy Posted April 10 Share Posted April 10 5 hours ago, satsuma said: I am seeing the same thing, I wonder what's happening Spring bounce? Agents putting stock on higher expecting low offers? Id never try and work out the logic of used car salesmen. I can say, if be looking at 20% less if I sold my house now and not 2+ years ago. Quote Link to comment Share on other sites More sharing options...
BelfastVI Posted April 13 Share Posted April 13 On 10/04/2023 at 16:00, satsuma said: I am seeing the same thing, I wonder what's happening Lack of housing supply Quote Link to comment Share on other sites More sharing options...
Lucando Posted April 13 Share Posted April 13 Looking at the RICS report today, it looks like NI is bucking the trend from the rest of the UK. Maybe single market access is having an impact. Quote Link to comment Share on other sites More sharing options...
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