[Zanu Bob]

http://www.communiti...stics/hpi112011

'Average prices decreased during the year in all UK countries; England (-0.1 per cent), Wales (-1.6 per cent), Scotland (-0.8 per cent) and Northern Ireland (-11.7 per cent).'



why is NI getting hit more than the rest of the UK?Interested to know if any on this board have an idea?

[2buyornot2buy]

Zanu Bob, on 17 January 2012 - 09:50 AM, said:

http://www.communiti...stics/hpi112011

'Average prices decreased during the year in all UK countries; England (-0.1 per cent), Wales (-1.6 per cent), Scotland (-0.8 per cent) and Northern Ireland (-11.7 per cent).'



why is NI getting hit more than the rest of the UK?Interested to know if any on this board have an idea?

Simple much bigger bubble and lower wages.

[2buyornot2buy]

We also don't really produce anything over here. Massive public sector, massive benefit class and huge amount employed in the retail and construction sectors.

But thanks for paying for it all Essex. £10 billion each and every year.

[Shotoflight]

doccyboy, on 17 January 2012 - 10:08 AM, said:

House prices doubled in a few years while wages remained much the same. Anyone with a pulse got a loan.

One way bet that houses only ever go up. Houses reached a peak and stopped selling. House prices started going down.

Investors started bailing out leaving the country to pick up the debt.

House prices now 50% of peak i.e. coming slowly back in to line with what they should be inflation adjusted.

Lack of credit, need for deposit is bringing the situation to a conclusion.

A large part of any population are gullible and financially illiterate - we have our fair share here. The media made rising house prices a 'good news story' for people to buy into. Government policy did nothing to help - Housing Associations paying top dollar, Co-ownership limits up to £225k (for those that couldn't otherwise affford a house!), a border with the Republic (and its 'speculators') which took off and had inappropriately low interest rates, criminality and public sector (police/army) generous pay offs. Banks took benefits into account when assessing 'income' - that is, if they assessed it at all. Everyone knew somebody, who knew somebody...................... so that hurdles were easily overcome, and stories of huge 'profits' and house price growth were viral.

Basically an illusion, with a very high rate of attrition, playing out every day and for the forseeable future.

But it was nobody's fault.

[Monkey]

was there the mass building of property and then ghost towns line southern ireland?

[Shotoflight]

Halifax/lloydstsb

A few more (envious) raised eyebrows on the main thread:

NI

-55% from 2007

-22.8% YOY

-63% transactions (my calculation so treat with caution)

http://www.housepric...ic=173699&st=45

Tables

http://www.lloydsban...eDataQ42011.xls

Graphs

http://www.housepric...5

With thanks to FreeTrader and other contributors

[lolacarrascal]

Shotoflight, on 24 January 2012 - 03:17 PM, said:

Halifax/lloydstsb

A few more (envious) raised eyebrows on the main thread:

NI

-55% from 2007

-22.8% YOY

-63% transactions (my calculation so treat with caution)

http://www.housepric...ic=173699&st=45

Tables



http://www.lloydsban...eDataQ42011.xls

Graphs

http://www.housepric...5

With thanks to FreeTrader and other contributors

I've mentioned several times before that the Halifax data has been the most erratic of the 4 main NI indicies since the peak. I think their reported fall in prices of 23% in the last year can be given as much credibility as their reported increase of 8% over the previous 12 months to that - neither seems to be an accurate reflection of reality and these wild swings aren't being reflected to the same extent in the other indicies - treat with caution.

This post has been edited by lolacarrascal: 24 January 2012 - 05:18 PM

[Shotoflight]

lolacarrascal, on 24 January 2012 - 05:17 PM, said:

I've mentioned several times before that the Halifax data has been the most erratic of the 4 main NI indicies since the peak. I think their reported fall in prices of 23% in the last year can be given as much credibility as their reported increase of 8% over the previous 12 months to that - neither seems to be an accurate reflection of reality and these wild swings aren't being reflected to the same extent in the other indicies - treat with caution.

I treat them all with caution but, as you say, they all seem to converge - give or take.

[2buyornot2buy]

All effects sentiment particularly the headline figures.

[Shotoflight]

2buyornot2buy, on 24 January 2012 - 07:35 PM, said:

All effects sentiment particularly the headline figures.

Absolutely - it's more about the forest than the trees for those with only a passing interest and short attention span.

But it all has a cumulative effect over time.