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NI house sales go up, prices drop slightly in last quarter of 2012


RahenyFG

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A University of Ulster study shows an increase in the number of house sales and greater stability in property prices. Does the stability in house prices mean a potential return to growth in the NI economy?

Interesting stats in the report are
-South Belfast remained the highest priced area in NI with properties averaging at £185,137.
-Derry/Strabane was the least expensive area in the province with an average house price of £86,986.
-NI house prices dropped 1.4% in a year
-The average NI house price is £135,000

Further reading hereHouse sales up, prices slightly drop - UTV Live News
 
C

Castle Ray

Seems like prices have bottomed out and are stable in areas in the east. The correction in prices took some time but at least the market values are now known.
 

RahenyFG

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Seems like prices have bottomed out and are stable in areas in the east. The correction in prices took some time but at least the market values are now known.
At least the North's house prices didn't go as crazy as they did in the South.
 
C

Castle Ray

At least the North's house prices didn't go as crazy as they did in the South.
They didn't go as crazy but they were still inflated. The amount of people with "property portfolios" was frightening and was one of the reasons that I was scared off from getting involved in speculation. I did buy a property in 2005 for my business but it has lost 25%+ so there has been a lot of personal pain; just not as much as others. As a home owner I bought in 2005 also but my estimated house value is currently about the same as it was when I bought it; no negative equity but no growth as was expected.
 

Truth.ie

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At least the North's house prices didn't go as crazy as they did in the South.
It was worse than the South.
How SF/DUP escaped the wrath that FF faced is simply sectarian tribal voting.
If it was a stand alone country, rather than coming under the "UK' bracket in surveys, it would've recorded the biggest property collapse in the World.
Northern Ireland
Also, I believe Lurgan /Craigavon area have the lowest house price average in the North.
 

Truth.ie

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NAMA have 4 billion in property stock in the North.
That will send house prices lower still, when they finally hit the market.
We're not at the bottom yet.
 

Mackers

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This is a pile of crap. Let me explain.

Every week in the for sale section of local newspapers there are adverts put in by Estate Agents selling houses for Financial Institutions that are way below so called normal prices. Example house in North Belfast with an offer being accepted for £30,000 in such a section. Whilst in the same paper in the full property section a house in the same street is being offered for sale for £85,000, in some cases by the same estate agent. Talk about flogging a dead swallow. I have been listening to the same eejits coming on the TV for the last 3 years spouting this sh1te about prices rising. It is bunk. The truth is these fire sales are only beginning.
 

Truth.ie

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This is a pile of crap. Let me explain.

Every week in the for sale section of local newspapers there are adverts put in by Estate Agents selling houses for Financial Institutions that are way below so called normal prices. Example house in North Belfast with an offer being accepted for £30,000 in such a section. Whilst in the same paper in the full property section a house in the same street is being offered for sale for £85,000, in some cases by the same estate agent. Talk about flogging a dead swallow. I have been listening to the same eejits coming on the TV for the last 3 years spouting this sh1te about prices rising. It is bunk. The truth is these fire sales are only beginning.
A mirror image of whats happening in the South.
I sold a house in 2000 for 54 k. Just saw a house in the exact same street for sale going for........54k. Today.
With less mortgages available, and very few real, longterm jobs, prices will fall more as supply outstrips demand.
What price a typical 3 bed terrace, when based on this 5 bed for example?
12 Jubilee Avenue, Antrim Road, Belfast - PropertyPal.com
 

Mackers

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A mirror image of whats happening in the South.
I sold a house in 2000 for 54 k. Just saw a house in the exact same street for sale going for........54k. Today.
Will less mortgages available, and very few real, longterm jobs, prices will fall more as supply outstrips demand.
What price a typical 3 bed terrace, when based on this 5 bed for example?
12 Jubilee Avenue, Antrim Road, Belfast - PropertyPal.com
You are 100% right. These Estate Agents would sell their mothers for a quick buck. They extrapalate a house in Cultra going for sale by some black art calculation into the average for a house in the rest of Belfast. Thus prices are on the rise. Complete bollix. By the way the house in Jubilee Avenue would have been going for about £150,000 or more at the height of the madness.
 

Truth.ie

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You are 100% right. These Estate Agents would sell their mothers for a quick buck. They extrapalate a house in Cultra going for sale by some black art calculation into the average for a house in the rest of Belfast. Thus prices are on the rise. Complete bollix. By the way the house in Jubilee Avenue would have been going for about £150,000 or more at the height of the madness.
You reminded me of the Belfast Estate agent who hired models to queue outside his business for a photo op to try and provoke a buying rush.
Scroll down for photos.
http://www.thepropertypin.com/viewtopic.php?f=4&t=22552&start=0
And this was in 2009.
Hilarious.
 

RahenyFG

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Mickeymac

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A mirror image of whats happening in the South.
I sold a house in 2000 for 54 k. Just saw a house in the exact same street for sale going for........54k. Today.
With less mortgages available, and very few real, longterm jobs, prices will fall more as supply outstrips demand.
What price a typical 3 bed terrace, when based on this 5 bed for example?
12 Jubilee Avenue, Antrim Road, Belfast - PropertyPal.com


In addition to that misery, child poverty at scandalous levels, whatever next for that economic wasteland?
 

Mackers

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BBC Ulster News reporting houses prices are falling and will continue to do so for years to come. Unemployment up wages down. Welcome to the real world. Hopefully younger first time buyers will be able get a start in life.
 
C

Castle Ray

BBC Ulster News reporting houses prices are falling and will continue to do so for years to come. Unemployment up wages down. Welcome to the real world. Hopefully younger first time buyers will be able get a start in life.
On what basis can they fall for years to come when they around pre-boom levels? That doesn't make sense without a collapse in personal income. Unemployment levees in NI are far from extreme.
 

Truth.ie

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On what basis can they fall for years to come when they around pre-boom levels? That doesn't make sense without a collapse in personal income. Unemployment levees in NI are far from extreme.
Unemployment figures are misleading.
For example in the last census places like Strabane showed around 50% of the workforce were in paid employment.
Yet only 7% are classed as "unemployed".
The rest are on sickness or disability benefit.
For me that represents 50% not working.
Strabane Weekly News - News - Census figures highlight Strabane’s deprivation
This would be replicated across the North more or less.
 

between the bridges

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Unemployment figures are misleading.
For example in the last census places like Strabane showed around 50% of the workforce were in paid employment.
Yet only 7% are classed as "unemployed".
The rest are on sickness or disability benefit.
For me that represents 50% not working.
Strabane Weekly News - News - Census figures highlight Strabane’s deprivation
This would be replicated across the North more or less.
What a load of old Ballix, Strabee is NI's anus...
 
J

Johnny Boy

On what basis can they fall for years to come when they around pre-boom levels? That doesn't make sense without a collapse in personal income. Unemployment levees in NI are far from extreme.
There are a lot of unsold properties, many of which are not being actively marketed. Furthermore the banks' lending policies are far more cautious than they were during the pre-boom period, when it was easy to get a 95% mortgage. Even 10% deposit approval rates are rare. Now most people need to raise 20% or more of a deposit before a bank will lend to them.
NAMA reaffirms commitment to acting responsibly in Northern Ireland - National Asset Management Agency
Getting a mortgage with a small deposit | moneysupermarket.com

I suspect the market has further to fall, but it seems doomed to stagnate for years to come, apart from a few particularly desirable areas, which may soon begin to show modest rises.
 

Truth.ie

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There are a lot of unsold properties, many of which are not being actively marketed. Furthermore the banks' lending policies are far more cautious than they were during the pre-boom period, when it was easy to get a 95% mortgage. Even 10% deposit approval rates are rare. Now most people need to raise 20% or more of a deposit before a bank will lend to them.
NAMA reaffirms commitment to acting responsibly in Northern Ireland - National Asset Management Agency
Getting a mortgage with a small deposit | moneysupermarket.com

I suspect the market has further to fall, but it seems doomed to stagnate for years to come, apart from a few particularly desirable areas, which may soon begin to show modest rises.
So of 4 billion in stock in the North, NAMA have sold just 90 million?
Going to be a long recovery.
 
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