Thursday, Jul 26, 2007
Interesting news from the Irish!!
Independent Ireland: House prices plummet by up to €10,000 every month
The value of average priced homes in some areas of the country is plummeting by €10,000 each month.
Estate agents last night confirmed that - despite recent concessions for first time buyers - there has been an alarming drop in house and apartment prices across the country over the past three months.
Posted by vwphil @ 12:39 PM (161 views) Add Comment
8 Comments
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1. Maggot said...
thank god they are buying all the cheap properties in my area.now they have more than two depriciating assets
2. dohousescrashinthewoods said...
Wow! Looks like all the earnest but unvindicated predictions from this blog are finally getting an outing with some real figures.
I dare anyone to say it won't happen in England (considering Wales has had a wobble already).
Bulls can talk but history will tell who made the correct assessment of market conditions at this time :)
Investors pulling out, cost of credit forcing sales (lowering IRs makes prices rise, raising them makes prices..?) , oversupply of flats that no one wants.. we are a prime taget for the next episode of "car-crash city".
Where is that supply and demand argument now? Washed away like the little speck it always was compared to the fast-receding tsunami of cheap credit. Gordy, your shameless press-release-policy claiming you will build houses is hereby exposed as a complete sham.
3. tyrellcorporation said...
As I've maintained over the last 12 months, I see HPC being imported into mainland UK through bad news stories from abroad. There is simply too much sophisticated VI/media propaganda and public sentiment that house prices only ever go up for there to be any meaningful home-grown slow-down.
Although it is sad for some people (BTL can go-hang!) losing thousands of Euros, from a purely mercenary point-of-view this is great news for all those on HPC.
4. tyrellcorporation said...
... the comments at the bottom add some vitriol too...
5. tyrellcorporation said...
Damn! people will have to start drinking Merrydown or White Lightning again instead of bottles of Magners!!!
6. sold 2 rent 1 said...
Also read
‘Black Friday’ talk as construction fears grow
http://www.mayonews.ie/index.php?option=com_content&task=view&id=1958&Itemid=38
35,000 jobs to go in housing sector, says Davy
http://home.eircom.net/content/irelandcom/biznews/10804093?view=Eircomnet&cat=Business
The recession starts here.
For all those people who say no HPC without a recession.
This is just the start of a decade long slump
7. sovietuk said...
US, Australia, Ireland and soon to be upon the UK. The transistion from a cheap credit environment to a less cheap credit environment is having exactly the same effect on asset prices across all these economies.The focus of the analysis will now shift to how deep the troughs will be and show severe the slumps will be. Buy a house with a large mortgage at your peril.
8. V Kick said...
Totally agree with Tyrell that a hpc will be imported. In Ireland they have built 33,000 housing units to the end of May. That ammounts to over 80,000 a year! Nearly half of the 163,000 that was built here and makes it the highest rate of house production in Europe (worse even than Spain) Plus the Irish economy is heavily dependent on the construction industry.The crash here will be both sudden and dramatic as we have seen already with the over supply in the U.S. Here it is going to take a bit longer. Unless that walking disaster Miss Cooper stuffs it up and creates an over supply in an already falling market