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NI Housing.....Build Build Build, What's going on?


A_P

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I've just come back from a property recce of NI, mainly east of Belfast, Dondonald and Newtownards. However we stayed in Newtownabbey due to family so explored a bit of that side too. Whereever we went there was nothing but new houses going up. Literally every bit of spare grass houses are being thrown up. When I would explore an existing estate, practically with every turn there they are being extended with new houses.

Overall there seems to be a high number of listings (at least to my experiance in the SE of England), see the pic as an example. Multiple houses on the same streets and this doesn't even include the full stock of new builds.

image.png.8d34cd86346030c9d3fed8331b9760af.png

While we were there we arranged a few house viewings (old houses rather than new) and even though the estate agents were busy, vendors could accomodate us on very short notice (within hours). I assume in one part mostly because they were retired boomers and I think in part because the EA probably relayed he's an englishman from the mainland. I was sensing quite a bit of desperation through their tone and what they were expressing (don't hesitate to call me personally etc). Although one vendor said to me, I've had two offers one that I was physically upset with, I was thinking my offer would probably give you a heart attack xD.

Another thing I noticed is that the new housing estates that are a year or two old you seem to find multiple properties for sale. On the oustide they do appear to be better constructed than that of the Miller, Barret type etc. However, on some you would see they've not finished the rendering/painting (whatever its called on the outside) so the houses are just left grey with visible work that had been carried out. On one housing estate the houses looked fab from the oustide but every front door needed changing :D

So who are they building all these homes for? Are they really needed? This is the quantity of building is what is needed around here. I was definetely getting an odd feeling, it just didn't feel right.

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11 minutes ago, Admiral Pepe said:

So who are they building all these homes for? Are they really needed? This is the quantity of building is what is needed around here. I was definetely getting an odd feeling, it just didn't feel right.

You know what would help?  Moar QE to properly distort the market further...

Its been 10 years in economic fantasy world, who knows what he actual un-manipulated price of housing and govt bonds will be when things normalise?

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3 hours ago, Admiral Pepe said:

I've just come back from a property recce of NI, mainly east of Belfast, Dondonald and Newtownards. However we stayed in Newtownabbey due to family so explored a bit of that side too. Whereever we went there was nothing but new houses going up. Literally every bit of spare grass houses are being thrown up. When I would explore an existing estate, practically with every turn there they are being extended with new houses.

 Overall there seems to be a high number of listings (at least to my experiance in the SE of England), see the pic as an example. Multiple houses on the same streets and this doesn't even include the full stock of new builds.

image.png.8d34cd86346030c9d3fed8331b9760af.png

While we were there we arranged a few house viewings (old houses rather than new) and even though the estate agents were busy, vendors could accomodate us on very short notice (within hours). I assume in one part mostly because they were retired boomers and I think in part because the EA probably relayed he's an englishman from the mainland. I was sensing quite a bit of desperation through their tone and what they were expressing (don't hesitate to call me personally etc). Although one vendor said to me, I've had two offers one that I was physically upset with, I was thinking my offer would probably give you a heart attack xD.

Another thing I noticed is that the new housing estates that are a year or two old you seem to find multiple properties for sale. On the oustide they do appear to be better constructed than that of the Miller, Barret type etc. However, on some you would see they've not finished the rendering/painting (whatever its called on the outside) so the houses are just left grey with visible work that had been carried out. On one housing estate the houses looked fab from the oustide but every front door needed changing :D

So who are they building all these homes for? Are they really needed? This is the quantity of building is what is needed around here. I was definetely getting an odd feeling, it just didn't feel right.

So after seeing the price of those 1 bed flats in NI, it would seem more supply makes house price rise.

Now i do wonder what could be the other part of the equation.

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19 hours ago, Banned said:

So after seeing the price of those 1 bed flats in NI, it would seem more supply makes house price rise.

Now i do wonder what could be the other part of the equation.

Well I think Belfast itself, particulary the centre is another beast. @JoeDavola can probably give better insight, however, I would assume the majority of apartments are being snapped up for the tourists for things like airbnb. Subsquently have thier own supply/demand constraints and puts pressures on the single bedroom places. I don't spend too much time in the city centre but it does seem to have a high number of vistors, which on one hand for such a small city is surprising, yet on another it's a symptom of the times of globalisation and cheap air travel that everywhere is now rammed with tourists.

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