Property crash, just maybe it really is different this time

[Van Lady]

2 hours ago, Ina said:

I work for one of the largest volume conveyancing firms.  File opening in residential property is down 25% in 2023 compared with 2022.

I have a close acquaintance who makes their living from house sales. Not an EA, provider of required legal reports to solicitors.

Business has been dire since interest rate rises. Lucky to get requests for a few properties being sold per week. Often they fall through. Picking up a little bit now though but not much. 

In the covid madness business was booming with buyers bidding to secure a decent home with a closing date set. Usually bought by folk relocating from England to south west scotland who had got a very good price for the place they’d sold and extra cash for nice retirement. A lot of locals whinge about it but, in my opinion, it’s just jealousy because they’d do the same if they had the option!

Person not bothered because fortune made in boom times with hundreds of reports per month provided regarding conveyancing. Frugal type and not a big spender.

Reports are supplied only for Dumfries & Galloway area.

[Phil]

47 minutes ago, AWW said:

Is there a more ridiculous term in the language?

"I've accidentally not sold my old house and accidentally allowed other people to live in it and accidentally charged them rent."

And, they accidentally paid money to the estate agent to run a credit check  to prove they can be accidentally financially fucked over by accidentally over paying rent to an accidental landlord.

[roundhouse]

3 hours ago, One percent said:

What?  Well i guess the establishment thought that you couldn’t possibly catch covid when viewing a house. They really did take us for fools didn’t they.  

Viewing in covid times was immediately very different. Mask, gloves, sanitise hands before gloves, don't touch anything!!!!!, social distancing from agent, ask if you need something opened eg cupboard, all windows and doors open all the time, minimal number of people (in your group) viewing, house vented and wiped down by agent between viewings... 

and to top it off, you only got a 10 min viewing slot, that is if you got a viewing at all (agent's discretion) as only one day or pos 2 days of back to back viewings (venting/wiping in between)...

and then, you'd have to make an offer that day, as if you didn't several others would have. 

It was hellish. And then all got too expensive. 

Thankfully that is over. I'm exhausted just remembering.

 

[Rare Bear]

4 hours ago, One percent said:

I think we need to stop referring to these people as Asian. I dont know where that term came from for these people. Asian to me means the far east and i think that’s always been commonly accepted.  The scum you are talking about are either Indian or from the Indian subcontinent. Far more accurate description. Me thinks this is deliberate obfuscation by the establishment. Control language and all that… 

Asian to me always meant oriental. I'd use sub continental to describe Indian, Pakistani or Bangladeshi.

 

 

[JoeDavola]

Anoother crap newbuild flat, the NI folks will already know how ridiculous it is to be paying £150K for a flat in shitty Dundonald (but they think they can give it prestige by naming the development 'Loughan Hall' like its a fucking stately home, its not its a shitty newbuild).

The thing I hate most about this is that every room except the bathroom has walls that dont go vertically from floor to ceiling, cause its basically built in a roofspace. Talk about claustraphobic.

I have no idea why anybody would buy this.

https://www.propertypal.com/apt-5-2-loughan-hall-dundonald-belfast/806832/

Edited February 22, 2023 by JoeDavola

[montecristo]

2 minutes ago, JoeDavola said:

Anoother hideous newbuild flat, the NI folks will already know how ridiculous it is to be paying £150K for a flat in shitty Dundonald (but they think they can give it prestige by naming the development 'Loughan Hall' like its a fucking stately home, its not its a shitty newbuild).

The thing I hate most about this is that every room except the bathroom has walls that dont go vertically from floor to ceiling, cause its basically built in a roofspace. Talk about claustraphobic.

I have no idea why anybody would buy this.

https://www.propertypal.com/apt-5-2-loughan-hall-dundonald-belfast/806832/

Near to the hospital?  NHS hmo.  Double the rent.

[JoeDavola]

Just now, montecristo said:

Near to the hospital?  NHS hmo.  Double the rent.

Has to be aimed at BTL - no OO would want to actually live in this.

[belfastchild]

40 minutes ago, JoeDavola said:

Anoother crap newbuild flat, the NI folks will already know how ridiculous it is to be paying £150K for a flat in shitty Dundonald (but they think they can give it prestige by naming the development 'Loughan Hall' like its a fucking stately home, its not its a shitty newbuild).

The thing I hate most about this is that every room except the bathroom has walls that dont go vertically from floor to ceiling, cause its basically built in a roofspace. Talk about claustraphobic.

I have no idea why anybody would buy this.

https://www.propertypal.com/apt-5-2-loughan-hall-dundonald-belfast/806832/

And nowhere to plug in your EV!
 

[JoeDavola]

18 minutes ago, belfastchild said:

And nowhere to plug in your EV!
 

Sure it's Dundonald, the family EV can just be stored in the hallway:

[belfastchild]

1 minute ago, JoeDavola said:

Sure it's Dundonald, the family EV can just be stored in the hallway:

Have you seen the videos of the guards getting a kicking the other day trying to stop lads on scramblers at their mates funeral in dublin?

[JoeDavola]

3 minutes ago, belfastchild said:

Have you seen the videos of the guards getting a kicking the other day trying to stop lads on scramblers at their mates funeral in dublin?

I have not, no. Shall google that.

Nice swanky flat here but I bet the building maintenance fees are obscene. Once a flat reaches this price you just think I could still get a nice detached for that money in parts of NI:

https://www.propertypal.com/31-greggs-quay-belfast/767148

[belfastchild]

4 minutes ago, JoeDavola said:

I have not, no. Shall google that.

Nice swanky flat here but I bet the building maintenance fees are obscene. Once a flat reaches this price you just think I could still get a nice detached for that money in parts of NI:

https://www.propertypal.com/31-greggs-quay-belfast/767148

Ive slept in one of those. Company used to own it for long term visiting contractors from north america/asia. Some of us could use it at weekends if it was free and we were pissed and didnt make a mess.

Loved the balcony idea at the time but again, nice for somewhere to crash during a drunken weekend or airbnb, wouldnt want to buy one.

[JoeDavola]

13 minutes ago, belfastchild said:

Loved the balcony idea at the time but again, nice for somewhere to crash during a drunken weekend or airbnb, wouldnt want to buy one.

I'd say its one of the best blocks in the city, and one of the best apartments flats in the block, but I'm too sensible to be spending almost £300K on a flat in Belfast, even a really nice one.

[UmBongo]

2 hours ago, JoeDavola said:

I'd say its one of the best blocks in the city, and one of the best apartments flats in the block, but I'm too sensible to be spending almost £300K on a flat in Belfast, even a really nice one.

£300K must be well into freehold house territority. It certainly is in my neck of the woods.

[JoeDavola]

7 minutes ago, UmBongo said:

£300K must be well into freehold house territority. It certainly is in my neck of the woods.

It is aye, although not detached in most places.

Looking most likely that I'll move to about an hour outside of Belfast to something like this to get better value for money:

https://www.propertypal.com/18-brooklands-crescent-whitehead-carrickfergus/775751

Edited February 22, 2023 by JoeDavola

[AlfredTheLittle]

16 minutes ago, JoeDavola said:

It is aye, although not detached in most places.

Looking most likely that I'll move to about an hour outside of Belfast to something like this to get better value for money:

https://www.propertypal.com/18-brooklands-crescent-whitehead-carrickfergus/775751

That one's nice. Why don't you wait and see what your parents are after, then outbid them?

[JoeDavola]

3 minutes ago, AlfredTheLittle said:

That one's nice. Why don't you wait and see what your parents are after, then outbid them?

I don't have deep enough pockets to outbid them! I did tell them to buy that particular bungalow last year but they refuse to leave Belfast, which means they aint getting a nice bungalow within their budget.

Edited February 22, 2023 by JoeDavola

[spunko]

I'm more interested in how Rightmove seems to have not bothered with venturing into N. Ireland and PropertyPal which I've never heard of seems to be the main player.

[JoeDavola]

22 minutes ago, spunko said:

I'm more interested in how Rightmove seems to have not bothered with venturing into N. Ireland and PropertyPal which I've never heard of seems to be the main player.

There are two property porals in NI:

https://www.propertypal.com

and

https://www.propertynews.com/

Most houses appear on both. I have no idea why we have two of them.

EDIT: Oh and I'd add that the rising interest rates don't appear to have made a dent in NI prices at all. Some are selling but it's taking them longer. Some still sitting on the market. But suggests that the cost of mortgages are essentially of little importance to whether many houses sell here or not?

Edited February 22, 2023 by JoeDavola

[Wight Flight]

Accidental landlord incoming.

Looks like an inheritance. On the market in August for £525k. Clearly overpriced (or it would have sold)

Reduced in September to £495k

https://www.rightmove.co.uk/properties/125969717#/?channel=RES_BUY

Still no takers, so bunged on the rental market today for £1,500 per month.

https://www.rightmove.co.uk/properties/131906927#/?channel=RES_LET

Just cut the price and stop being such a greedy muppet. You will be a shit landlord.

[eek]

2 minutes ago, Wight Flight said:

Accidental landlord incoming.

Looks like an inheritance. On the market in August for £525k. Clearly overpriced (or it would have sold)

Reduced in September to £495k

https://www.rightmove.co.uk/properties/125969717#/?channel=RES_BUY

Still no takers, so bunged on the rental market today for £1,500 per month.

https://www.rightmove.co.uk/properties/131906927#/?channel=RES_LET

Just cut the price and stop being such a greedy muppet. You will be a shit landlord.

3.6% return before any costs - that's stupid - could get more by selling and investing the money but I guess they don't want to give it away.

[belfastchild]

1 hour ago, JoeDavola said:

I don't have deep enough pockets to outbid them! I did tell them to buy that particular bungalow last year but they refuse to leave Belfast, which means they aint getting a nice bungalow within their budget.

You dont have to have any money to outbid them!

You wouldnt like that Carrick one Joe, they have a hot tub, how common.

[belfastchild]

33 minutes ago, JoeDavola said:

EDIT: Oh and I'd add that the rising interest rates don't appear to have made a dent in NI prices at all. Some are selling but it's taking them longer. Some still sitting on the market. But suggests that the cost of mortgages are essentially of little importance to whether many houses sell here or not?

https://www.propertypal.com/93-hawthorn-avenue-carrickfergus/773070/photo-16

There you go Joe, another hot tub place in Carrick.
You could invite the neighbour round!

[Wight Flight]

4 minutes ago, eek said:

3.6% return before any costs - that's stupid - could get more by selling and investing the money but I guess they don't want to give it away.

My thought exactly. They will also have it quietly up for sale all the time the tenant is there, so zero security of tenure. I would want £300 per month off for the insecurity. (I did actually negotiate that on my first place here)

[JoeDavola]

4 minutes ago, belfastchild said:

https://www.propertypal.com/93-hawthorn-avenue-carrickfergus/773070/photo-16

There you go Joe, another hot tub place in Carrick.
You could invite the neighbour round!

As I've said before, ownership of a hot tub is generally in an indicator in NI that you're on some sort of state benefits, my Tesco mate has one, and before my mate in Larne moved his next door neighbour was a 'single mum' whose son had 'autism' and was coining it in on bennies and she had one.

I matain my assertion that it's those on benefits and the occasional rich boomer like you that buy hot tubs

Edited February 22, 2023 by JoeDavola