Wednesday, Aug 08, 2007
Price of houses dropping
Belfast Telegraph: Northern Ireland house prices crash 7%!
"Industry sources have told the Belfast Telegraph that those who bought a house four months ago could have lost money in the current market, sparking fears of negative equity. "
Posted by damo @ 04:50 PM (145 views) Add Comment
4 Comments
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1. sovietuk said...
"Des McGranaghan, of McGranaghan Estate Agents in west Belfast, said: " We estimated there has been a reduction in house prices in some areas of 5-7%. The last year saw increases in the same areas of 40-50% over the previous year."
And he claimed the slowness of the current market is as a result of interest rate rises, now at 5.75% - but hotly tipped to top 6% later this year. "
Oh what happened to all the single parent households, immigrants and housing shortages that were holding prices up. Total bulls**t.
Cost of borrowing, pure and simple. Tough.
2. paul said...
Some estate agent or other says: "The autumn should see regained confidence in the market, and growth of around 8% is expected by next March."
Yes, but what happened to the spring pick-up and the summer boom?
3. shipbuilder said...
The 'shrewd investor' is still buying, apparently. Going from an average change of 54% to -7% within a month or two is not a 'seasonal lull', it's a crash. Of course there's the usual figures pulled out of thin air, '8% growth by March again'. Unfortunately the reporter does not ask the question - 'given that prices have dropped when you were claiming that the market is 'extremely buoyant', what single shred of evidence or historical precedent do you have to back your figures up?'
4. European-bear said...
I lived in East Anglia in 1989. I remember the property market had ground to a halt that summer and there were the first hints of prices decreasing. However, EVERY report, newspaper etc were predicting that it was just a temporary slowdown which would be followed by renewed activity and price rises the following spring. But in the last boom, East Anglia had the biggest rises and then had the biggest meltdown in prices....just like Northern Ireland will this time