[Vespasian]

http://www.belfasttelegraph.co.uk/homefind...icle3304783.ece

Quote

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.

[Sour Mash]

' post=, on Jan 5 2008, 12:36 PM, said:

Dont have a link yet but Newsletter has article entitled "Falling prices bring hope for first time buyers" by Patrick Dougan and Laura Murphy. Estate agent Stevenson &Cumming - issuing leaflet advertising reduced prices in attempt to "lure people to take their first step on property ladder"

Tom McLelland says "The RICS and Ulster Bank survey shows that NI house prices fell at the end of 2007"

The "Bull Trap". Good to see the journos helping the readers get into negative equity to line the pockets of their property dealing friends .

[Vespasian]

It is front page news on the evening edition tonight

[Bosco]

The wolves are on the prowl:



Price growth is down say National Homebuyers



UK house price growth slowed in the final quarter of 2007, potentially leading to a spate of people looking for a fast property sale.



[ClickPress, Thu Jan 10 2008] That is according to the latest report from Nationwide, which showed that prices rose by just one per cent in the fourth quarter.

This is down on the 1.6 per cent growth recorded in the third quarter and is a clear sign that house price growth is being stunted.

With this in mind, many homeowners will be seeking a fast property sale in order to get as much money for their properties as possible.

"The annual rate of house price growth slowed in every part of the UK in the final quarter of 2007, bringing the average rate in the UK down from 9.3 per cent to 6.9 per cent," said Nationwide chief economist Fionnuala Earley.

"Price growth in Northern Ireland slowed most rapidly with the rate of growth falling to 24.2 per cent from 42.6 per cent in the third quarter.

"However, annual house price growth in the province was still faster than anywhere else in the UK and almost twice as fast as the second fastest region, London," she continued.

Fast property sale expert Julian King of National Homebuyers comments, "Prices are coming down. Those facing or predicting financial concerns need to act now.

"However, selling through an estate agent, along with adding the cost of a Hips pack, does not afford the homeowner a quick property sale.

"With fewer buyers in the market, the length of time to achieve a sale is increasing dramatically. The homeowner must source other fast property sale options".

Mr King is a director of National Homebuyers, the UK's leading quick house sale company that guarantees to make an offer on any UK property, regardless of its condition or location. The company are the UK's leading provider of mortgage rescue schemes such as Sell and Rent Back, where the homeowner can sell their property and remain living in their home as tenant.


http://www.clickpres...7768005cp.shtml

[Bosco]

Heres some choice conflicting reports depending on whether your bull or bear! A lesson in how to cherry pick the data:

Northern Ireland house prices starting to cool
http://www.earth.co.uk/News/northern-irela...o-cool_405.html

Northern Ireland property market set for growth
http://www.choices.co.uk/propertynews/Nort...h_18422302.html

[FrustratedFTB]

' post=, on Jan 15 2008, 08:44 AM, said:

http://www.belfasttelegraph.co.uk/news/loc...icle3339606.ece

Helen spinning away - Radio Ulster spinning away.


If there were very few transactions in last 3 months and prices are dropping like a stone then there is bound to be more transactions as houses become affordable . But nil to 10 is still an increase in sales.

Note the disgust at the nasty gazunderers. Funny how the gazumpers were not treated with the same disgust by her.

But I wonder if they are not so certain as well, look at the opinion article it links to, covering all eventualities some might say:

http://www.belfasttelegraph.co.uk/news/opi...icle3339737.ece

The sooner houses become homes and not investments the better and the sooner they go back to their long term value of 4 times local average salary the better. And Helen Carson well it’s as much the likes of her and the investors that will have screwed the recent FTB then anyone else. It will be them who are responsible for breakups and financial ruin and possible more of recent buyers of having to take on such large unaffordable debts just to get a roof over their heads they can call their own. It is them who have caused the ‘better buy now or I/We will never be able to afford to’ mentality that caused the frenzy. The perceived lack of supply has never been the problem if anyone ever bothered to look at area plans etc they would see that plenty of land has been zoned for housing. It mostly has been the lack of action by government to force developers to build on it and the cheerleaders in the press of how great it is that prices are rocketing up.

[subby]

"...The province enjoyed the highest annual house price growth in the UK during 2007, at 24.2% - or £120 a day...."


sorry Helen but that's now irrelevant we are in 2008 and it's a new year. Talk about spinning. Wonder if Eric Cairns bought her a nice Xmas present...Allegedly

[ravedave]

Has anyone on here been in contact with Helen Carson recently? I remember on the main NI thread someone had entered into correspondance with her over an article - I think by telephone.

Maybe its time for someone to phone her up again and explain her reasoning behind the articles.

[maxdiver]

ravedave, on Jan 15 2008, 12:25 PM, said:

Has anyone on here been in contact with Helen Carson recently? I remember on the main NI thread someone had entered into correspondance with her over an article - I think by telephone.

Maybe its time for someone to phone her up again and explain her reasoning behind the articles.

i haven't written for a while - been busy and holidays and i am trying not to waste my life on here.

I was hopiing to call Helen caron sometime - when the news is really bad but we are in denial mode people.
(secretly i want her to get angry at me)

news isn't good - always a few months behind - this is from the governments own records - -6.3% in one month.
A massive 15,000 reduction in one month.
check out the graph too - shows how things are going (down is bad people)

http://www.communities.gov.uk/news/corporate/54171811
http://www.communiti...rate/pdf/646343

Quote

In Northern Ireland house price inflation fell from 32.5 in October to 17.6 per cent in November 2007

I can't find where the 6.3% drop is recorded - but you can use the tables in the appendix to calculate.
Interestingly - in May 2005 house prices were ~125k on ave. for NI - August 2007 ~250k.
Prices now down 9.4% from the reported peak (a blip of some £23,000)

Despite this slight blip the canny investor is rubbing his hands with glee.
Can't afford the heating oil.

The rate of decline in the inflation rate is startling - i reckon we might hit -ve for the YOY January figures - this 15k drop was for october alone - i can see the trend continuing.

I'll give Miss C a call when the YOY figures show a drop - see what she sees ahead in her crystal ball.

Helen carson's article comes across as being written by someone who is plainly stupid.
It's as if she doesn't understand what is happening - it makes me mad that people might read her stuff and think that everything is ok.
NO MENTION OF A £15,000 DROP IN 1 MONTH!
but remind us all of how slightly less crazy things were a year ago.

And saying that falling prices bring hope to 1st time buyers - that still tells the uninitiated that you should buy buy buy.

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[FrustratedFTB]

http://u.tv/BusinessNews/index.asp?iBlogID...2008&next=1

[Mr Mephisto]

I apoligise for going slightly off topic here but I see “Junior” has made the news again this morning. I didn’t pick up the fine detail as I was trying to get my breakfast and get out the door for work. It seems that “Junior” raised several planning issues on his friend’s behalf (you know the guy who he forgot he knew) at the St Andrews talks. It all stinks a little bit. Our politicians were holed up in St Andrews discussing the future of our country and “Junior” was busy trying to make a few side deals. Obviously he will insist that he was doing it in the interests of one of his constituents. I doubt he would take much interest if the other party concerned were an average punter.

If you want to take another look at “Junior” squirming under questioning follow the link below to youtube

http://uk.youtube.co...h?v=JD7Bbucz8J4

Do our politicians now qualify as VI's?

[Bosco]

' post=, on Jan 16 2008, 12:06 PM, said:

Reading this in the Times and all the other broadsheets - just how stupid does Helen Carson look now.

http://business.timesonline.co.uk/tol/busi...icle3193359.ece

Looks like she can't deny the tide of data coming in from all quarters. Here is her latest gambit on the RICS report, peppered with the usual VI bull5hit:

http://www.belfasttelegraph.co.uk/homefind...icle3342602.ece


Ulster house prices fall 5%
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Wednesday, January 16, 2008

By Helen Carson

Northern Ireland house prices fell by up to 5% in December according to 82% of chartered surveyors, it was revealed today.

The latest figures from the Royal Institution of Chartered Surveyors house price survey, sponsored by Ulster Bank, show that the majority of its members reported a decline in property prices here at the end of 2007.

An RICS spokesman described the end of last year as "extremely difficult " for the Northern Ireland housing market.

Despite the findings, though, the RICS has predicted house sales will increase this year.

The RICS survey confirms the fact property prices took a tumble at the end of 2007. And December marked the fifth month in a row of falling house prices.

Ten per cent of surveyors reported a drop in property values of 8% or more.

Meanwhile, another 18% of those questioned found they had stayed the same. A further 31% of respondents noted price dips of between 0-2%, with decreasing prices of 2-5% noted by another 30% of the profession.

Another 12% of local surveyors said prices fell by between 5-8%.

RICS Northern Ireland housing spokesman Tom McClelland said: "The last few months of 2007 were extremely difficult for the Northern Ireland housing market as many potential buyers took a 'wait and see' approach."

Mr McClelland added, however: "We expect transaction numbers to increase during the first half of 2008 from the low levels at the end of 2007 following the recent interest rate cut and with likely cuts in the coming months."

Ulster Bank head of mortgages, Derek Wilson, said the next few months will be crucial: "The end of the year is traditionally a slow period for the housing market so price falls in December were not unexpected. The market normally picks up in early spring, so the next few months will be important."


This silly bint is unbelievable. The comments from the UB head of motgages is particularly priceless. In what other year out of the last decade have house price falls been recorded? Sweet FA as far as know.

[FrustratedFTB]

Don't know if this one has been posted before. Two stories in three days of falls in NI house prices!

http://u.tv/BusinessNews/index.asp?iBlogID...2008&next=1

Go on make your predictions in the comments!

Maybe this should be added into the Jamie Delargy thread as well!

Quote

More house price news
Jamie Delargy | 16 January 2008
Another house price report. More gloom in the market.

The RICS survey shows that the vast majority of estate agents reckoned prices fell in December. It's not possible to say by how much but indications are that it could be three per cent.

That's on top of the almost ten per cent fall from August to the end of November. Anyway what it seems to be showing is that the market continues to tumble.

Two economists I've spoke to in the last day or so estimate the average home will cost two hundred thousand pounds by the end of the year. That's a fall of twenty per cent or fifty thousand. My own view is that once investors lose faith in an asset, they'll continue to sell even when the fundamentals suggest they hold on. What means is that the market could undershoot just as it overshot.

Your emails suggest that opinion is divided on the future of the market. Some take the view that prices will be flat from here. Others hinting that the cost of homes is still too high.

Keep the comments coming. What are your predictions for average house prices by the end of 2008?

This post has been edited by FrustratedFTB: 16 January 2008 - 01:15 PM

[maxdiver]

Explanation of recent negative House Price Inflation from the NI Estate Agents Association

Quote

2007 saw fantastic Growth in House Prices - up over 25%.
This was partly down to the great work that Estate Agents have been putting in and realising the aspirational values of Northern Ireland's housing stock.

Although the economy is still on the up-and-up the macro-economic outlook has not followed our lead.
We expect the economy to pick-up again in Q2 next year with rampant economic growth.

The current lull in property transactions can be partly explained by Estate Agents taking a well-earned rest and also the fact that 2008 is a leap-year.
People normally adopt a wait and wait approach with property at this time of the 4 year cycle.
The Northern Ireland house market will be rising at 10 times wage inflation again before long - now is the time to quit your job and buy buy buy some property.

Copyright 2008 NIEAA

I don't know what to say.

[subby]

maxdiver, on Jan 16 2008, 01:27 PM, said:

Explanation of recent negative House Price Inflation from the NI Estate Agents Association



I don't know what to say.

in all seriousness Max....is that info you posted there a piss take???

This post has been edited by subby: 16 January 2008 - 01:37 PM